Black Friday-Cyber Monday 2023: Shopify’s Australian Merchants Hit New Highs Amid Shifting Consumer Trends
Australia’s retail landscape thrived over the Black Friday-Cyber Monday (BFCM) weekend in 2023, as Shopify merchants experienced a surge in consumer activity, navigating economic headwinds with resilience and strategic agility. According to Shopify’s latest data, Australian shoppers embraced the sales event, driving significant growth both online and in-store.
Record-Breaking Sales: A Testament to Evolving Consumer Behaviour
Australian consumer participation rose by 14% compared to last year’s BFCM, illustrating a robust appetite for value-driven deals amid ongoing cost-of-living pressures. Notably, the average cart size jumped by 23%, reaching $199.12 AUD, up from $162 in 2022. This shift suggests a strategic approach from consumers, prioritising larger, more considered purchases over impulse buys.
Shaun Broughton, Managing Director JAPAC at Shopify, attributes this to evolving consumer priorities:
"While the cost-of-living continues to influence consumer shopping behaviour, Australians are becoming more strategic with their spending, seizing value-driven deals to maximise their budgets."
Peak Shopping Moments and Top Performers
Cyber Monday, December 2, saw the highest sales activity at 9 PM AEST, underscoring the growing trend of late-night shopping. The nation’s retail hotspots, Melbourne, Sydney, and Brisbane, led in sales, with clothing tops, cosmetics, and activewear dominating the product categories. Specific standout items included boxer briefs, nail polishes, and sunscreen, indicating a diverse range of consumer interests across fashion and wellness.
Cross-Border and In-Store Growth: A Dual Channel Success
Cross-border shopping remained a key component, with 14% of orders originating from international buyers. Additionally, in-store purchases surged, with Shopify merchants recording a 29% increase in point-of-sale (POS) transactions, reflecting a renewed enthusiasm for physical retail experiences.
Broughton highlights this trend as a crucial strategy for capturing consumer interest:
"By taking a unified approach across online and offline channels, retailers have managed to capitalise on evolving consumer behaviours, ensuring they capture a significant share of wallet this holiday."
Mobile Dominance: The Future of E-Commerce
Mobile devices accounted for a commanding 74% of transactions, reaffirming their dominance in the e-commerce landscape. This mobile-first trend demonstrates the importance for retailers to optimise digital experiences to meet consumers where they are—on their phones.
Global Success Reflects Local Optimism
Globally, Shopify merchants achieved $11.5 billion USD in total sales over the BFCM weekend, a 24% increase from 2023. With Australia among the top-performing countries alongside the US, UK, and Canada, local success mirrored international trends, reinforcing the nation’s growing influence in the global retail sector.
Key Takeaways for Retailers in 2024
The 2023 BFCM weekend underscores the resilience of Australian retail amidst economic challenges. Strategic value-driven marketing, omnichannel approaches, and mobile optimisation will be critical for brands looking to thrive in 2024.
Broughton concludes:
"This weekend has highlighted the resilience of consumer demand and the continued tenacity of the Australian retail industry. By focusing on reaching the right customers through the right channels, retailers can engage budget-conscious consumers and drive a significant portion of their annual revenue."
As retailers reflect on this year’s successes, the lessons from BFCM 2023 provide a roadmap for sustained growth in a competitive, value-conscious market.
