Black Friday 2024 Trends: What Shoppers Are Looking for This Year

Oct 30, 2024 by Dara
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As Black Friday approaches, Shopify Plus and other e-commerce are gearing up for what promises to be another competitive and high-stakes shopping season.

Black Friday is one of the busiest shopping days of the year. In 2023, American consumers spent nearly $10 billion online and more than $20 billion in total, including in-store purchases. About 160 million Americans shopped on Black Friday, and the average shopper spent around $480.

Many shoppers took advantage of big discounts, with toys receiving the highest average markdown of 33.4%. Online shopping also played a significant role, as 87 million people shopped online, and Black Friday sales online exceeded the year’s average daily sales by over 200%. Retail giants like Amazon captured a big portion of these online sales, claiming about 17.7% of the total revenue.

Looking ahead, Black Friday spending is expected to grow, with projections reaching over $11 billion in online sales this year.

Source: capitaloneshopping.com

Another recent survey by Driveresearch.com, polling over 1,000 shoppers, highlights some exciting trends for this year’s Black Friday. An impressive 75% of consumers plan to shop online, showing that digital platforms still reign supreme. While in-store shopping is making a small comeback, it’s clear online deals are the main draw. And with 87% of people looking for special discounts, retail giants like Amazon and Walmart are set to dominate. What’s even more surprising? One in five shoppers are ready to spend over $1,000, making this year’s Black Friday a high-stakes event for retailers aiming to cash in!

Other respondents shared their spending plans as follows:

  1. 10% plan to spend between $800 and $999
  2. 14% aim to spend between $600 and $799
  3. 22% expect to spend between $400 and $599
  4. 19% plan to spend between $200 and $399
  5. 13% will spend less than $200

The days of simply offering steep discounts and hoping for sales are over. Today’s shoppers are more informed, tech-savvy, and value-conscious. To stay ahead of the competition, Shopify plus and other e-commerce need to adapt to key trends and utilize tools such as dynamic pricing and competitor monitoring. With platforms like Shopify Plus and PriceMole, e-commerce stores can not only keep up but thrive in this hyper-competitive environment.

Black Friday trends and learn how your Shopify Plus can unlock more sales!

1. Personalization Through AI and Dynamic Pricing

Shoppers expect personalized experiences now more than ever. With the rise of AI, businesses can dynamically adjust their pricing based on real-time customer data, preferences, and behavior.

How Dynamic Pricing Fits In:

Dynamic pricing, powered by tools like PriceMole, allows you to adjust prices based on demand, stock availability, and competitor pricing. This strategy not only keeps you competitive but also meets customer expectations for personalized deals. For instance, if a competitor lowers the price of a popular product, PriceMole can alert you in real-time, helping you adjust your prices instantly to stay ahead.

Why This Matters:

Customers are more likely to make a purchase when they see that prices are tailored to their browsing history or behavior. AI-driven dynamic pricing can boost conversion rates, especially during high-traffic events like Black Friday.

Source: Bigcommerce

2. Mobile Shopping and Quick Rewards

In 2024, mobile shopping continues to dominate the e-commerce landscape. During Black Friday, shoppers expect a seamless mobile experience—fast-loading pages, easy navigation, and mobile-optimized checkouts.

Key Stats on the Growing Impact of Mobile Commerce

  • 92% of US households (309 million) own at least one smartphone.
  • 96% of young adults (18-29) own smartphones, compared to 61% of those over 65.
  • Smartphones generate 45% of all US web traffic.
  • 15% of adults rely on smartphones as their primary source of internet at home.
  • 76% of adults have made purchases using their mobile phones.

Dynamic Pricing on Mobile:

To stay competitive in the mobile-first world, e-commerce must use competitor monitoring tools like PriceMole to ensure they are offering the best prices on mobile devices in real time. Shopify Plus provides the infrastructure needed for fast, mobile-optimized experiences, while PriceMole makes sure your pricing remains competitive and responsive to shifts in the market.

Boost Sales with Mobile Deals:

BOffering exclusive mobile deals with dynamic pricing can attract the ever-growing number of smartphone shoppers. Combining this with limited-time offers or flash sales can drive immediate conversions.

Source: Shopify

3. Shop Green, Shop Fair

More consumers are prioritizing environmental sustainability in their purchasing decisions, with 72% actively seeking eco-friendly products. This shift stems from increased awareness of climate change, better access to environmental information, and a desire to support sustainable e-commerce.

As shoppers look for products with minimal environmental impact throughout their lifecycle—from production to disposal—Black Friday presents an opportunity for sustainable brands to showcase their commitment to eco-friendly practices.

By offering eco-friendly products, maintaining transparent supply chains, and employing responsible marketing, businesses can boost profit margins while enhancing their reputation among environmentally conscious consumers. Additionally, integrating digitalization into the building materials industry can help online merchants optimize material usage, monitor emissions, and adopt improved production techniques.

