Once again, Black Friday and Cyber Monday eCommerce revenues have increased. According to Statista, Black Friday online sales hit $1.198 Billion while Cyber Monday reached a new height of $1.735 Billion, a 1.45x increase over Black Friday.
How has social revenue been affected and what role did it play in these record revenues? Let's take a look:
Black Friday 2013 Social Data
Average Order Value
BF 2013 Q3 2013 BF 2013 Q3 2013
Facebook 3.25% 2.47% $69.10 $124.66
Twitter 1.27% .73% $186.92 $107.29
Pinterest 0.74% .47% $192.16 $168.19
Google+ 8.28% 2.85% $133.74 $145,34
Email 10.86% 6.69% $153.91 $165.51
Average 1.63% .91% $139.40 $134.16
Cyber Monday 2013 Social Data
Average Order Value
CM 2013 Q3 2013 CM 2013 Q3 2013
Facebook 3.95% 2.47% $121.88 $124.66
Twitter 1.77% 73% $96.93 $107.29
Pinterest 1.05% .47% $137.72 $168.19
Google+ 6.83% 2.85% $240.03 $145.34
Email 11.52% 6.69% $137.19 $165.51
Average 2.10% .91% $122.18 $134.16
(See more social revenue and conversion data here)
During these shopping holidays, we also see conversions from social traffic double. This includes both traffic referred by a social source (traffic coming from shares) and traffic that takes a social action on the site (sharing a product, for example). Here's a quick breakdown of average social conversion rates during these holidays compared to Q3 2013:
- Q3 of 2013: 0.91%
- Black Friday 2013: 1.63% (increase of 79%)
- Cyber Monday 2013: 2.10% (increase of 130%)
As you would imagine, this increase in conversion rates makes social shares of a product more valuable. Across our network of over 10,000 retailers, the average value per social share was $1.26 during Q2 and Q3 2013. However, Black Friday and Cyber Monday had an average share value of $2.17 and $2.56 each, respectively, in addition social conversion rates also doubled during the shopping holidays.
Overall conversion rates (for all traffic sources) also saw a dramatic increase for online retailers during the shopping holidays. Q3 2013 data shows that typically on-site conversion rates hover around the 1.1% mark. However, with people in a strong buying mindset because of all the deals, this number dramatically increased to 1.94% and 2.56% on Friday and Monday.
Looking at other sources, IBM released a report stating that the average purchase value of a customer who comes from Facebook, also known as a “Facebook Referral”, is $97.81 while our data comes in only slightly higher at $104.72 per order.
While still comparing the IBM data to our own we see that they claim that the overall average order value on Black Friday, at $135.27 per order, is higher than Cyber Monday, which was recorded to be $128.77. Our data confirms that idea that average order values are in fact higher online during Black Friday than Cyber Monday. From what we saw on Black Friday, the average order value was $133.40 while Cyber Monday had a slight drop down to $122.18 per order.
IBM's report doesn't give exact conversion rate numbers for social networks, but they do mention in their Black Friday report that Facebook converted 4 times better than Pinterest, a number that we can corroborate almost exactly: 3.25% (Facebook) vs 0.74% (Pinterest).
Either way, the results remain the same: sky-high conversions and new records in eCommerce spending during these two shopping holidays.