Cyber Week 2023: Key Insights for E-Commerce Businesses

Having just caught our breath from one of the busiest times of year for our own affiliate clients and affiliate networks, we wanted to share our findings from Cyber Week 2023. As always, this time of year sees massive spikes in activity in e-commerce and we have seen some interesting data emerge from the whole ‘Black Week’ and wider November period. A number of valuable insights can be drawn from this data, both for businesses reflecting on what went well over Cyber Week 2023 and those drawing lessons to plan ahead for e-commerce growth in 2024.
Savvy shoppers went deal-hunting
Throughout the whole of 2023, we’ve seen UK shoppers hunting around for the very best value for money. We are therefore not surprised to see that this trend has continued into Cyber Week 2023, as highlighted by our partners Adtraction in their Black Week findings blog. Adtraction found that click-to-conversion times increased by 50% during Black Week compared to the weeks before it. This reinforces just how conscious shoppers are to make sure they get the very best deal they can, which is understandable given the current economic climate.
But when they did spend, they spent big
What this ‘shopping due diligence’ did allow people to do, as Adtraction found, was spend more once they made the decision to buy. Adtraction were able to point to a 12% increase in Average Order Value this year compared to the same period in 2022. Interestingly, where we usually see a drop in order value in the lead-up to Black Week, they also tracked an increase in order value in the build-up and a peak in order value during Cyber Week 2023 itself. This all reinforces the idea that shoppers are really doing their homework before purchasing, but once they’ve decided they’ve got the best deal they can they are then shopping with confidence.
Fashion is in fashion
Cyber Week 2023 also produced some interesting and largely positive category-specific results. Fashion is always a strong sector at this time of year and Awin’s trend tracker for 2023 echoes this, showing that Fashion enjoyed a bumper 18% increase year-on-year. Anyone who uses the likes of Topcashback, Savoo or Student Beans will have seen Fashion brands really pushing on homepages and in email sends over the course of Cyber Week and this looks to have paid off with the growth this sector has seen.
Tech defied expectations
Our client performance has also thrown up some great data that further highlights some really strong category-specific results. A 7% increase in average order value for the Tech sector was not something we were expecting given the strong discounting we see at this time of year. However, these numbers are great to see and further emphasise that thorough research allowed consumers to purchase with confidence.
Health & fitness spending increased
Whilst gifting is important, Cyber Week shoppers also demonstrated that they are placing more and more importance on their own well-being and investing in keeping fit at home. This health-first ethos was confirmed by a 17% increase in Health & Fitness revenue in November compared to 2022, as well as an average order value increase of 47%.
Luxury food took priority
Shoppers also took time away from present shopping to make sure that their Christmas dinner will be on point. Something we didn’t necessarily expect to see over Cyber Week 2023 was that luxury food would take priority. However, we saw quality Food and Beverage come out on top with a 17% increase in spend on luxury Meat and Hampers. In contrast, the average overall Food and Beverage order value declined 8% year-on-year.
Looking to the future
It’s safe to say that Cyber Week 2023 has thrown up some interesting insights this year. The trends that have come to light provide us with great information that, we believe, should inform retailers planning for 2024. We will certainly be taking these learnings into our planning for the new year.
Shoppers are getting more and more savvy when it comes to the tactics that need to be used to get the very best deal. To overcome this, making sure you are visible in all the areas where people look for incentives is vital. As the stats from Cyber Week 2023 clearly show, doing this will ensure that shoppers will be prepared to spend more in a transaction. We can also see that the right incentives can actually help to increase order values, encouraging some extra products to be added to the basket, or helping make a higher-spec product more affordable and budget-friendly.
With valuable insights gained from Cyber Week 2023, we are looking forward to navigating the 2024 e-commerce landscape with our affiliate clients. If you would like to join us and put together a strong affiliate plan for the year ahead, don’t hesitate to reach out to find out more about our offering and approach as an affiliate marketing agency.