The New Era of Black Friday Deals

Hello sweet Monarch readers,

I hope you all had a relaxing (??) and food-filled Thanksgiving🍗🥧🥔🥗 

Bailey here, writing to you before heading to the airport and returning to the cold ☹️

To try and make the bitter winter air seem better in my mind 🧠, I’ve crafted a poetic little opening for this article 💫

As the fall leaves 🍂 become buried under the crisp new snowfall ❄️, the frenzy of Black Friday once again swept the nation, bringing with it a treasure trove of intriguing trends and statistics. This year's Black Friday not only reshaped our shopping experience but also offered a window into the evolving dynamics of retail and consumer behavior. The rise of AI has created a rise in readily available data 🎉, so let’s dive into some of the most eye-opening revelations from this shopping season!

💳 Stripe's Real-Time Revelations

Stripe, known for its robust payment infrastructure, introduced a live dashboard tracking transactions from Black Friday through Cyber Monday. An astonishing $12 billion was processed over three days, translating to roughly 24,000 transactions per minute from 163 million transactions in total. This staggering volume underlines the immense scale at which Stripe facilitates modern commerce. Smart move, Stripe!

🛍️ Shopify's Staggering Sales

Shopify wasn't too far behind in showcasing its prowess, either. On Black Friday alone, Shopify stores cumulatively raked in $4.1 billion in sales, peaking at an impressive $4.2 million per minute. Notably, mobile purchases dominated, accounting for 76% of online sales, signaling a significant shift towards mobile-first shopping experiences.

🎯 The Target TikTok Takedown

Target faced a unique challenge this year, as a viral TikTok video exposed their Black Friday deals as less-than-stellar. This video, attracting 38 million views and over 3.3 million likes, sparked widespread discussion and criticism, highlighting a growing consumer skepticism towards Black Friday promotions.

Learning of the decade? Seems like big businesses underestimate the widespread consumer reach of TikTok!!!! Corporations beware!!

🛒 Online Shopping Soars Despite Criticism

Despite some negative sentiment, online Black Friday sales hit a record $9.8 billion, a 7.5% increase compared to the previous year. Mobile devices played a substantial role, being the medium for 54% of these sales. This surge underscores the growing preference for online shopping, even amidst traditional retail's biggest day.

📈 The Rise of 'Buy Now, Pay Later'

With economic constraints tightening, 'Buy Now, Pay Later' (BNPL) options saw a 72% increase in usage during the week leading up to Black Friday. This reflects a significant shift in consumer spending habits, as more shoppers seek flexible payment options.

🏈 Amazon's Strategic NFL Play

In a groundbreaking move, Amazon paid $100 million to broadcast the NFL's FIRST EVER Black Friday game. This strategic maneuver is more than just a sporting event; it's a direct challenge to traditional retail, aiming to captivate potential shoppers with an engaging alternative to in-store visits. Amazon's innovative 'audience-based creative' ad strategy allows for targeted, shoppable ads, potentially revolutionizing the future of brand advertising.

🎶 The Takeaway

This year's Black Friday has been a compilation of trends all rooted in hyper-consumerism, from the rise of mobile commerce to the evolving consumer attitudes towards traditional sales tactics. Companies like Stripe and Shopify are being lauded for their transparency and technological prowess. Meanwhile, consumer skepticism and the rise of targeted online advertising are reshaping the retail landscape.

As we wrap up another record-breaking Black Friday, it's clear that the future of shopping is not just about discounts but about understanding and adapting to these evolving trends.

See you all back in the cold,

Bailey

🚨🚨Cool Source Alert!🚨🚨

This article was inspired by Meagan’s LinkedIn post - She’s a fantastic human and a wonderful source of knowledge on all things Gen Z. As the Founder of Gen Z VCs, she always has fresh, interesting, and accurate takes on financial & consumer trends.

Check her out on LinkedIn, Instagram, TikTok, or even her latest podcast with the Financial Times!