As the holiday season develops, BigCommerce merchants have many reasons to celebrate. The months leading up to Cyber Week showed a remarkable boost in activity, setting the stage for a lucrative holiday shopping season so far. Here are some eCommerce insights for BigCommerce – NetSuite merchants about the 2023 Holiday season so far!
1. October’s Positive Outlook
October, the first month of Q4 and what’s known as the best season for sales, proved to be particularly positive for BigCommerce stores, with great numbers in online orders, gross merchandise volume (GMV), and average order value (AOV).
According to the National Retail Federation (NRF), the optimism extends beyond BigCommerce and to most eCommerce platforms, as holiday spending is anticipated to reach record levels in 2023.
2. Consumer Spending Trends
Despite economic uncertainties, consumer household finances seem stable enough to support holiday spending. NRF’s Chief Economist, Jack Kleinhenz, attributes this to solid job and wage growth, with consumers actively seeking deals and discounts to make the most out of their budgets for this season.
3. Multi-Channel Shopping
Multi-Channel spending is a trend that we’ve been observing for a while. The holidays make shoppers particularly preoccupied to seek many options for a smoother shopping experience.
BigCommerce emphasizes the effectiveness of selling across diverse marketplaces, citing up to a 38% increase in return on investment compared to exclusive website sales. Amazon, Walmart, and the growing trend of social commerce are key players in this multi-channel approach.
4. Flexible Payments and Pickup Options
Recognizing the importance of flexibility in checkout and payments and having as many options as possible, BigCommerce highlights the significance of options like Buy Online, Pick Up in Store (BOPIS).
The global BOPIS market is actually projected to reach $666.20 billion by 2028, reflecting the appeal of a diverse buyer’s journey. Additionally, digital commerce platforms in 2023 saw a 9% increase in gross payment value (GPV), emphasizing the need for seamless payment experiences.
5. Cyber Week 2023 Highlights
Cyber Week 2023 marked record-breaking sales and impressive performances by BigCommerce customers.
Despite economic challenges, online shoppers spent a record $280.8 billion online, with BigCommerce users surpassing industry benchmarks with a 10% increase in GMV. On top of that, Cyber Monday witnessed a 12% spike in year-over-year sales, solidifying its effectiveness despite the obstacles.
6. Mobile and Marketplaces Dominance
Mobile orders accounted for 38% of all Cyber Week orders, reflecting the steady, ongoing rise of mobile commerce. Amazon remained a standout among marketplaces, leading in GMV and total orders. When it comes to business verticals, Apparel and Accessories experienced the largest growth in GMV, followed by Food and Beverage and thirdly, Vehicles and Parts.
7. Thanksgiving and Black Friday Triumph
Thanksgiving Day saw a 14% increase in GMV for BigCommerce stores, outpacing the global online industry increase of only 1% by a significant difference. Black Friday saw a 6% increase in GMV on a same-store basis compared to 2022.
As the holiday season unfolds, BigCommerce and its customers find themselves at the forefront of a thriving eCommerce landscape. The resilience of consumers, coupled with strategic approaches to multi-channel selling and flexible payment options, has set the stage for a record-breaking holiday season. The success of Cyber Week and the positive trends observed this season so far indicate that, despite economic setbacks, the spirit of holiday shopping remains alive and thriving in the world of eCommerce.
BigCommerce stores have been the object of particular success, which reflects the solidity of their offer as a SaaS platform. You can learn more about BigCommerce here.