Setting the stage for BFCM insights

Black Friday and Cyber Monday (BFCM) weekend is the most anticipated and pivotal moment on the ecommerce calendar. Brands spend months preparing for this single weekend, focusing on a rare opportunity to capture a truly global shopping event and translate it into significant revenue growth. Over the years shoppers have become accustomed to getting the best deals and merchants scramble to meet this expectation by offering ever increasing discounts to stand out in a crowded market. BFCM isn’t just a weekend, it has become the Superbowl of ecommerce.

Methodology 

To understand what makes BFCM unique, we compared it to a steady-state benchmark: the average performance of brands on October weekends (Friday to Monday). This baseline provides a look at regular ecommerce activity, making it possible to measure how much brands and consumers shift during BFCM. We also compared certain data sets to BFCM in 2023 for a comprehensive view of how brands navigated BFCM 2024 as well as what lessons they can carry into the future.

Brands using Monocle are amongst the fastest growing in the Shopify ecosystem. Our analysis isn’t meant to be a sweeping definition of all brands throughout all of BFCM, rather a snapshot into the subset of merchants we have data on. You’ll notice our overall numbers generally follow what has already been reported from Shopify, but there are places where Monocle brands have statistics that far outweigh the general average.

In order to structure what is otherwise an overwhelming analysis, we stuck to four key metrics:

• Revenue and average discount
• Website traffic
• Conversion rate
• Discount redemption

Each metric highlights a critical dimension of consumer demand, merchant activities, and discounting strategies taken during this peak shopping period. In combination, we believe they provide a comprehensive story into what drove success and where there’s room for improvement.

Growth metrics: The pulse of BFCM

BFCM 2024 delivered extraordinary results with order volume surging by 230%. Brands were giving on average $38 in discounts per order while still logging an average order value of $139. These metrics highlight the transformative power of BFCM, where brands capitalize on heightened consumer interest to generate more than triple the revenue of a typical weekend.

Discounting played a significant role in this growth. During BFCM, brands offered discounts that were 2x larger compared to offers in an average weekend, reaching an average discount margin of 21% across all brands using Monocle.

For most ecommerce brands, average order value (AOV) is their north star metric. During a weekend marked by aggressive discounting, a decline in AOV might seem inevitable. However, Monocle brands experienced only <1% dip in net AOV. These impressive results reflect the increasing use of dynamic discount strategies that are meant to protect average basket size, such as buy-more-get-more promotions or upsell and cross-sell offers, which replace blanket offers that give away the same %-off to all users regardless of spend. 

Looking ahead, while we expect site-wide discounts will continue to be a common strategy in holiday seasons, we think that personalized offers and volume-based discounts will continue to gain steam and  prove as an effective tool for brands to reach their revenue goals while maintaining AOV and protecting profitability. 

Website traffic: Mo traffic, mo conversions

The strongest driver of BFCM outperformance was consumers’ readiness to shop. On average, site traffic more than doubled compared to a regular weekend and while some of this surge was driven by organic buying intent, it also reflected merchants’ intentional marketing efforts.

During weekends in October, organic traffic accounted for 57% of website visits. However, during BFCM, organic traffic dropped to 45% while traffic from non-organic sources rose to 55%. That 20% increase signaled a relentless shift in competition from merchants during BFCM.

Conversion rate: Less browsing more buying

Conversion rates during BFCM 2024 reached 11%, a significant increase compared to the 7.7% baseline observed during October weekends. This 40% increase in conversions can be attributed to a combination of heightened consumer motivation during the holiday season and the increased use of discounts by brands, as highlighted in the earlier growth metrics section.

While a 40% increase in conversions might seem modest given the aggressive discounting, it becomes far more impressive when considering that the average Monocle brand’s traffic doubled during BFCM. Not only did conversions keep pace with this surge in traffic, but they also increased their share, resulting in an extraordinary volume of orders. Brands doubled down on their marketing, prepared their sites for the traffic, and effectively capitalized on the influx of visitors during the busiest shopping weekend of the year.

Discount redemption: Shoppers still paying full price

Brands are well aware that customers require as little friction as possible, especially on BFCM where competitors will steal those conversions if the checkout becomes too complicated. This is evidenced by the fact that there are so many site-wide discounts. In fact, triple the amount of brands offered a discount site-wide during BFCM compared to weekends in October.

Even with this ease of use, there’s still a significant cohort of full-price buyers. Loyal customers often love a brand enough to purchase regardless of discounts. For this particular group, no offer isn’t a dealbreaker. A unique strategy some brands employed was to strategically lean into discount exclusions, keeping hero products at full price while discounting others. This approach ensures that while discounted items drive volume, high-value products maintain their margins.

BFCM doesn’t have to mean discounting your entire catalog; it can be a strategic opportunity to move targeted inventory while preserving value on key products, another way brands keep AOV consistent.

Key takeaways: Lessons for 2025

Growth metrics highlight the power of BFCM

BFCM 2024 delivered staggering growth, with order volume increasing by 230% compared to baseline weekends. Despite offering an average discount of $38 per order, brands were able to maintain an AOV of $139, with only a <1% dip in net AOV. Personalized and volume-based discounting strategies are no longer nice-to-haves, they are critical for driving revenue growth without sacrificing profitability.

Conversion rates rose despite increased traffic

Conversion rates surged to 11% during BFCM 2024, representing a 40% increase. While the boost might seem moderate given the discounting activity, it becomes remarkable when paired with the doubling of site traffic. Brands were not only prepared for the influx of visitors but also optimized their offers and customer journeys to convert browsers into buyers at an impressive rate.

Discounts are strategic, not blanket

The use of site-wide discounts tripled during BFCM compared to baseline weekends, reflecting the focus on reducing friction at checkout. However, brands also leaned on smart offers to protect margins, such as excluding hero products while discounting less essential items. Notably, even with the focus on discounts, a significant share of orders were placed at full price, proving that some shoppers prioritize product value over savings.

Where do we go from here

BFCM 2024 provided a wealth of insights into how consumer behavior and brand strategies continue to evolve during the busiest shopping weekend of the year. Analyzing this data not only highlights what worked but also identifies opportunities for optimization moving forward. By understanding these trends, brands can refine their approaches to discounting, traffic acquisition, and user retention to maximize their success in 2025.

What sets successful brands apart during BFCM is their ability to “have their cake and eat it too.” By leveraging AOV-driven strategies, brands provided generous discounts that incentivized purchases without significantly impacting their north star. This nuanced approach enabled them to pull off a more profitable BFCM compared to those relying on simple percentage-off discounts, blending high-volume sales with sustainable margins.

Monocle’s platform plays a critical role in helping brands achieve these goals. With tools that enable data-driven discounting, personalized offers, and deeper customer insights, Monocle empowers brands to capture the full potential of BFCM while maintaining profitability. As brands look to 2025, leveraging these capabilities will be essential to navigating the increasingly competitive ecommerce landscape and ensuring long-term success.