Mobile AOV on the Rise for Web Retailers
Data released by personalization solution Monetate shows a 5.5 percent increase in total average order values (AOVs) on Thanksgiving and Black Friday compared to 2015, with mobile seeing the most substantial increase in activity - an incredible 115 percent increase in conversions on Thanksgiving alone over the year prior.
Monetate’s initial findings far exceeded the National Retail Federation's (NRF) outlook, which expected holiday spending in 2016 to increase just 3.6 percent. Based on the NRF’s forecast that consumers will spend an average of $588.90 on gifts this year, Thanksgiving and Black Friday orders represent approximately 30 percent of total gift spending. Monetate’s data showed Thanksgiving and Black Friday AOVs were $189.07 and $171.55, respectively.
“Gone are the days of rushing from the Thanksgiving dinner table into crowded stores in order to stock up on gifts. In fact, for the first time, conversion rates across all channels were higher on Thanksgiving than Black Friday (3.75 percent vs. 3.04 percent). Clearly, e-commerce has not only arrived, but is now the channel of choice for holiday buyers,” said Lucinda Duncalfe, CEO, Monetate. “But it is not just consumers who benefit from the ease of shopping at whatever time on whichever device. Retailers now have the ability to use deep data to enrich and personalize the customer experience, which in turn leads to greater sales and increased loyalty.”
Monetate also revealed several other findings of note, including:
+ Consumers appear more than comfortable making a purchase on mobile, with cart abandonment rates falling 23 percent and 7 percent on each day.
+ Conversion rates on desktop fell 9.1 percent and 36 percent on Thanksgiving and Black Friday, compared to the same days in 2015. However, that channel does still have the strongest overall conversion, at 5.79 percent on Thanksgiving and 4.41 percent on Black Friday.
+ Though AOVs are up on average, conversion rates are down, with conversion rates on Thanksgiving down 2.2 percent and on Black Friday down 34 percent.
+ Across all channels, bounce rates averaged approximately 33 percent on both Thanksgiving and Black Friday, representing a 2.8 percent and 7 percent increase, respectively.