6 Key Black Friday Cyber Monday Trends in 2024 Retailers Need to Watch for

As Black Friday and Cyber Monday 2024 approach, we understand retailers like you face the challenge of adapting to rapidly evolving trends. To overcome these challenges, you’d need to adopt effective strategies such as leveraging AI for personalized experiences, optimizing their omnichannel approach, and embracing the latest payment technologies. Proactively addressing supply chain issues will secure smoother operations during the peak shopping season. This article explores the 6 black friday cyber monday trends of 2024 and offers actionable insights to navigate these changes successfully. 

Highlight:

• AI will improve shopping experiences by offering personalized product recommendations based on user behavior and preferences, driving sales.
• Eco-friendly products and sustainable practices will be crucial as consumers seek brands committed to environmental responsibility.

The Significance of Black Friday and Cyber Monday

Black Friday – Cyber Monday is undoubtedly one of the most significant shopping events of the year, especially in the U.S.. Nevertheless, their influence extends globally.

Black Friday

Black Friday refers to the Friday following Thanksgiving in the United States. While the specific date changes each year, it consistently occurs at the end of November and is widely recognized as the biggest shopping day of the year.

• Timing: Occurs the day after Thanksgiving in the U.S., marking the unofficial start of the holiday shopping season.
• Historical Background: The term “Black Friday” was popularized in the 1960s, initially by the Philadelphia Police Department, referring to the chaotic crowds and traffic that occurred as shoppers rushed to stores the day after Thanksgiving. Later, retailers embraced the term, associating it with moving from “in the red” (operating at a loss) to “in the black” (turning a profit).
• Significance: Traditionally, Black Friday has been a day for massive in-store sales, with retailers offering steep discounts to draw in customers. It often marks the highest retail traffic of the year. Over time, Black Friday has become a shopping event that garners attention beyond the U.S., with countries worldwide participating in similar sales. Adobe Analytics insights analyze over one trillion visits to U.S. retail websites, tracking 100 million SKUs across 18 product categories. The 2023 ICSC Post-Thanksgiving Weekend Survey includes two online surveys conducted on November 24 and November 27, 2023, with demographically representative samples of 1,007 and 1,004 U.S. respondents, respectively.

Cyber Monday

Following the tremendous success of Black Friday, new shopping events emerged, including Singles Day and, of course, Cyber Monday. Cyber Monday takes place on the Monday immediately following Thanksgiving in the U.S., exactly four days after. 

• Timing: Cyber Monday occurs the Monday after Thanksgiving, designed as a counterpart to Black Friday, focused on online shopping.
• Historical Background: The term was coined by the National Retail Federation in 2005 to promote online sales during the growing age of e-commerce.
• Significance: Cyber Monday focuses on e-commerce, with retailers offering discounts on a wide range of products, often rivaling Black Friday deals. It allows consumers to shop from the comfort of their homes or on the go. According to Adobe Analytics,  $38 billion in online sales for Cyber Week (5 days from Thanksgiving to Cyber Monday). 

6 Key Black Friday Cyber Monday (BFCM) Trends in 2024 to Keep An Eye On

Here are 6 key trends every retailer should keep an eye on this BFCM season.

AI-Powered Personalization

Artificial intelligence (AI) continues to reshape the retail landscape, and BFCM 2024 is no exception. Consumers expect personalized shopping experiences, and AI delivers just that by analyzing browsing habits, past purchases, and even real-time behavior. 

Imagine customers being shown curated product recommendations that align with their preferences the moment they land on your site. It’s this level of personalization that will keep them engaged and more likely to make a purchase. 

Sustainable Shopping Gaining Momentum

Sustainability is no longer just a trend. It’s becoming a core value for many consumers. Shoppers are increasingly seeking out eco-friendly products and companies that prioritize environmental responsibility. 

In 2024, brands that can demonstrate a commitment to sustainability will stand out during BFCM. Offering products with eco-friendly packaging, reducing waste, and promoting carbon-neutral shipping are just a few ways to attract conscious shoppers. 

Omnichannel Shopping Experiences Are a Must

Shoppers now expect seamless transitions between online and offline shopping channels. In 2024, retailers will need to provide integrated omnichannel experiences that allow customers to research, purchase, and return items across multiple platforms. 

Brands like Nike have nailed this by combining their physical stores with digital touchpoints, such as mobile apps and online inventory checks, providing a frictionless shopping experience.

