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The long-awaited Black Friday is over. It's time to look back and analyze the results.
Usually, Black Friday is expected with optimism. However, this year the forecast was quite cautious, but the pessimistic expectations did not come true either. In general, Black Friday this year can be safely considered a success.
Let's take a look at some numbers:
1. Our users made over $50 million in sales and completed over 450,000 orders in November 2022. These are important numbers for our team as it is 30% more than during the corresponding period in 2021. It is a significant year-on-year increase. So we have brought our customers a better result this year compared to the previous one.
2. Bundle sales in November 2022 for our users were, on average, 65% higher than in an average month for the year 2022. At the same time, single-item sales (non-bundle sales) are only 36% higher, respectively. It can indicate the exceptional effectiveness of bundles as a tool to increase revenue during seasonal sales. Our users relied on bundles as the main tool for driving sales.
3. Typically, we see that the AOV of bundle sales is 20% higher than non-bundle. Of course, this largely depends on the bundle strategy of each particular business. However, during Black Friday, everyone makes significant discounts. Probably, this year they were so huge that we saw an overall decline in AOV in November. It should not be the norm for this period.
However, what is remarkable for bundle orders the decrease in AOV was at 9% compared to the average annual level. But as for non-bundle orders, the decrease was 23% respectively. The use of bundles made it possible to reduce the drop in AOV by 2.5 times.
Perfumes and cosmetics lead in the number of Black Friday orders among our users.
The perfumes and cosmetics category itself is great for using bundles in a marketing strategy. But during the holidays, perfumes and cosmetics bundles are especially relevant. There is a wide range of possible combinations for gift sets of any size and any taste. Practically, no limits to your creativity! But perfumes and cosmetics are not only about gifts. Bundles can be assembled from different products of the same product line, with the same fragrance or which include components of care product complexes, etc.
Here are some examples from our users:
The apparel and footwear categories lag behind cosmetics and fragrances in terms of orders but not sales.
The main techniques in this segment are shop-the-look (or shop-the-outfit) and packs of various types.
Shop-the-outfit is the offer of two or more items that make up a complete look at a price lower than buying them separately.
Check the examples below:
The pack is an option to sell several of the same items. The essence is the same, but the presentation may differ:
Combo is the offer of several items at a fixed price.
BOGO usually assumes buying one product and getting another one the same for free or at a discount. Or the buyer can get a free product different from the main product, but complementary to it.
Our users’ examples:
Working with bundles is much more difficult for merchants in the home goods category.
It is not easy to collect bundles that will suit a large number of buyers.
It is hard to combine more expensive and cheaper products in one set profitably.
Also, products in these categories have a lower purchase frequency compared to cosmetics or clothing. Home goods category purchases can be made less than once in 6 months. Therefore, for these categories, the importance of seasonal sales, such as Black Friday, is high, as is the role of bundles to ensure higher sales during this period.
Home goods bundles examples from our users:
Jewelry and accessories make a great Christmas present. Such gifts are made quite rarely, on average, twice a year. The average order value in the category is quite high. Therefore, Black Friday is a great chance to purchase a Christmas gift for a loved one with a bargain for a thrifty buyer.
Bundles in these categories are akin to what we see in clothing categories. For example, we have a set of two similar items. Two rings or two sets of earrings. You can't have too much jewelry, right? Or these are sets that make up the outfit, for example, a ring, earrings, and a necklace.
Here are some examples from our users:
Supplements, as a category of consumable products, are great for using bundles. Just like cosmetics. Bundle sales are relevant throughout the year for this category.
If we draw parallels with cosmetics and perfumes, the difference is that cosmetics and perfumes are actively bought during the holidays as future gifts. On the other hand, supplements before and after the holidays are purchased mainly for consumption.
Black Friday is a great time to stock up on supplements at a bargain price.
Here are some examples from our users:
In 2010, Andrey founded MakeBeCool initially as a website development agency, but a discovery of the e-commerce world led to a complete retraining. With a newfound passion, he started collecting brand stories and case studies to empower e-commerce success. Beyond work, Andrey is a Lego Technic collector, a passionate snowboarder, runner, and fitness enthusiast. His active lifestyle extends to family time, where he shares his hobbies with his daughters.
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