9 December 2022
4 min read
Black Friday 2022 unveils a Cyber Week that beats all the records
Black Friday 2022 has fully exceeded expectations for this year: e-commerce purchase record of all time, exceeding $9 billion. This only reaffirms that it is a key event for all online businesses, at the gates of the craziest period of annual purchases: Christmas holidays.
Online stores have extended the days and hours that people shop and have destroyed the concept of traditional seasonality of “Christmas” shopping. Still, year after year, the weekend marked by Black Friday is a good indicator of the global economy and consumers health.
Years ago, Black Friday — which in many countries was barely contemplated — determined the start of Christmas shopping, but today few e-commerce resist starting offers before the indicated date.
This year, Cyber Monday generated $11.3 billion in sales, 5.8% more than what consumers spent on the same day last year. These indicators mark a record for both the day and the year thus far.
On November 24 — which kicked off Cyber Week — $5.29 billion in e-commerce sales were recorded and $9.12 billion on Black Friday, both above forecasts. These data together with the sales of the weekend plus Cyber Monday, bring us to a total of more than $35 billion in online sales in just 4 days, 4% more than in 2021. Insane!
Black Friday 2022’s data predicts an increase in returns
Online purchases lead the present and the future of commerce, for this reason the customer experience in your e-commerce and the fact of offering a comfortable return process is increasingly important. After the most powerful campaigns (Black Friday, Christmas, The 3 Wise Kings…) comes the post-sale period. The current average return rate is around a high 20%, meaning that 1 out of every 5 orders is returned. Therefore, if you don’t have a return and refund system that runs smoothly, your mission can be complicated.
With this, you run the risk that they will not buy from you again or, even, many will not dare to do it at first. Almost 70% of buyers check the return policy before buying and 90% of customers who have had a bad return experience in your e-commerce do not consider buying from you again.
REVER has appeared to help you so that each return is not an inconvenience, but an opportunity to sell more. E-commerce that offer instant refunds, on average, sell 29% more than those that take longer. We are talking about a high enough value to take it into account, don’t you think?
Why is REVER the solution to your business?
We help brands optimize return costs, retain more revenue, and prevent return losses through cashable checks with additional compensation, but there are consumers who prefer to recover their money. With REVER, your clients will receive their compensation immediately without you having to assume the risk involved in reimbursing the money and the tedious management involved in returns.
If consumers are satisfied after their first purchase, they are much more likely to buy from your e-commerce again, right? Well, the same thing happens with returns: they are a very relevant factor during the purchase process and, in many cases, unavoidable.