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- 🔴 NRF predicts a record breaking BFCM 2023 and more!
🔴 NRF predicts a record breaking BFCM 2023 and more!
Sayan from The Growth Tribe
November 20, 2023
📆 Monday, 20th November 2023
Hi, and welcome back to Growth Espresso - your one-stop destination for 👏 all things 👏 DTC e-commerce.
Gear up DTC world because it’s the BFCM week 🚀 In this edition, you’ll find:
🔥 Record-Breaking BFCM Online Shopping Predicted by NRF
🛍️ Top 7 Discount and Promo Ideas for BFCM
🛒 Shopify: Holiday Shipping Deadlines 2023 (Bookmark it, right now!)
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🔥 Record-Breaking BFCM Online Shopping Predicted by NRF
💡 Top insights for you
1. Record Number of Shoppers: Approximately 182 million people are expected to shop during the Thanksgiving holiday weekend, marking a significant increase of nearly 16 million compared to the previous year.
2. Reasons Driving Shopping: The primary drivers for shopping during this period are the allure of compelling deals (61%) and the tradition associated with the holiday shopping spree (28%). Black Friday remains the most popular day to shop, with 72% planning to participate, followed by Cyber Monday, attracting 39% of shoppers.
3. Early Shopping Trend: Around 59% of holiday shoppers have already started browsing and purchasing items for the holiday season, indicating a growing early shopping trend.
4. Spending Projections: Forecasts suggest that consumers are expected to spend a substantial amount, estimated at $130 billion during the Thanksgiving holiday weekend, representing a 4% increase from the previous year.
5. Impact of Early Promotions: The impact of October sales and promotions is evident, with over 40% of shoppers taking advantage of these early offers to specifically shop for holiday gifts, decorations, and seasonal items.
🛍️ Top 7 Discount and Promo Ideas for BFCM
Top 7 Discounting Ideas to Supercharge ⚡️ your BFCM 2023 Season!
Bundle Bonanza
Bundling products together at a discount enhances the value and boosts sales, as seen with an electronics retailer's successful bundling strategy.
Flash Sale Frenzy
Time-bound flash sales, like a 24-hour promotion by a fashion brand, create urgency, spiking website traffic and conversions.
VIP Early Access
Providing early access to loyal customers with exclusive discounts, like a beauty brand did, drives engagement and anticipation.
Mystery Deals
Surprise customers with mystery discounts, such as an online bookstore's virtual wheel at checkout, adding fun and engagement.
Spend More, Save More
Like an outdoor gear retailer's strategy, Tiered discounts based on purchase amounts encourage increased spending and exploration.
Social Media Engagement
Initiating challenges and giveaways on social platforms, as done by a tech gadget store, builds brand visibility and community.
Loyalty Rewards
Implementing a loyalty points system during BFCM, like a subscription box service did, fosters long-term customer loyalty and repeat purchases.
🛒 Shopify: Holiday Shipping Deadlines 2023 (Bookmark it, right now!)
Shopify put together this cool list showing when you need to ship stuff using different carriers to get it to your customers by December 23rd. It covers the US, Canada, Australia, the UK, France, Italy, and Spain. It helps you tell your customers the last dates they can order stuff to get it in time for Christmas Eve 2023. Cool, right? Bookmark it right away!
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