With just 28 days between Thanksgiving and Christmas this year, the holiday shopping window for Black Friday Cyber Monday (BFCM) 2024 will be shorter than usual, and retailers will have less time to capture sales.
Given these challenges, it's crucial for businesses to adjust their strategies to make the most of this compressed timeframe and start planning their BFCM campaigns as soon as possible. Have you gathered all the necessary information to prepare for the BFCM 2024 and achieve the best results?
In this blog post, we’ll compile key takeaways and predictions to help you fine-tune your strategy and make the most of the holiday season.
Predictions
A shorter holiday season means an earlier start for BFCM deals
One of the most crucial factors store owners need to consider is that the holiday shopping season for Black Friday Cyber Monday (BFCM) 2024 will be shorter than usual. Unlike previous years, there are only 28 days between Thanksgiving and Christmas, leaving retailers with less time to capture holiday sales. Additionally, the U.S. election is set to impact ad space, with political campaigns already flooding paid channels.
Given these constraints, customer behavior is also shifting. More shoppers are likely to start researching deals earlier to secure the best discounts before the rush. Tapcart reports that nearly 60% of holiday shoppers begin their buying journey in October or November. This means that the traditional BFCM period, which normally focuses on the end of November, will be less effective if brands wait too long to start their promotions.
To stay competitive, businesses need to adapt by launching their BFCM sales campaigns much earlier than in previous years. According to Wunderkind, brands should aim to have their strategies fully in place by Halloween. This approach gives customers more days to shop, increases brand visibility, and allows companies to take advantage of the early-bird shoppers looking for deals.
Discounts and deals are still in high demand
Customers continue to desire significant jaw-dropping deals during the Black Friday Cyber Monday (BFCM) season. Retailers often leverage deep discount sales to draw in shoppers, knowing that once customers are on the site for a major sale, there's a higher chance they will purchase additional items before checking out.
In 2023, the average discount rate rose to 27% globally and 29% in the U.S. during Cyber Week, marking some of the best deals of the entire holiday season. This year, brands are expected to maintain or even exceed these discount levels to meet customer expectations. However, with increased competition for attention, brands must do more than just offer discounts—they need to craft strategies that appeal to different generations, particularly Gen Z.
According to Tapcart, not many Gen Z shoppers are likely to stick to a strict budget. For price-conscious consumers like them, bundles offer an effective way to present high-reward, lower-cost deals. To stay competitive, businesses should consider offering discounts ranging from 30% to 50%, as well as popular BOGO (Buy One, Get One) deals.
> If you are still stuck at this step, take a look at Salepify, an app that helps brands create BOGO deals, offer free gifts, and set up customized bundle packages that cater to price-sensitive shoppers. Check it out here!
Mobile shopping would still dominate the world
Mobile shopping continues to dominate the e-commerce landscape. With 72% of global sales made via mobile devices in 2023, it is expected to reach 88% by 2027. This shift is even more pronounced during peak shopping periods like Black Friday Cyber Monday (BFCM). In 2024, 81% of consumers plan to use mobile shopping apps for their purchases, compared to just 68% in previous years, solidifying mobile as the go-to platform for holiday shoppers.
Shopify data also highlights this trend, with mobile purchases accounting for 72% of all BFCM sales in 2023, leaving desktop sales at just 28%. While mobile is the clear leader, it's still important to optimize for desktop devices. According to Forbes, 23.2% of website visits during major shopping events come from desktops.
For small business owners, adopting a mobile-first strategy is no longer optional—it’s essential. Websites must be designed with smartphones in mind, ensuring fast load times, intuitive navigation, and seamless checkout experiences. With mobile users expecting convenience, any friction in the mobile shopping journey can lead to missed sales opportunities. Features like one-click checkout, mobile-friendly product pages, and personalized recommendations are key to keeping shoppers engaged and converting visits into purchases.
Buy Now, Pay Later keeps going up as a solution for the inflation-weary shoppers
Despite inflation cooling from its 2022 peak, 53% of consumers still list rising prices as a concern, according to McKinsey. Gen Z and millennials, in particular, remain highly price sensitive. With inflation still a concern for many consumers, flexible payment options like "Buy Now, Pay Later" (BNPL) are expected to play a critical role in driving conversions during Black Friday 2024.
Since the beginning of this year, BNPL has rapidly grown in popularity, becoming an essential option for many e-commerce transactions. In the third quarter, 17% of consumers reported using BNPL services, up from 15% in the previous quarter. This trend is especially notable among Gen Z and millennial shoppers, who use BNPL services at a higher rate than average.
BNPL's popularity is expected to grow even further, with a forecasted compound annual growth rate (CAGR) of 9%. By offering this flexible payment method, e-commerce brands can cater to price-conscious shoppers while increasing their own sales and conversion rates, as it allows shoppers to spread out payments for larger purchases without immediate financial strain. Businesses that adopt BNPL will position themselves well to meet customer expectations and capitalize on this growing demand.
Apparel, Health, and Beauty are set to lead
(Source: Foxecom)
During the 2023 Black Friday Cyber Monday (BFCM) period, the top-performing product categories varied slightly across platforms, but common trends emerged. On Shopify, the standout categories were Apparel and Accessories, Health and Beauty, and Home and Garden. Looking ahead to BFCM 2024, predictions suggest that Beauty and Health products will continue their upward trajectory, while Electronics and Toys may experience a decline in sales compared to 2023.
This forecast is influenced by shifting consumer behaviors driven by economic factors, such as inflation and a heightened focus on value. In 2024, with the global financial climate affecting consumers’ spending power, there is an expected decrease in expenditure on non-essential items like toys and electronics. In contrast, there will be a greater emphasis on essential products that offer good value, particularly within the health and wellness sectors. The increasing awareness of health and well-being is shaping purchasing decisions, as consumers are prioritizing investments in products that enhance their overall wellness, leading to a surge in demand for health and beauty items while scaling back on less critical categories.
Multi-channel shopping will become more prevalent
Social commerce is rapidly becoming a major player in holiday shopping, and it’s expected to grow even more this year. Shoppers are not only using social media for inspiration but also to make purchases. This trend is especially strong among younger consumers, with 54% of Gen Z, 45% of Millennials, and 27% of Gen X planning to use social media to discover gift ideas for BFCM 2024.
Shopify is well-positioned to support this shift by offering tools that help businesses reach customers on popular social platforms like Instagram, Facebook, TikTok, and Pinterest. With Shopify’s integrated sales channels, you can easily sync your products, manage inventory, and handle other tasks across these platforms from a single dashboard.
If you haven’t started selling on multiple channels yet, now is a great time to begin. For those already using various channels, focusing on the top-performing channels during the holiday season is a key factor helping you maximize your sales and take full advantage of the growing trend of multi-channel shopping.
Conclusion
Black Friday Cyber Monday (BFCM) 2024 presents a unique set of challenges and opportunities for retailers due to the shortened holiday shopping window. This year, shoppers will be looking for discounts, mobile-first experiences, flexible payment options, and value-driven purchases in essential categories like health and beauty. By leveraging these trends, businesses can make the most of the holiday season and drive significant sales despite the time constraints.
Now is the time to finalize your strategy and position your brand for success during this critical period.