Ecommerce Strategies Revealed for 2024 Holiday Season

A recent WooCommerce survey sheds light on the strategies online merchants are adopting to boost their Black Friday and Cyber Monday (BFCM) sales in 2024, highlighting the need for proactive planning.

Online Sales Take the Lead

One of the standout findings is that 76% of respondents identify online sales as their main revenue channel during the holiday season. This underscores the importance of maintaining a high-performing, sales-optimized website during this critical period.

The survey also revealed that 46% of retailers reported that up to 30% of their annual sales occur during BFCM and the holiday season, with 24% saying over 30% of their sales happen during this time. Remarkably, 8% reported more than 50% of their yearly sales volume comes from this period alone.

Early Preparation Key for Top Performers

Interestingly, nearly 20% of merchants begin their BFCM preparations three to six months ahead of the holiday season, with stores generating over $250K in revenue being 12% more likely to plan early. Among them, 34% of these high-earning merchants start preparations 3-6 months in advance, setting themselves up for success well before the holiday rush.

Here’s how early merchants begin their BFCM planning:

• 26% prepare 1 to 4 weeks in advance
• 27% prepare 1 to 3 months in advance
• 13% prepare 3 to 6 months ahead
• 4% start 6+ months ahead

Key Strategies for Success

To capitalize on the holiday shopping frenzy, many online merchants are taking a proactive approach. Notably, 26% of merchants are increasing inventory as their primary strategy.

Other key strategies reported include:

• Inventory Boosting
• Enhanced Marketing Efforts
• Promotions and Discounts
• Website Optimization

Email marketing remains a top performer, with 29% of merchants citing it as their most effective channel. Organic search follows closely, with 25% relying on SEO-driven traffic. Other marketing methods include content marketing (6%), social media, and paid search ads.

Additionally, 34% of retailers are making notable changes to their overall strategies for 2024:

• 26% will add new products
• 24% are upgrading their marketing efforts
• 16% are making website improvements
• 10% are focusing on early sales
• 9% are offering special discounts

Changes in customer engagement, social media strategies, and inventory management round out the list of planned adjustments.

Key Takeaway

As the 2024 BFCM shopping season approaches, understanding how competitors and other merchants are preparing can provide a competitive edge. Planning early, optimizing marketing channels, and making strategic adjustments can help online merchants capture a larger share of the holiday sales rush and prevent missed opportunities due to poor planning.