With the Thanksgiving holiday in the rear-view mirror, it’s time for our next Accertify Holiday Tracker!
As a reminder, we author bi-monthly synopses of what we are seeing in eCommerce compared to last year against a backdrop of broader macroeconomic trends. Because we are trusted to protect 40% of Digital Commerce 360’s Top 100 merchants1, the Top 10 airlines in the US*, 8 of the Top 10 global airlines* and leading entertainment and iGaming properties*, we have unique insights to transaction volumes across the world’s marquee brands. If you missed the third Accertify Holiday Tracker — read it here. (*based on annual revenue)
For this post, we’ll evaluate transaction volumes from November 16 – November 30, including a breakout for Black Friday (BF) and Cyber Monday (CM), across retail, travel, entertainment, and iGaming industries globally comparing 2022 to 2021.
Let’s start with BF and CM as they garner all the attention and collectively account for the two biggest online shopping days of the year. At first glance, you may be thinking how could BF volume have exceeded CM volume, 51.0M compared to 48.5M? That may intuitively feel wrong but looking at the data helps add some perspective.
First, as we noted in our last Holiday Tracker, discounting was more prevalent this year, especially on apparel, and throughout our network it led to more orders across a wider merchant base but at a lower average order amount.
Second, we think, shoppers have been conditioned to make the “bigger”, more expensive purchases on CM – think TVs, electronics, furniture, or appliances. That results in fewer purchases but higher average ticket values. Overall, in retail, Accertify saw $2.9B GMV on BF and $2.4B GMV on CM. Broadly, this follows the narrative reported by Adobe Analytics of $9.2B in spend on BF (up 2.3% YoY) and $11.3B on CM (up 5.8% YoY). It is also worth noting that many big box retailers ran CM deals before CM. If we look at the two days between BF and CM, we saw volumes up 9.1% YoY with several CM sales beginning on Sunday evening and pulling some spend forward and reducing CM GMV.
Thirdly, while BF and CM is the tide that lifts all boats, travel and entertainment continue to shine with both experiencing double digit YoY increases on both days. While many more shoppers visited physical stores this year, travel purchases are almost all digital and were especially strong on CM (up 29.21% YoY) despite many discounts or bargains. Finally, BF and CM were a tale of two days for iGaming and Sports Betting and it just naturally makes sense. There are 3 NFL games on BF and a packed slate of games, including a lot of rivalries, that run throughout the weekend. All in all, CM is hard pressed to compete, and we expect the divide to continue to grow as more states legalize sports betting.
A bit lost in the shuffle of BF and CM, is that the second half of November was day-over-day strong and sustained. Transaction volumes across all industries globally, continued at an accelerated pace of 11.94% YoY with BF and CM up 11.74% and 6.76% respectively. That’s solid even with inflationary headwinds and reiterates that buying was strong across all 15 days during this period and not solely concentrated on BF and CM.