Does Relationship-Building Impact Black Friday and Cyber Monday Ecommerce Sales? New Data Says Yes
On the count of three, name two days that impact pretty much every brand and ecommerce store. One…two…three: Black Friday and Cyber Monday (BFCM)!
Obviously, BFCM is go-time for ecommerce businesses as online shopping revenue continues to climb to record levels. Cyber Monday in 2018 was the single largest online shopping day in American history, raking in $7.9 billion in revenue.
Despite the heavy spending online, the competition for consumer attention is more intense than ever. Brands are faced with higher-customer acquisition costs (up to 25% more) and lower engagement rates (between 3-5% less).
This new report “Ecommerce Sales: How Relationship Building and Planning Impacts Black Friday and Cyber Monday,” takes a look at 12 of Klaviyo’s fastest-growing customers and explores:
- The impact existing vs. newly-acquired customers have on BFCM sales
- The consumer signals that indicated a high-value BFCM shopper
- How existing vs. newly-acquired customers behave after BFCM
To address these statements and draw conclusions around them, we analyzed over 4 million orders in 2017 and 2018, totaling about $300 million in revenue. The findings show just how fruitful it is to engage with your existing customers and prospects through email.
Close to half of the sales generated during BFCM weekend came from customers that were first active between Q1 2017 and Q3 2018. We also found that customers and prospects who were first active prior to Q4 2018 had a higher average order size than first-time BFCM purchasers.
Accessing the Report
If you want to make this year’s BFCM season the most successful one yet for your business, read this report to understand:
- The percentage of your BFCM sales you can expect from established customers vs. new customers
- How the length of time someone has been a prospect or customer can affect the size of their BFCM purchases
- The difference in value between different kinds of prior customer interactions (it’s probably not what you think!)
- Ways to build valuable customer relationships throughout the year— read all the way to the end for these!
Read the report to start building your playbook to win on BFCM.Back to Blog Home