It’s that time of year again – Black Friday is just around the corner. And the competition will be tough this year, as in 2021, Black Friday weekend sales totalled 9.42 billion British pounds, of which 61.49% were online sales.
As a result of the pandemic, consumer spending habits changed significantly in 2020 and 2021, and eCommerce grew five times faster in the UK in 2020. And eCommerce sales make up 21% of global retail sales today – a 50% increase on pre-pandemic levels, according to Statista.
Brits are expected to spend £3.95 billion this year on Black Friday and Cyber Monday, with an average shopping cart of £189.59 – an estimated 31% drop from last year due to the increased cost of living crisis. Now, more than ever, it’s important to leverage both sales events to reach and retain customers.
2022 eCommerce trends to watch
In preparation for the 2022 holiday season, researchers have already begun to study shoppers’ expected behaviours. Consider these top eCommerce trends when planning your Black Friday and Cyber Monday outreach:
1. Passwords reduce account use
Approximately 32% of eCommerce transactions were made with this method in 2021, compared to 27% with credit cards and 24% with debit cards. Over 34% of online purchases are expected to be made through digital wallets within four years.
2. Mobile shopping is worth exploring
Fast, secure payment options are essential in 2022 and beyond. The UK mobile payments market is reported to have more than ten million users since the Coronavirus pandemic. Mobile payments are predicted to be used by almost a quarter of the population by 2025. In the last six months, 79% of people made purchases on their mobile devices, underlining how important it is for retailers to offer good mobile shopping experiences.
3. Buy Now, Pay Later (BNPL) schemes are becoming increasingly popular
Nearly £13 billion was spent online on BNPL purchases in 2021. By the end of 2022, the value of this market is expected to reach more than £16 billion; by 2025, it is expected to double to £32 billion.
With the growth of online shopping and consumers moving away from credit cards in search of better value and flexible payment options, BNPL should become an increasingly important player in the retail industry.
4. AI and machine learning are becoming more prevalent
Nearly £13 billion was spent online on BNPL purchases in 2021. By the end of 2022, the value of this market is expected to reach more than £16 billion; by 2025, it is expected to double to £32 billion.
With the growth of online shopping and consumers moving away from credit cards in search of better value and flexible payment options, BNPL should become an increasingly important player in the retail industry.
Converged Commerce™ – a useful tool in 2022
The power of Converged Commerce™ lies in the ability to view your customers holistically by centralising all their interactions with your brand on one platform. You can deliver memorable, personalised and consistent customer experiences by connecting multichannel data.
Tips for using Converged Commerce™
Here are three tried and tested strategies that can help you optimise your Converged Commerce™ strategy during this holiday season:
Provide query suggestions for website search
As the search box is your brand’s first point of contact, query suggestions should come first. By predicting your search terms based on the characters you’ve entered, intelligent query suggestions can provide customers with new ideas. There is no doubt that they can help users search for products with less typing and still find what they’re looking for. Doing so saves your customers valuable time and improves their experience.
Optimise your SEO
Google’s front page is crowded with eCommerce sites on Black Friday and Cyber Monday. If you want your website to rank well, you need to optimise SEO for online customers. You can accomplish this by using keywords customers are likely to search for when looking for holiday deals. Research keywords, then use them throughout your site.
Offer a seamless omnichannel experience
You need to embrace omnichannel shopping to keep up with the growing customer expectations. Make it easy for your customers to continue their journey from mobile to desktop and social media so they can complete their purchases wherever they are.
Converged Commerce™ – Start today
Stor from Trust Payments is an out-of-the-box solution for your online store that will allow quick set-up to successfully sell online without the usual costs or headaches. Contact our team to learn more.