Competing on Value, Not Just Price:

While dynamic pricing focuses on staying competitive, it’s also essential to monitor how competitors market their eco-friendly products. PriceMole’s competitor monitoring feature helps you understand not just pricing, but the messaging around sustainability. This enables you to craft a pricing and marketing strategy that appeals to both price-conscious and ethically-minded shoppers.

Shopify Plus Support for Sustainable Brands:

Shopify Plus offers businesses the ability to highlight sustainability efforts, while dynamic pricing ensures your eco-friendly products are competitively priced. This balance can help capture a growing audience segment that’s willing to pay a little more for products that align with their values.

Source: foxecom.com

4. Flash Sales and Scarcity Marketing

It’s still October, yet Walmart has already revealed its Black Friday sale for 2024. Like last year, the retail giant will be hosting the sale on multiple dates. The key difference this year is that the first event will kick off even earlier than in previous years.

"We know customers are shopping for the holidays, and Walmart’s ‘Black Friday Deals’ events are a one stop shop for incredible savings on a wide assortment of the most-wanted items," said Latriece Watkins, executive vice president and chief merchandising officer, Walmart U.S.

Scarcity marketing, like flash sales, thrives during Black Friday. Shoppers expect urgency-driven deals, with many willing to buy immediately when they sense a product may run out or a deal is time-limited.

Leverage Dynamic Pricing to Maximize Flash Sales:

By using PriceMole to track competitors, you can set up flash sales that are responsive to market changes. For example, if a competitor starts a flash sale, you can instantly match or undercut their pricing. Alternatively, by analyzing competitors' stock levels, you can adjust your pricing strategy when they sell out of popular items.

Scarcity and Exclusivity:

Dynamic pricing allows you to create urgency-based promotions, such as "limited-time discounts" or "price drops for the next hour," which can boost conversion rates and increase cart size. Shopify Plus supports quick changes to your online store, making it easy to adjust pricing and product availability on the fly.

Source: Walmart.com

5. Buy Now, Pay Later (BNPL) Services

Holiday shoppers are extending their budgets through bargain hunting and utilizing buy-now-pay-later services, according to early data from Black Friday retailers.

Last year, U.S. holiday shoppers utilized buy-now-pay-later services like Affirm, Klarna, and Afterpay to spend $7.3 billion, according to data from Adobe. The firm anticipates that this holiday season, consumers will significantly increase their use of BNPL, projecting online spending to reach $18.5 billion.

Buy Now, Pay Later (BNPL) options have surged in popularity over recent years, especially for younger shoppers who prefer flexible payment plans. Offering BNPL on your Shopify Plus store can significantly boost sales this Black Friday.

Dynamic Pricing and BNPL Integration:

BNPL services, combined with dynamic pricing strategies, allow you to offer flexible pricing while staying competitive. Monitoring competitors’ pricing and payment options with tools like PriceMole ensures that you remain attractive to budget-conscious shoppers who are seeking affordability and convenience.

Why It Matters for Black Friday:

By incorporating BNPL into your dynamic pricing strategy, you can increase your average order value. Offering flexible payment options encourages shoppers to make larger purchases, even during Black Friday's frenzy of deals.

Source: Investopedia.com

6. Competitor Monitoring: Real-Time Adjustments Are Key

Competitor monitoring is crucial to Black Friday success. The ability to track competitors' prices, stock levels, and promotions in real-time gives you the edge to adjust your pricing dynamically and offer the best deals.

How to Use Competitor Monitoring:

PriceMole offers real-time insights into your competitors’ activities. By monitoring their price changes, product availability, and sales strategies, you can respond quickly and effectively. For example, if a competitor runs out of stock on a high-demand product, you can raise your price while still offering a competitive deal.

Stay Ahead of the Curve:

The key to winning Black Friday is preparation. By using tools like PriceMole, you can set up automated pricing strategies that respond instantly to competitor moves, ensuring that your prices remain attractive and relevant throughout the day.

Source: pricemole.io

Conclusion

Black Friday 2024 is shaping up to be one of the most competitive yet. Shoppers expect not only great deals but also a seamless, personalized shopping experience. For e-commerce businesses on Shopify Plus, combining dynamic pricing and competitor monitoring tools like PriceMole is the key to staying ahead in the crowded market.

By tracking competitor prices in real time and using AI-driven dynamic pricing to respond instantly, you can offer customers the best deals while protecting your margins. Add in mobile optimization, sustainable product offerings, and flexible payment options like BNPL, and your business will be well-positioned to thrive this Black Friday.

Special Campaign!!!

Ready to maximize your store’s potential this Black Friday? For a limited time, get 50% off credit for your first two months as new PriceMole Partnership and Upgrade when you install today! This season, don’t just follow the trends—take control of them and watch your sales soar.

Explore how PriceMole’s powerful tools can revolutionize your Black Friday pricing strategy! Visit our Website, Shopify, BigCommerce, Facebook, Twitter, and LinkedIn pages to learn more.

Contact us now and get ready for a successful, record-breaking Black Friday—let’s make this season your best one yet!