Black Friday and Cyber Monday are known to be the biggest shopping event in the US. This year, US consumers downloaded 2.8 million shopping apps on Black Friday, an 8% increase from 2019.
Since the pandemic broke out earlier this year, the e-commerce industry has been booming. The growth in online shopping doesn’t seem to be slowing down as there are more consumers shopping online despite physical stores opening.
With more people shopping online than ever this year, what do you think happened during the last BFCM (Black Friday and Cyber Monday)? Our in-house data team analyzed parcel volume generated before and during Black Friday and Cyber Monday in both 2019 and 2020. Can you guess how much e-commerce volume was generated this 2020?
We have segmented our analysis into 2 different periods:
- Before BFCM: 2 Nov – 22 Nov
- During BFCM: 23 Nov – 13 Dec
Black Friday and Cyber Monday 2020 experienced a 71% increase in e-commerce volume
Consumers reportedly spent more than $9 billion in online sales during Black Friday, which translates into $6.3 million spent every minute. On the other hand, Cyber Monday generated $10.8 billion in online sales, beating Black Friday’s record. This led to a huge surge in parcel volume during the shopping event.
Compared to the period (2 Nov – 22 Nov) before BFCM commenced, the parcel volume generated increased by a whopping 71% during the shopping event! This is expected as the pandemic drove consumers to shop online when physical stores were forced to close down.
In anticipation of this spike in e-commerce orders, retailers had made investments in their logistics and supply chain ahead of time to prepare themselves for the peak season. So, how much did brands make during this BFCM?
- Independent businesses on Amazon reported 60% year-on-year growth in sales, amassing over $4.8 billion in sales
- Shopify store owners made $5.1 billion in sales, an increase of 76% compared to 2019
- Target’s online sales rose above 176%, putting their performance ahead of other big retailers like Walmart, Etsy, and eBay
- Online grocery sales surged by 397% when compared to the sales in October
Now that we are approaching the end of 2020, consumers are rushing to do their holiday shopping amid the ongoing pandemic and lockdowns. With the convenience of e-commerce, shopping can be done anywhere and anytime. Do you think that this holiday season’s online sales will surpass BFCM’s sales?