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Black Friday and Cyber Monday came and went in a flash, exceeding projections and leaving a trail of record-breaking figures once again. As the five-day shopping frenzy of Cyber Week (Thanksgiving to Cyber Monday) unfolded, an impressive $38 billion was spent online, marking an increase of 7.8% from 2022. With $12.4 billion of that being spent on Cyber Monday alone.
This year witnessed a notable shift in consumer behavior, with smartphones overtaking desktop sales. Smartphones accounted for 51.8% of Cyber Week sales, up from 49.9% in 2022. This highlights the growing reliance on mobile devices for convenient and efficient shopping experiences. The era of mobile commerce is upon us, quickly transforming the landscape of digital retail.
Another trend that emerged during BFCM this year was the increasing popularity of Buy Now Pay Later (BNPL) options at checkout. The alternative payment method witnessed a record-breaking $940 million in transactions, reflecting a significant 42.5% in growth from 2022. Consumers are increasingly embracing the flexibility of BNPL, making it a force to be reckoned with in the evolving e-commerce landscape.
At Advertise Purple, we celebrated a total revenue increase by 29.22% compared to BFCM 2022. The top five verticals that drove sales this year included home & living, apparel & fashion, sports & outdoor, games & toys, and beauty. These not only reflect the diverse interests of consumers, but also provide insights into the preferences and priorities of online shoppers during Cyber Week.
Reflecting on the success of Cyber Week 2023, it’s clear that the e-commerce landscape continues to evolve, shaped by changing consumer behaviors and preferences. The dominance of smartphones, rise of BNPL purchasing options, and performance of top verticals all contribute to the thriving and dynamic e-commerce ecosystem.
Online shopping continues to break records and solidify its status as a powerhouse in the retail industry. Looking ahead, we’ll continue to watch these trends and behaviors unfold to shape the future of online shopping. If one certainty remains, it’s that Cyber Week is here to stay and flourish, promising even more excitement and innovation in years to come.
