Thanksgiving Weekend GMV in the U.S. to reach US$30 Billion in 2024
As Thanksgiving approaches, eCommerce gears up for one of its most significant periods of the year. The U.S. Thanksgiving Weekend GMV is forecasted to hit US$30.4 billion in 2024, with Cyber Monday leading at US$13.6 billion and Black Friday showing the fastest growth rate (9.6%) over the past five years. This year’s growth rate of 9.3% is set to surpass the general one of the U.S., which is projected to stand at 8.5%. Even though it is not a traditional shopping day, Thanksgiving Day itself still is set to generate US$6.1 billion this year.
November and December consistently deliver the highest revenue shares of the year, capturing 10.0% and 10.1% of yearly revenue in 2023, compared to the monthly average of 8.3%. These figures underscore how shopping activity increasingly clusters around major discount events, with consumers timing their purchases to align with... Read more
Understanding the CVR and AOV correlation across product types
Conversion rates (CVR) and average order values (AOV) often show an inverse relationship. Consumers typically take more time to research and compare higher-priced items, resulting in lower CVRs. Conversely, lower-priced products often lead to quicker decisions and higher CVRs.
On average, 2.4% of website visitors make a purchase, spending $114.5 per order. However, these averages vary widely across industries. Grocery leads with a CVR of 4.6% and an AOV of $88.6, driven by frequent, low-value purchases. In contrast, the furniture category boasts the highest AOV at $252.3 but sees a lower CVR of 2%, demostrating the deliberation required for higher-priced items. Fashion, the largest global eCommerce category, sits in the middle. Its CVR of 2.4% matches the overall average, while its AOV of... Read more
Online garden market: April and May are the most important months
When gardening season approaches, the online garden market comes alive. Seasonal trends dictate demand, May standing out as the top month for online revenues in garden products at a revenue share of 9.2%. From barbecues and gardening tools to plants and seeds, these products see their peak when the weather encourages outdoor activity.
Interestingly, the garden market defies overall eCommerce trends. While global online revenues dip in summer, garden products thrive. Even June through August surpass the average monthly share of the global market, reflecting the strong link between fair weather and gardening activities. But it’s not just a warm-weather market: October and November also bring a slight boost in demand, driven by seasonal shopping events like Prime Day and Thanksgiving Weekend, and... Read more