WooCommerce stores are revving up for Black Friday: The 2024 holiday trends survey

The most exciting — and what might be the most stressful — shopping season of the year is just around the corner. WooCommerce merchants are rolling up their sleeves to prepare for Black Friday Cyber Monday (BFCM) and the whirlwind of the holiday selling season.

In July 2024, we conducted a comprehensive survey to understand strategies, challenges, and expectations for the upcoming peak sales period across merchants, developers, and agencies. The findings look at how businesses are planning to capitalize on the season and what new tactics they intend to implement.

This post is a recap of our report findings* and you can check out our guide to preparing for your best BFCM.

As we know from our holiday season bank statements, Black Friday Cyber Monday is a huge revenue driver for ecommerce businesses. In 2023 alone, BFCM generated $9.8 billion, and this year will be even bigger. 

It’s no secret that the holiday season is a make-or-break period. A striking 66% of respondents said they saw a spike in sales from October to December. 

Nearly half (46%) of merchants said that up to 30% of their annual sales volume comes from BFCM and the holiday season. For 18% of stores, that number is between 30% and 50%, and 8% of stores said BFCM contributes more than half of their yearly revenue.

These stats make it clear: Black Friday Cyber Monday is a high-stakes event for WooCommerce stores. Thorough preparation and strategic planning should be top of mind in the coming months.

This year, 34% of merchants are shaking up their approach to BFCM. They’re thinking outside the box, and plan to:

• Add new products (26%)
• Ramp up marketing efforts (24.6%)
• Upgrade website performance (16.4%)

These strategies signal a broader effort to offer better shopping experiences, attract new customers, and anticipate that holiday sales surge.

In the survey comments, one other trend was abundantly clear: Stores are starting their BFCM prep earlier.

Timing is everything; when it comes to BFCM prep, WooCommerce stores are split. Stores with higher sales volumes tend to plan earlier, while others take less time to prepare. 

About 26% of respondents begin prepping one to four weeks ahead, while 27% start one to three months in advance. And then there are the super-planners — 13% of stores start prepping three to six months ahead, with another 4% starting over six months in advance. 

Just over half of the stores are planning to bulk up their inventory before the holiday madness begins. They’re not taking any chances, making sure they’ve got plenty of stock on hand and all the shipping materials they need.

As one user put it, “The most important thing for us is replenishing the out-of-stock products. That’s our biggest challenge.” Another echoed this sentiment, saying, « We begin to bulk up inventory over the summer. We order shipping supplies in the third quarter. »

Aside from topping up inventory, other product initiatives included:

• Expanding product lines to introduce new SKUs or categories.
• Introducing gift cards.
• Testing specific offers and discounts.
• Offering product bundles, like bundled holiday boxes.

Beyond inventory, website performance is another big focus. Nearly 37% of stores are working to improve their site performance, with 9.5% of stores planning a hosting upgrade. Load testing, speed testing, and database optimization are all on the list to make sure their sites can handle the holiday rush.

Other smart strategies? Hiring extra help, updating refund policies, and adding more payment options to keep things smooth for customers.

When it comes to running a 2024 BFCM sale, 44% of stores are all in. 

But interestingly, 30% of stores were still undecided about their BFCM plans halfway through the year. Some stores will be making quick decisions as the season approaches, and flexibility in approach will factor in. 

Almost half (48%) of stores plan to give shipping discounts, but only 11% will offer a special refund or return window for the holidays. 

On the marketing front, email marketing is still the MVP for reaching customers during BFCM, with 29% of merchants rating it as their most effective tool. Organic social media follows closely at 25%, and other channels like paid social, search ads, and influencer marketing are also in the mix. 

Many stores plan to expand their marketing efforts from last year, focusing on paid ads, retargeting, and updating their abandoned cart flows. Influencer, affiliate, and user-generated content are also getting more love this year. 

Multichannel strategies are on the rise this year too, with 67% of merchants operating across multiple channels, including physical stores and online marketplaces like Amazon, Etsy, and eBay. This approach helps them reach a broader audience and make the most of the holiday season.

As we gear up for the busiest shopping season of the year, the message from our survey is clear: WooCommerce merchants are ready to rock BFCM by refining their strategies, investing in inventory and website performance, and leveraging key marketing channels. 

We’ve put together a complete report to help you navigate the holiday shopping season like a pro: Black Friday Statistics and Trends for 2024.

And don’t forget to treat yourself this holiday season, too. What are you buying this BFCM? I’m in the market for new golf clubs, and I’m great at making sauna recommendations.

*Report information is based on survey responses obtained through WooCommerce email and in-product outreach as well as social and community channels, completed in July 2024.

About

Tamara Niesen

Tamara Niesen is the Chief Marketing Officer at Woo. With over 20 years of experience in high-growth B2B SaaS, device, and platform companies, Tamara has led teams focused on brand, go-to-market, demand generation, product marketing, partner marketing, integrated lifecycle marketing, and performance marketing. She previously led Global Demand Generation and Go-to-Market at Shopify, driving revenue growth and market expansion for Shopify Plus. She has also held marketing leadership roles at Housecall Pro, D2L, and BlackBerry. Tamara resides in Waterloo, Ontario.