- December 3, 2020
- Posted by: admin
- Category: Inveon Insights
As the highly anticipated month of the e-commerce world, November was quite busy with campaigns spread throughout the month. The Black Friday & Cyber Monday campaigns which all the players of the retail industry have been prepared with serious effort have brought successful results. As the digital commerce partner of more than 60 brands, Inveon achieved outstanding outcomes regarding the campaign period. Here are some results and insights.
390% revenue uplift!
Throughout the campaign period revenue increase compared to the previous year was 105% on average, while the largest increase in revenue realized was by 390%. Moreover, the number of products sold increased by 245% compared to the previous month.
The brands that develop wise discount scenarios and successful strategies in using digital marketing channels with the right targeting achieved better performances.
Changing consumer behavior and thus campaign dynamics
In 2020, due to the impact of the pandemic and the increasing e-commerce behavior, brands and marketplaces started their discounts from the first day of November. Some brands took first-mover advantage by using strong early campaigns.
The promotional boost that the marketplaces set up during early November played a role in shaping the general shopping behavior. We experienced a significant increase in revenue even for brands that did not make special campaigns due to the increase in the shopping behavior of consumers.
In 2019, we saw a more than 100% increase when we compared the Black Friday campaign period with the early November campaigns like Singles Day. However, this year the increase between these periods is only 25%. This indicates that the campaigns in early November also showed an accelerating performance.
The prominent increases achieved during the November period and April & May full quarantine period were the times when we obtained the highest performances of the year with the traffic and revenue uplifts. We expect that this trend will continue at the end of the year with the new restrictions and curfews, combined with the accelerated consumer behavior.
Mobile has more than 80% share
82% of the total traffic we received during the Black Friday period was from mobile channels. The revenue generated from mobile has a share of 63% within the total.
The competition is getting complicated
Due to factors such as the change in dynamics between Singles Day and Black Friday and aggressive marketplace moves; competition in digital marketing channels increased. Now it is not only about arranging the CPC rate or manage your budget wisely. It became more complicated by leaving the routine that the competition progresses only on a single dimension. Today, brands are looking for different channels and cooperations to increase competitiveness.
What is the common between the successful brands?
When we look at the overall performance of both the brands we work with and the industry, several common features of successful brands stands out:
- The brands that developed their omnichannel designs and kept high inventory and product diversity stood out.
- Brands that set up unique campaigns not only on specific campaign days or just in parallel with the marketplaces but with strategic timings have seen the great advantage of this.
- We have seen that brands that offer particular discounts in the basket are more successful.
- Brands that differed in discount rates and discount terms experienced remarkable performances. Offering discounts directly specific to their website or apps brought significant revenue.
- In digital marketing channels, plans that adapt to the changing dynamics from day to day, and applications that increase competitiveness not only with budget but also with strategic planning became the winners.