During the Black Friday weekend, e-commerce revenues in the UK saw a remarkable surge of nearly 15% compared to the previous year. Shoppers favored online platforms in order to take advantage of the discounted prices that were being offered. This increase in online sales can be attributed to consumers’ heightened sensitivity to price and promotions as a result of rising living costs. On Black Friday itself, e-commerce revenues doubled in comparison to the previous week.
Data from the Marketing Pulse report by Wunderkind, which examined over 77.6 million shopper journeys, revealed a 34% increase in web traffic to UK retailers’ e-commerce sites compared to the prior week. This surge in traffic resulted in a significant boost in web revenues on Black Friday, with a growth of 100.78%. Nationwide, a banking group, also provided supporting data, indicating that its customers made a staggering 9.92 million transactions on Black Friday, averaging more than 114 transactions per second.
Interestingly, physical retail also experienced a positive impact during the Black Friday weekend. Footfall increased by 52.4% compared to the previous week, according to data from Sensormatic. This suggests that although many consumers turned to online shopping for deals, there were still those who preferred the traditional brick-and-mortar experience.
Wulfric Light-Wilkinson, the GM International at Wunderkind, emphasized the importance of affordability for shoppers during peak trading periods like Black Friday. He highlighted that households are facing cost-of-living pressures, which drive consumers to actively seek out deals and bargains online. However, he pointed out that the real challenge and opportunity for retailers lie in retaining these shoppers beyond Black Friday. Cultivating their engagement and converting them into repeat customers who are willing to pay full price in the future is crucial.
Overall, the Black Friday weekend proved to be a tremendous success for UK e-tailers, with online revenues experiencing remarkable growth compared to the previous year. This trend underscores the increasing popularity of online shopping and the significance of competitive pricing in capturing consumer attention. Retailers now face the challenge of establishing lasting customer relationships and converting bargain hunters into loyal patrons who will continue to support their business in the future.
Useful links:
1. BBC: “Black Friday nearly a complete online sales event”
2. Reuters: “UK e-commerce sales soar in November lockdown”