Exclusive, Limited-Time Offers Driving FOMO

The fear of missing out (FOMO) has always been a driving force behind consumer behavior, and BFCM 2024 will be no different. Limited-time offers and exclusive deals create urgency, encouraging shoppers to act fast. Think about how often you’ve made a purchase simply because you didn’t want to miss a great deal-it’s a tactic that works.

Retailers can tap into this by offering flash sales, early-bird specials, or members-only deals during BFCM. These time-sensitive promotions grab attention and drive impulse buying. Have you planned your limited-time offers yet? It could be the key to boosting your holiday season sales.

Increased Use of Social Commerce

During the BFCM 2023 season, there was a notable shift in holiday shopping toward social commerce. While many shoppers continued to use Google tools like Search, Maps, and YouTube for product information, 65% relied on social media platforms. Social media also emerged as the third most popular channel for discovering new products, attracting 27% of consumers’ attention.

Moreover, 59% of shoppers made purchases directly through social media, highlighting the increasing role these platforms play in enabling smooth and convenient shopping experiences.

In BFCM 2024, social commerce is anticipated to see substantial growth, fueled by the rising use of social apps for business discovery, especially among younger consumers. Platforms like TikTok and Instagram are becoming key destinations for discovering new products and businesses, particularly for Gen Z. These platforms serve as trend hubs for fashion, beauty, food, crafts, self-care, and DIY projects.

Buy Now, Pay Later (BNPL) Expanding Further

The popularity of Buy Now, Pay Later (BNPL) options continues to rise, providing shoppers with more flexible payment choices. In 2024, this trend will expand further as more retailers adopt BNPL to attract budget-conscious consumers. 

Brands like ASOS have already seen success by offering BNPL through services like Klarna, increasing their customer base by making large purchases more accessible.

Preparing Early for BFCM 2024

Getting ahead of the BFCM rush is critical for success in 2024. Early planning allows retailers to fine-tune their marketing strategies, ensure adequate inventory, and secure the best deals with suppliers. Preparing early enables businesses to avoid last-minute hurdles and capitalize on early promotional opportunities, helping them secure a greater portion of consumer spending.

Reviewing past BFCM performance is key to optimizing future campaigns. Analyzing sales data, customer behavior, and marketing effectiveness allows retailers to pinpoint successful strategies and areas for improvement. This data-driven approach helps optimize promotions, adjust inventory according to demand patterns, and better target key customer segments, ultimately leading to higher conversion rates during the BFCM period.

ConnectPOS provides real-time inventory management, seamless integration with e-commerce platforms, and multi-location support. This guarantees that your stock levels are optimized, preventing stockouts or overstocking during high-demand periods like Black Friday and Cyber Monday. With its advanced reporting tools, ConnectPOS helps you analyze past BFCM performance to refine your strategies and create personalized promotions.

FAQs: Black Friday Cyber Monday trends

1. What Are the Key Differences Between Black Friday and Cyber Monday?

Black Friday, the day after Thanksgiving, focuses on in-store deals and has historically been the biggest shopping day of the year. Cyber Monday, occurring the following Monday, is centered around online sales and tech discounts.

2. How Can Small Retailers Compete During BFCM?

Small retailers can effectively compete during Black Friday Cyber Monday (BFCM) by leveraging their unique strengths and adopting strategic approaches. First, offering personalized and exclusive deals can create a distinctive shopping experience that attracts customers. Additionally, utilizing social media for targeted marketing helps reach specific audiences and drive traffic to their online stores. Small retailers should also focus on building a strong online presence with an easy-to-navigate website and optimized mobile shopping experience to capture impulse buys. 

3. What Are Some Common Mistakes Retailers Make During BFCM?

During Black Friday Cyber Monday (BFCM), retailers often fall into several common traps that can undermine their success. One major mistake is inadequate inventory planning, which can lead to either stockouts or surplus, causing lost sales or excess unsold goods. Additionally, retailers frequently neglect to optimize their websites for the surge in traffic, resulting in slow loading times or crashes that frustrate customers and lead to lost opportunities. A poorly defined marketing strategy also hampers success; without targeted promotions and clear messaging, retailers struggle to attract and convert shoppers. 

Conclusion

As we gear up for the Black Friday Cyber Monday trends in 2024, retailers must be on the cutting edge to captivate consumers. Embracing AI-driven personalization, championing sustainability, orchestrating seamless omnichannel experiences, triggering FOMO with irresistible promotions, tapping into the power of social commerce, and providing flexible payment options are all crucial strategies for winning over customers and boosting sales.

For further insights and solutions to enhance your retail strategy, connect with ConnectPOS. Contact us today to discover how our innovative POS solutions can help you excel during the year’s busiest shopping season.