The days following U.S Thanksgiving have become synonymous with nabbing the most coveted deals ahead of the winter holiday season. Every year, Black Friday and Cyber Monday break their own consumer spending records, rivalling each other as the year’s biggest shopping events.
With an increase in targeted digital ad spend and the steady rise of online shopping across demographics, this year’s top shopping tent poles won’t be shocking anyone if they continue to break consumer spend records. Black Friday and Cyber Monday will also no doubt make for a heavily saturated ad environment.
Below, we’re sharing new insights on audience and consumer trends over the past year that point to contextual targeting as a key way for marketers to make a lasting impact on their targeted audiences. Stand out from the sea of ads and create big wins with meaningful conversions during the busiest shopping days with BBTV’s scalable advertising solutions.
Over the years, those lazy hazy days after Thanksgiving have become the biggest shopping events of the year. Adobe reported holiday shopping exceeded expectations in 2020 with over $188.2 Billion US spent between November 1 and December 31. Here’s a breakdown of some key tent poles that contributed to that uptick in revenue and why marketers should begin planning for these three key shopping days now:
Last year, Black Friday saw consumers spend $9 billion on the web the day after Thanksgiving, up 21.6% year over year. As the second largest online shopping day in U.S history (behind last year’s Cyber Monday), Black Friday marks the first official day of holiday shopping.
For 2021, eMarketer predicts the total US holiday retail sales in 2021 will rise 2.7% to $1.093 trillion, while the season’s ecommerce sales will rise 11.3% to $206.88 billion. Ecommerce will account for a record 18.9% of total holiday season retail sales.
While Black Friday sales have become synonymous with the latest tech gadgets, increasingly other goods and services are cashing in on the holiday. Given restricted access to stores during the pandemic, groceries, clothes and alcohol, items that would have previously been bought in-store, saw online purchases soar.
Often overlooked, but nestled right in between Black Friday and Cyber Monday, is a shopping event celebrating small businesses that are eclipsed by eCommerce giants.
Small Business Saturday came to being in 2010 to support small businesses amidst the recession. As a consequence of the global pandemic, this support is being reinforced again. Spearheaded by American Express, Small Business Saturday is estimated to have driven over $120 billion in sales to local businesses over the last ten years.
This year, American Express has extended Small Business Saturday to include a new $100 million “Let’s Go Shop Small” summer-long campaign to encourage shoppers to support small businesses.
With over $4 billion in revenue in 2020 alone, and a 30% year over year growth in retail spending, marketers can stand out from the swarm of ads during the busy shopping season with a Small Business Saturday campaign. Coupled with a pay-it-forward approach, your campaign can help support local businesses that have been hurt immensely by the pandemic.
In recent years, Cyber Monday has moved into first place as the biggest shopping day of the year. Last year, Cyber Monday pulled in one trillion visits to U.S retail sites which resulted in $10 billion in spending.
Some key stats from 2020’s Cyber Monday 2020 include:
What does this mean for marketers? Cyber Monday is projected to see increased spending this year with the reopening post-pandemic, doubling down on eCommerce as the increasingly preferred shopping method across demographics. Consumers are dialed in across desktop, mobile and tablet – making targeting and conversion efforts more ubiquitous than ever before.
Marketers should take note of how consumers, across demographics and around the world, are increasingly becoming savvy online shoppers. A new profile of the “global online shopper” has emerged from a recent study conducted by Wunderman Thompson that surveyed more than 28,000 consumers across 17 different markets. A resounding “72 percent of global shoppers said online shopping came to their rescue in 2020, while 73 percent said eCommerce will be even more important to them this year, with an even higher proportion of younger consumers expressing this sentiment.”
While online shopping has been overwhelmingly the obvious choice during the global pandemic, 64 percent of 16-24 year olds still want retailers and brands to offer both brick & mortar and digital stores. The Wunderman Thompson report shares that “consumers are increasingly comfortable switching between on and offline channels at different stages of their shopping journey.”
The report calls this “seamless commerce” – signalling an exciting moment for marketers where the tech-savvy consumer is interacting with brands and advertisements in a cohesive way on- and offline.
This reinforces the importance of an omnichannel approach that makes way for more measurable ways of tracking the return on ad spend (ROAS).
Marketers looking to track their audiences with precision and customized ads, should consider contextual targeting, a tried-and-true ad strategy conducted by BBTV’s Ad Solutions team. Our ad strategies ensure that your next ad campaign hits your targeted audience on the YouTube channels where they’re guaranteed to be highly engaged with content.
With the increase in tech-savvy consumers who can be targeted in more ways than ever before, there is also an increase in audiences who would prefer ad-supported TV over an ad-free subscription. In fact, Hub Research Insights’ report shows that nearly two-thirds (67 percent) of those polled would choose ad-supported TV over an ad-free subscription. This goes beyond simply tolerating pre-roll and mid-roll ads. With contextual targeting, ads are resonating with audiences precisely because of an extra layer of targeting. Contextual targeting takes into account a viewer’s lifestyle preferences through the content they’re watching on YouTube and beyond. With the oversaturation of ads during the holiday shopping season, catered content that speaks directly to you is simply good marketing.
Get in touch with BBTV’s Ad Sales team to make a real impact this holiday shopping season where it is proven to count the most, online and on YouTube.