The holiday season has arrived, and it’s time to assess the performance of your marketing efforts in order to optimize them for next year. Every marketer knows how important Black Friday and Cyber Monday are, but few are aware of how much their small business could benefit from this kind of information. That’s why we’ve analyzed the key statistics and trends of the last two years so that you can benefit in the coming years – let’s get started!
The sales boost in the e-commerce sector
The National Retail Federation expects a sales boost in the e-commerce sector this year as more retailers turn to online channels, according to CNBC. More than 169 million people will shop online between Black Friday and Cyber Monday, up 3% from last year. eBay’s annual Singles Day saw $17 billion in spending in 24 hours and smashed its 2017 record with over 38% growth.
The growth of global sales of products from abroad
Exports and imports have increased globally. Exports have risen from an annual average of 12% over the past decade to 14% in 2018. Correspondingly, imports grew as well. Imports on average are 5% over the course of the past decade but rose to 7% in 2018
The trend toward giving experiences instead of stuff
According to an Experian study, the average person will spend 23% more on experiences than they did in 2016, but those same people are spending 34% less on stuff. Experts believe this trend is driven by millennials – many of whom place more value on experiences than stuff.
More millennials are placing a higher value on experiential purchases – things like experiences, event tickets, and dining out – and less so on physical items.
The impact on local economies
Black Friday and Cyber Monday have major implications for small businesses. Retailers have reported a rise in revenue of 34% on average the day after Thanksgiving, demonstrating how valuable these two days are for the economy. Given this, it’s important that retailers keep their customer’s data secure and make sure they plan ahead to account for an influx of traffic in their stores.
Maintaining consistency with your pre-existing marketing strategy is crucial to capturing online customers when they’re checking out new products as well.
Major opportunities in cryptocurrencies and blockchain
The growing opportunities in crypto currencies and blockchain are right around the corner. The current market cap for all cryptocurrencies is $200 billion and is expected to triple within the next three years. According to Forbes, Initial Coin Offerings (ICOs) brought in more than $3 billion in 2017 alone and are a popular fundraising tool that entrepreneurs are using.
Considerations for selling globally
One of the most important considerations in global commerce is logistics. If you’re selling globally and shipping a product, there are things that need to be considered such as different currencies, delivery times, and more. There are various options for getting your products where they need to go such as dropshipping, setting up an account with a cross-border eCommerce platform or going through traditional fulfillment methods like exporting and importing.