Consumers seem to be back at it and are spendinggg this holiday season, but will it last?
👏 Macro: 2023 vs 2022 Black Friday
Total worldwide sales from Shopify merchants were $4.1B (up by 22%)
Peak sales per minute on Shopify hit $4.2M (up by 20%)
The average order value on Shopify was $110.71 (up by 5.6% or $7)
Amazon shoppers spent $9.8 billion in the US (up by 7.5%)
🦾 Here’s what we saw across our client roster last Friday
As of writing this, we are still going strong, working hard to stretch out the success we saw from Black Friday, but…
~85% of our clients beat last year
~30% of our clients doubled their stats from 2022
~15% of our clients had single-day sales of over $300K
We were happy to see many months of prep pay off. 🎉🚀
👇 Here’s our best guess on what happened…
Creativity, preparation, shared knowledge, and aligned incentives paid dividends.
We collected and segmented a lot of email data leading up to BFCM as part of our buying strategies, in prep for dropping big offers to new potential customers.
The build-up was a bit slower than usual, with consumers holding off longer to purchase.
October 2023 year-over-year was ~10% lower on average than 2022, measured across aggregate client revenue metrics.
More people took advantage of Black Friday to grab their Christmas gifts or daily necessities than in the past.
Clients that prioritized and leaned into the promotional period for new customer acquisition or blowing out inventory over profit came out with huge topline numbers and new customers (scale).
Clients that didn't see as much topline growth still increased revenue, choosing to pocket more profit (efficiency).
Bottom line:Purchase intent has potentially stabilized, or consumers were looking to find savings with recession woes growing.
📈 Our clients (for the most part) beat their targets across all product categories, services, and stages of business
Shoes & Apparel
Meta & Retention [Full Service] Google & Bing Search [Pilot Program] TikTok [Launchpad] Headless/CRO Studios / Branding
Recorded their biggest revenue day ever in 20 years in business
Generated $359K (124% increase) in Black Friday sales YoY
Saw a 60% YoY growth in new customer revenue through all of November
Meta, Retention [Full Service] Google Search, Studios [Pilot Program]
Headless / CRO
230% increase in net sales for November YoY and still rising
On track to 4x what they did last BFCM
Nearly doubled their $100K target for Black Friday
Designer Pet Goods: Meta [Launchpad → Pilot Program] Google Search [Launchpad]
Studios / Branding
Total sales up by 90% on Black Friday
November revenue up by 97% YoY
November margin increased by 33% YoY
Amazon [Full Service]
Studios / Branding
Over $220K in topline revenue at a 6.5 total ROAS
More than doubled the $113K we did last year on Black Friday, which was already 3x what we did the year prior
Up by 20% YoY in comparison to last November as a whole
Canadian Jewelry Company:
Meta [Full Service]
Retention [Pilot Program] Google Search [Launchpad]
Studios / Branding
32% increase in net sales margin YoY
$149K to $196K topline revenue YoY
TLDR: 24% more scale with added margin
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🔮 OK, I get it… BFCM was good but now what?
Hopefully, your weekend was as exciting as ours and you accomplished all your goals.
But you may be asking yourself, “What’s next?” What does 2024 look like and how can I maximize cash flow going into next year?
Here are 4 strategies you can get started on right now…
1. Shift focus to “New Year, New You” to maintain momentum into 2024
Don’t forget that Q5 is right around the corner (December 26–31). CPMs tend to drop after Christmas Day and stay low until the first or second week of January.
January will surely be a time of self-reflection and improvement – make sure to update your product descriptions and sales messaging so that they’re aligned with helping those who intend to stick to their resolutions next year.
2. Align your customer acquisition partner’s goals to your business objectives
By embedding your targets into our fee structure and our teams' compensation models, your goals become ours. It’s our philosophy that sets us apart from others – that's how we create multi-year partnerships.
We bring a fresh take in a noisy landscape of agencies – we ensure all your traffic works together and that our team complements yours through aligned incentives that are only paid out on unlocking shared wins.
3. Recession-proof your business with a customer acquisition system designed to level up your brand, no matter your budget
Our model allows businesses at any stage to access talent and strategies proven to stabilize and grow brands. We offer three tiers of service for each of our media teams across Meta, TikTok, Search, YouTube, Amazon, and Retention/Email.
Geared toward cost-conscious startups, mom-and-pop shops, or brands seeking to test the water on new channels.
Ideal client is investing under $10K a month on ads but is ready to grow their business.
[Pilot Program] 🚀🚀
Provides an affordable option for ambitious brands who are bullish on their product and business but want to take things a little slower.
Ideal client is investing $10K–$75K a month and needs more scale.
[Full Service] 🚀🚀🚀
Everything you need to scale – from ad creative and landing pages to media. It doesn't stop at managing your campaigns. We optimize your whole funnel, pre-click to post-click, and everything in between.
Ideal client is investing more than $75K a month and wants to go BIG.
4. Leverage our new Shopify CRO app and get up to 35% more revenue without spending more on ads
Create more cash from inside your existing funnel with our Shopify technology that serves pages REALLY FAST, which in turn converts more clicks to customers.
We’re excited to let you know that we are out of Beta and are pre-booking clients for 2024. Get in touch to see if your store is a good candidate for our affordable and accessible headless commerce alternative.
😜 Call to Action:
With BFCM behind us, we’ve started to pre-book new partnerships for 2024. Typically, brands that partner with us find stability, margin, or scale within the first 30 days of working with us.