As the dust settles on Cyber Week 2022, now is an excellent time to take stock of what happened and evaluate the success (or failure) of your eCommerce company’s promotional activities during this vital buying season.
With such a massive influx of online shoppers participating in holiday sales events over the last few days, it’s critical for eCommerce companies to examine how their strategies paid off.
This blog post offers an in-depth overview of how you can assess the results from Cyber Week 2022 – from analyzing data points to customer feedback – helping you make informed decisions going forward for the best order and inventory management software.
Record-Breaking Online Spending on Cyber Monday
Adobe Analytics reported that shoppers spent an unprecedented $11.3 billion on Cyber Monday alone, up 15% from last year’s figures. That figure breaks down into peak hour spending of $12.8 million per minute! This surge in online sales is attributed to COVID-19-related restrictions, which have made online retail the only safe option. Retailers offering attractive discounts have encouraged customers to shop online during this period.
Total US Shopping Over the Cyber Weekend
According to Adobe Analytics’ Digital Economy Index report, total U.S. spending over the 3-day Cyber weekend amounted to an eye-watering $35 billion – a 22% increase from the previous year’s figures.
What is even more impressive is that there were 196 million shoppers over this period – 17 million more than last year – indicating a strong preference among consumers for shopping online this holiday season, perhaps a lingering result of recent pandemic restrictions.
Amazon Ads Cost-Effective for Marketers Willing to Pay
Amazon has long been an active participant during Cyber Week; its ads are seen everywhere across social media platforms such as Twitter and Instagram. This year was no exception. However, there were fewer advertisers overall compared to previous years due to concerns about weak holiday demand caused by economic uncertainty brought on by the pandemic.
As a result, more agile marketers willing to go after market share aggressively were able to get more visibility at lower cost-per-click rates than they could have gotten in 2021. This indicates that Amazon is still an effective way to reach potential customers despite tight budgets.
Toys, Home, Hobbies and Home Improvement Top Categories
The top categories on Cyber Monday, according to Adobe Analytics, were Toys (684%), Sporting Goods (466%), Appliances (458%), Books (439%), Jewelry (410%), and Electronics (391%).
This indicates that most consumers bought items related to hobbies or home improvement projects instead of gifts or holiday decorations – perhaps driven by lockdown restrictions keeping them at home for significant periods during 2022.
It could also indicate that people are investing money into items they will use all year round instead of just buying goods for one specific event or occasion due to financial uncertainty caused by COVID-19 concerns.
How an OMS Can Help You Prepare for Cyber Week
With so much data to analyze, eCommerce companies need reliable order and inventory management software in place to track sales and inventory levels accurately and efficiently. A sound OMS should be able to generate reports with up-to-date information about customers’ buying patterns, which you can use to formulate informed marketing strategies.
It should also be able to forecast demand for particular products so that you can stock up or reduce inventory levels accordingly, saving on costs and boosting revenues. Finally, an excellent inventory management system should help brand awareness by providing insights into what customers want to create effective campaigns.
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