BigCommerce Merchants See 14% GMV Increase on Thanksgiving and 6% GMV Increase on Black Friday
November 25 2023 - 2:31PM
Business Wire
The first two days of Cyber Week marked a solid
start to the season for BigCommerce customers, despite retailers
starting holiday promotions earlier
BigCommerce (Nasdaq: BIGC), a leading Open SaaS ecommerce
platform for fast-growing and established B2C and B2B brands, today
reported its customers experienced significant increases in sales
on Thanksgiving Day and Black Friday compared to last year during
the critical start of Cyber Week.
BigCommerce stores experienced a double-digit 14% increase in
gross merchandise value (GMV) on Thanksgiving Day 2023 compared to
2022 on a same-store basis — a significant outpacing 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 ecommerce 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.”
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 the past three years when trillions of
dollars of stimulus led to larger retail spending during the
pandemic.
Early holiday shopping results in October pointed to consumers’
resilience with a 5.9% year-over-year increase in online spending
reported by Adobe Analytics. Similarly, BigCommerce 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%. That 61% checkout
conversion is substantially better than claims made by one large
competitor. BigCommerce delivers higher checkout conversion due to
an optimized one-page experience, choice of best-in-market payment
providers, optimal integrations and unmatched customization
capabilities for a SaaS platform.
The first two days of Cyber Week paint a clear picture of what
many retailers suspected heading into this holiday season: the
retail landscape has returned to more traditional growth rates
after a pandemic-driven boom.
For more results and analysis, read the full report on the
BigCommerce blog.
Methodology
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.
About BigCommerce
BigCommerce (Nasdaq: BIGC) is a leading open
software-as-a-service (SaaS) ecommerce platform that empowers
brands and retailers of all sizes to build, innovate and grow their
businesses online. BigCommerce provides its customers sophisticated
enterprise-grade functionality, customization and performance with
simplicity and ease-of-use. Tens of thousands of B2C and B2B
companies across 150 countries and numerous industries use
BigCommerce to create beautiful, engaging online stores, including
Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, Solo
Stove, Ted Baker and Vodafone. Headquartered in Austin, BigCommerce
has offices in London, Kyiv, San Francisco and Sydney. For more
information, please visit www.bigcommerce.com or follow us on
Twitter, LinkedIn, Instagram and Facebook.
BigCommerce® is a registered trademark of BigCommerce Pty.
Ltd. Third-party trademarks and service marks are the property of
their respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20231125259446/en/
Brad Hem pr@bigcommerce.com
BigCommerce (NASDAQ:BIGC)
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