Key Takeaways from the Latest WooCommerce Survey 2024

WooCommerce recently unveiled the results of its 2024 summer survey, offering valuable insights into how store owners, developers, and partners are preparing for the upcoming Black Friday Cyber Monday (BFCM) and holiday shopping season. With BFCM playing an increasingly pivotal role in annual sales, this year’s survey sheds light on the strategies merchants are using to maximize their success.

BFCM: A Major Revenue Driver

The survey highlights the critical role BFCM plays for online merchants. For many, this period represents a significant portion of their annual revenue:

• 66% of stores reported increased sales during the holiday season.
• 46% of stores see up to 30% of their yearly sales during BFCM.
• 26% of stores generate over 30% of their annual sales.
• 8% of merchants surpass 50% of annual sales during this time alone.

The numbers emphasize how vital this shopping season has become, making it essential for stores to prepare effectively to capitalize on the surge in consumer spending.

Early Planning Is Key

Preparation is crucial for a successful BFCM. The survey revealed that 81% of stores are actively planning for BFCM promotions, with larger stores (those earning $250K+ annually) 12% more likely to begin preparations early. Here’s how stores are preparing:

• 26% of stores start planning 1-4 weeks before BFCM.
• 27% begin preparations 1-3 months ahead.
• 13% dedicate 3-6 months to preparation.
• 4% start more than 6 months in advance.

This trend of early preparation underscores the importance of foresight in ensuring a smooth and profitable shopping season.

Top Preparation Tactics

When asked about the primary preparation strategies, store owners shared a variety of tactics:

• 26% of stores planned to increase inventory, followed by marketing, promotions, and website optimization.
• In terms of marketing, 29% of respondents find email to be the most effective channel, followed by organic social media (25%), paid social (13%), search ads (8%), and content marketing (6%).

For the 2024 holiday season, 34% of stores are planning to adjust their strategies, with key areas of focus being:

• Introducing new products (26%)
• Improving marketing efforts (24%)
• Enhancing website performance (16%)
• Starting sales early (10%)
• Offering special discounts (9%)

These strategies are crucial for standing out during the highly competitive BFCM period.

Multi-Channel Sales Gain Momentum

A notable finding from the survey is the rise of multi-channel selling. According to the data, 67% of stores sell through multiple channels, including physical locations and online marketplaces. Some key channels include:

• 11% of stores sell on Amazon.
• 8% sell on Etsy.
• 6% sell on eBay.

This shift highlights the importance of a multi-channel strategy in expanding reach and increasing sales opportunities.

The Role of Analytics in Driving Success

To track and optimize their BFCM efforts, 91% of stores utilize analytics tools such as Google Analytics, WooCommerce Analytics Dashboard, and Meteorik to evaluate campaign performance. Despite the hectic shopping season, 89% of stores do not implement a special return or refund policy during this period.

Final Thoughts from WooCommerce

Tamara Niesen, WooCommerce’s Chief Marketing Officer, emphasized the significance of these findings on the WooCommerce blog, noting that merchants are more focused than ever on early preparation, multi-channel selling, and analytics-driven strategies. As the BFCM shopping season approaches, these insights provide a valuable roadmap for merchants looking to make the most of this critical time.

In summary, the 2024 latest WooCommerce survey demonstrates that careful planning, strategic marketing, and leveraging analytics are essential for thriving during BFCM. As businesses brace for the holiday rush, these insights are crucial for staying ahead of the competition.