If we told you it was another record-breaking Black Friday, would you believe us?
It’s possible, in the current economic climate, that deal-seekers were waiting for the biggest sales of the year to make their holiday purchases. Before Friday even arrived, consumers spent over $6 billion online on Thanksgiving Day.
When Black Friday arrived, Triple Whale brands were ready: $717,624,347 in revenue was captured in one day. Our platform was extra busy on Black Friday, and we tracked over 1.5 billion pixel events!
Black Friday and Cyber Monday represent a critical period for many brands, and this one weekend alone may even make or break the entire year. In the hyper-competitive landscape of direct-to-consumer (DTC) sales, having a clear view of how promotions are running and adjusting them on the fly is imperative to success. And the thousands of brands using Triple Whale were able to do just that!
In this article, we’ll review how Triple Whale brands tackled Black Friday 2024 by diving into ad performance metrics for the Friday of all Fridays.
In all of BFCM 2023, 11,000 Triple Whale brands had over $1 billion in revenue and over 10.8 million orders running on Shopify. This year, the total revenue for Shopify brands is already over $669.5 million - for Black Friday alone.
It’s safe to say we’re headed for another record-breaking weekend when the final Cyber Monday numbers come in!
Ad spend continues to skyrocket, especially at this highly competitive time of year. Triple Whale brands spent over $90 million on ads on Black Friday alone.
Meta (Facebook and Instagram) took the cake again with share of ad spend, with 68.77% of all dollars invested in ads hitting the platform, Meta’s consistent and (semi-) predictable advertising platform continues to be the choice for most advertisers attempting to turn a profit this past Black Friday.
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Black Friday’s $97.52 AOV actually dropped (-3.03%) from Black Friday 2023, which was $100.18. This may indicate a heavy focus on discounting this year, as customers are deal-seeking more than in previous years. The AOV also varies by platform, as outlined in the table below.
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The AOV varied among industries, with Home & Garden holding the highest AOV ($184.25), followed closely by Sporting Goods ($174.89). The industry with the lowest AOV was Food & Beverage at $79.80.
Many brands devoted significant resources towards drawing in new customers on Black Friday, and the results indicate they were successful. The total revenue representing new customer sales was $391,327,012 comprising over 57% of total revenue.
Some industries were especially successful with grabbing new customers on Black Friday, with Toys & Hobbies (79.02% of revenue from new customers), Electronics (77.69%), and Sporting Goods (76.49%) coming out on top.
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The Clothing industry was the winner for Black Friday, with $174,179,871 in total revenue pulled by clothing brands. With an AOV of $113.01, Clothing was drawing larger average orders than the average across industries. Additionally, Clothing was successful with drawing in both new (48.82% of all revenue) and existing customers (51.18%), which is the key to a successful Black Friday.
In a near close second, Health & Beauty brands pulled $109,116,405 in revenue, with 54.48% of that revenue from brand new customers.
On Black Friday 2024, over 29,000 stores from 74 different countries chose to track their performance using Triple Whale. That meant they had up-to-date data in order to make data-driven decisions to drive sales for the remainder of the weekend. Fun stat: brands had 892 conversations with Moby on Black Friday. We can’t tell you what they were about, though. That’s personal.
At the time of this writing, we’re tracking over 8,000 events per second on the Triple Whale platform, and Cyber Monday is in full swing! What will the final stats for the weekend look like? You’ll have to stay tuned to find out. Oh, and keep shopping for your favorite brands!
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© Triple Whale Inc. 266 N 5th Street, Columbus OH 43215
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