Shopify has reported a record-breaking Black Friday, Cyber Monday weekend, with global sales reaching 9.3 billion dollars from independent businesses worldwide - a 24 percent surge compared to 2022.
London emerged as one of the top three highest-selling cities globally for Shopify merchants during this period. In the UK, in-store spending saw a notable 28 percent increase, based on POS sales by Shopify merchants.
Despite initial predictions of a challenging period for retailers, Black Friday proved to be a positive revenue moment, emphasizing the importance of this shopping event. UK consumers are becoming increasingly savvy, with 83 percent comparing prices and 68 percent citing cost as a key factor in brand-switching decisions.
Deann Evans, Managing Director, EMEA at Shopify commented: “Whilst many predicted a particularly challenging period for retailers as consumers tighten their purse strings, our data this Black Friday - which sets a new record - reinforces its importance as a positive revenue moment for merchants. More than ever, shoppers want their money to go further so they were ready to spend during the Black Friday weekend to get more value for money. Brands who continue to embrace this opportunity in the run up to Christmas stand to benefit as shoppers make the most of festive deals. Gymshark, which was among those with top trending products with their Crest Joggers, is setting a great example here.”
According to Shopify's Black Friday Cyber Monday 2023 Report, consumers prioritize quality, with 77 percent seeking higher-quality, durable products. Over the weekend, 19 percent of sales were cross-border orders, underscoring the strength of UK export for Shopify merchants.