BigCommerce (NASDAQ: BIGC), an Open SaaS e-commerce platform for recognized B2C and B2C brands, disclosed experiencing a notable increase in sales on Thanksgiving Day and Black Friday compared to last year during the crucial start of Cyber Week.
As compared to 2022 on the same store basis, BigCommerce stores experienced a remarkable 14% increase in gross merchandise value (GMV) on Thanksgiving Day 2023 – a significant outdoing of the broader global online industry increase of only 1%, according to Salesforce. Additionally, BigCommerce total orders increased by 5% on Thanksgiving, and average order value (AOV) was 8% higher YoY, on a same-store basis, whereas Salesforce reported a global online AOV increase of only 2%. BigCommerce customers have experienced positive year-over-year growth in GMV, AOV, and orders each Thanksgiving Day since 2017.
On Black Friday, BigCommerce customer GMV increased 6%, bolstered by a 5% increase in total orders and a 1% increase in AOV, compared to Black Friday 2022 on a same-store basis. Overall global sales on Black Friday were up 8% over 2022, according to Salesforce.
“On Thanksgiving Day and Black Friday, BigCommerce customers grew sales 9% relative to the same days last year on a same-store basis, which is higher than industry-wide US e-commerce growth through the first three quarters of the year,” said Brent Bellm, CEO at BigCommerce. “We attribute the above-average performance of BigCommerce merchants to our platform’s leading enterprise capabilities, performance, and strong sitewide conversion rates.”
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The National Retail Federation (NRF) projects 2023 U.S. holiday sales to be up 3-4% over 2022 to between $957.3 billion and $966.6 billion. That increase is consistent with the average annual holiday increase of 3.6% from 2010 to 2019, prior to the unprecedented growth seen in the past three years when trillions of dollars of stimulus led to larger retail spending during the pandemic.
As reported by Adobe Analytics, early holiday shopping results in October pointed to consumers’ resilience with a 5.9% year-over-year increase in online spending. On the same note, BigCommerce’s customers saw positive numbers when it came to online orders, GMV, and AOV for the month of October versus the previous year.
In Q3, across all enterprise stores using BigCommerce’s hosted Stencil platform, checkout, a flagship payment processor, PayPal Wallet, and ApplePay, BigCommerce customers’ sitewide conversion rate averaged 2.69%, which is 34% higher than the Q3 internet average, reported by IRP Commerce.
In Q3, sitewide checkout conversion for enterprise customers using BigCommerce’s native checkout, a flagship payment processor, PayPal Wallet, and ApplePay, averaged 61.4%. 61% checkout conversion is substantially better than claims made by one large competitor. Due to an optimized one-page experience, choice of best-in-market payment providers, optimal integrations, and unmatched customization capabilities for a SaaS platform, BigCommerce delivers higher checkout conversion.
The first two days of Cyber Week have painted a clear picture of what many retailers might expect this holiday season: the retail landscape is back to more traditional growth rates after a pandemic-driven boom.
Here’s the full report for more analysis and results.
BigCommerce’s holiday shopping data is based on a comparison of year-over-year same-store sales metrics, which refers to active stores that have been operating on BigCommerce’s platform for at least one year and represents the applicable period-on-period change that occurred Nov. 24-25, 2022, and Nov. 23-24, 2023. It contains information from thousands of small, mid-sized, and enterprise retailers selling on the BigCommerce platform. Unless otherwise noted, the data is global for all same-store sales metrics.
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