Record-Breaking Black Friday Closes the Longest Shopping Festival in History: Who Stands Out?
The global shopping extravaganza of 2023, known as Black Friday, has concluded. As one of the most crucial annual promotional events for Beelta (insert store link), online traffic soared to new heights. During this promotional period, the overall Gross Merchandise Value (GMV) witnessed a remarkable 30% YoY increase, showcasing impressive results.
$98 Billion
According to data from Adobe Analytics, Black Friday 2023 saw a record-breaking online sales figure in the United States, reaching a staggering $98 billion, marking a 7.5% increase compared to the previous year.
$10 Billion+
In the United States, Amazon continued to dominate Black Friday, with over half (54%) of the sales occurring on this platform, as per surveys. Amazon officially reported that, during the November 17 to 27 promotional period, global consumers made purchases exceeding 1 billion items, surpassing over five times the volume seen during this year's Prime Day, once again breaking records.
(Data from analytics firms Insider Intelligence and eMarketer Forecast, released the latest data on Black Friday for major e-commerce platforms)
This year's Black Friday remained "crazy." Behind the apparent madness lies a backdrop of consumer downgrading due to persistent inflation. To attract customers, businesses heavily relied on substantial price reductions. Major retailers like Best Buy and Lowe's offered discounts higher than ever before, while retailers like Target and beauty giant Ulta Beauty introduced flash sales, providing 24-hour discounts for specific brands and products.
Trending Toward "Buy Now, Pay Later" and Mobile Consumption
Despite the apparent enthusiasm from businesses, consumers remained sensitive to prices. In times of high inflation and interest rates, an increasing number of consumers opted for "Buy Now, Pay Later" options. Adobe's survey revealed that approximately $79 million in sales during Black Friday came from consumers using this payment method, indicating a 47% increase from the previous year. Notably, mobile shopping surpassed desktop for the first time in Black Friday sales, accounting for $5.3 billion in sales. The push from social media ads and Key Opinion Leaders (KOLs) made consumers more receptive to mobile device consumption.
Social Media on the Rise - TikTok Takes a New Track
As one of the world's most popular short video-sharing platforms, TikTok made its debut in the U.S. Black Friday frenzy in 2023. The TikTok Shop event gathered resources from the U.S., the U.K., and Saudi Arabia, marking the first large-scale platform event in the U.S. During the event period (October 27 to November 27), TikTok Shop's cross-border e-commerce in the U.S. experienced a more than 215% MoM increase in overall payment GMV. On Black Friday, GMV achieved a fourfold increase, and the SKU order volume in the shopping mall increased by 1212%. In the U.K. market, the overall payment GMV increased by 191%, and Black Friday's GMV increased by 368%.
It's worth noting that TikTok Shop officially provided participating merchants with a 50% discount subsidy. Leveraging its inherent massive traffic advantage as a social platform, TikTok collaborated with top content creators and influencers worldwide. Through the creation of content on trending topics, the platform generated more heat for the event, driving higher sales volume. During the event, TikTok's app homepage prominently displayed the exclusive Black Friday shopping mall, allowing users to access the dedicated marketplace easily.
Understanding Genuine Consumer Needs
Black Friday promotions saw sales booming not only in the United States but also in Mexico and the European Union. Latin American e-commerce giant Mercado Libre reported its 2023 Black Friday results: the platform averaged an impressive 1.8 million daily transactions during the event, reaching an astonishing peak of 2.8 million items sold on November 23, setting a new historical record. All of this was attributed to thorough early preparations:
When launching the Black Friday event, Mercado Libre provided extensive insights to sellers, outlining the most popular sales categories and high-potential product types over the past few years on their three major sites in Brazil, Colombia, and Chile. Additionally, detailed lists of popular search terms in Chile over the past three months were provided, allowing sellers to understand current consumer purchasing trends and optimizing column settings and adjusting product prices, offering an effective reference for improving the conversion efficiency from consumer searches to purchases.
Looking at this year's Black Friday, the position of established platforms remains unshakeable, while emerging platforms are on the rise, intensifying overall market competition. The trend towards price competition is escalating. However, the development of Black Friday suggests that discounts may no longer be the optimal strategy; exploring new strategies, such as leveraging social media, may develop into crucial promotional channels. Nevertheless, understanding consumers' true needs remains fundamental.