Retailers urged to boost week-long deals as Black Friday peaks shift

Retailers are refining their strategies for the upcoming Black Friday and Cyber Monday events based on data from Ecommpay's review of 2024 shopping trends.

The report notes that online revenue in 2024 increased by 3.1% compared to the previous year. However, overall site traffic for November saw a decrease of 4.3%. The average conversion rate across online retailers improved, rising from 4.2% in 2023 to 4.6% in 2024, peaking at 5.3% on both Black Friday and Cyber Monday.

Basket abandonment and bounce rates

The study highlights that while bounce rates on Black Friday rose by 3.8% to 24.3%, basket abandonment rates saw a slight improvement, falling from 61.6% in 2023 to 58.9% in 2024. This suggests that, despite more customers leaving sites early, a greater proportion of those who started shopping went on to finalise their purchases.

"Looking back to 2024 provides valuable learnings to inform 2025 strategies. Bounce rates rose last year, basket abandonment improved slightly, and checkout abandonment stayed almost the same. It seems that while more people left sites early, those who stayed were more committed to completing their purchase. It's also worth noting that Friday is actually not the most important day. Retailers should spread their promotions across multiple days to capture both planners and last-minute shoppers who want to avoid the Friday rush."

This analysis, provided by Roy Blokker, Head of Strategic Sales at Ecommpay, advises retailers to broaden their promotional activity beyond the traditional single-day focus.

Changing behaviour in promotional peaks

The report reveals that Wednesday emerged as the top-performing day for conversions in 2024, overtaking the customary dominance of Black Friday. Both Tuesday and Cyber Monday also delivered strong performance. According to Ecommpay's data, this shift suggests a changing pattern in customer behaviour, with shoppers spreading purchases across multiple days rather than concentrating on a single day's deals.

Marketing channel performance

Direct mail generated the largest share of online revenue, increasing from 15.8% in 2023 to 26.3% in 2024. Organic search and cross-network advertising followed closely in terms of revenue contribution. Despite a decrease in traffic from direct mail and email by 1% each, paid social channels experienced a 1% rise. The report also points out that a greater proportion of shopping sessions began on product-specific pages (36.9%) compared to home pages (12.6%), indicating that many users arrived via targeted product links.

Discount strategies and conversion rates

The level of discount offered had a significant impact on conversion rates. Retailers providing discounts of 80% saw conversion rates around 78%, whereas those offering just 10% off achieved conversion rates of approximately 60%. On Cyber Monday 2024, the average basket value reached GBP £131.95, the highest figure recorded in four years.

Optimising payments and checkout experience

Blokker emphasised the importance of removing obstacles from the checkout process to capture more sales. He commented:

"As well as ensuring they line up the most appealing discounts and special offers to entice customers to purchase, retailers should also ensure they have done everything they can to remove obstacles in the checkout journey. We know from previous research that most drop-offs occur at the payment stage, highlighting a key point for retailers to get right. Offering the right payment methods, a range of currencies and Buy Now Pay Later options can make a significant difference to conversions."

Ecommpay's platform provides integration with more than 100 alternative payment methods, aiming to deliver a smooth experience across different geographies. The 'Try Again' feature allows customers to select an alternative payment within the same transaction if their initial method fails, which is presented as a measure to reduce payment declines and prevent abandonment at the checkout.

Report methodology

The findings are based on data collected from IMRG's Online Retail Index and Daily Black Friday Tracker, alongside analysis from more than 360 retail sites during November 2024. The report covers a range of metrics including marketing channel performance, conversion trends, abandonment rates, and the effectiveness of various discount strategies.

The report, published in partnership with IMRG and Corvidae, aims to provide actionable insights for the retail sector ahead of the 2025 sales season.