Small Business Saturday Meets Cyber Monday
It’s that time of year again: allocating PTO for family during the holidays, fighting the Q4 madness, and if we’re all being honest — just keeping our heads above water.
But one constant that we can hang our hats on? The sales that come on Cyber Monday, and growing in popularity: Small Business Saturday.
The major holiday retail event trio—Black Friday, Small Business Saturday, Cyber Monday—kicks off every holiday season with a revenue bang. It’s a once-a-year opportunity for shoppers to push go on items they’ve eyed, get ahead of their holiday shopping lists, and try new products for the sake of the deal.
Field Agent got the scoop on what shoppers planned to purchase, and why, for the upcoming 2022 Cyber Monday and Small Business Saturday.* The survey constituted 1,250 U.S. adults, conducted October 28, 2022, through the Field Agent on-demand platform.
*All survey respondents were U.S. adults at least 18 years of age and smartphone owners. The survey was executed through the Field Agent platform, October 28, 2022, with a non-random sample of shoppers. Demos: Gender - Female (75%), Male (24%), Prefer Not to Say (1%) Age - 18-20 (1%), 21-29 (14%), 30-39 (36%), 40-49 (29%), 50-59 (15%), 60+ (4%); Household Income - < $35K (15%), $35-49K (12%), $50-74K (15187%), $75-99K (15%), $100K+ (23%), Prefer Not to Say (1%); Race/Ethnicity - Caucasian/White (69%), Asian American (7%), Latino/Hispanic (7%), African American/Black (6%), Native American (1%), Other (4%).
2022 Cyber Monday Forecast
Cyber Monday versus Black Friday
Welcome in the fanfare: Cyber Monday this year is slated for November 28, 2022.
According to Forbes, Cyber Monday raked in 10.7 billion in sales in 2021, making it one of the largest online shopping events of the year. To give you a comparison to Black Friday, Cyber Monday won out by nearly 2 billion, with Black Friday bringing in 8.9 billion in 2021.
Of the 1,250 adults in the Field Agent survey, 79% said that they would be participating in Cyber Monday this year by purchasing one or more items, while only 66% said they would be purchasing something on Black Friday.
When asked why shoppers chose “yes” to participating in Cyber Monday, many spoke of the expected markdowns and ease of staying home to shop. The top words that were included in the write-in answers were deal, price, sale, lines, and discount.
"I often find products for a reduced price. I’m not a fan of large crowds, so in store Black Friday deals make me uneasy."
—Brittany M., North Dakota
"I can shop deals without having to leave the house and deal with a packed store where the item could be out of stock."
—Shawna F., Delaware
"I choose to buy on cyber Monday to get great prices. Also it's easier to shop from home instead of going to the store."
—Adam B., Pennsylvania
The consensus is clear: shoppers prefer to see the Cyber Monday discounts online more than fighting the sea of Black Friday crowds.
The 3 A’s: Amazon, Apple, and Appliances
It doesn’t take much to guess that Amazon wins the popularity contest for most preferred ecommerce retailer for shoppers on Cyber Monday. The 2022 Field Agent survey revealed that of those planning on participating in Cyber Monday (n=993), 9-in-10 (93%) are going to purchase on Amazon.com.
Although ecomm king Amazon swept the majority vote on the survey, it’s not the only high-performer on the list. Retailer sites Walmart and Target also packed a punch, with 65% of shoppers planning to buy from Walmart.com and 62% saying they’re going to buy from Target.com on Cyber Monday.
Here’s where we expect to see the volume of online shoppers on Cyber Monday during 2022.
But what products are these shoppers clicking on when they select “add to cart”? Most shoppers share that they plan to purchase big-ticket, more expensive tech when they most expect discounts: on Cyber Monday. 2-in-3 shoppers plan to purchase technology and electronics during Cyber Monday (67%), beating out household items (57%) and apparel (48%).
Of the technology and electronics category, shoppers had specific products in mind when planning for the retail event:
- 35% said they’re planning on buying a larger item like a television, laptop, or tablet.
- 35% said they’re planning to buy a pairing item of tech like headphones or a smartwatch.
- 28% said they’re planning to purchase a handheld electronic device like a phone or camera.
- 2% said they’re planning to purchase an alternative, writing in items like speakers and accessories.
The second largest category—household items and appliances—also had multiple variations for what shoppers planned to buy on Cyber Monday:
- 20% said they plan to get a kitchen appliance like a stand mixer or pressure cooker.
- 19% said they’re going to purchase bedding and bath items.
- 16% shared they’re going to buy kitchen cookware like dinnerware or knives.
- 15% said they plan to purchase cleaning accessories like a vacuum or air purifier.
- 10% told us they plan to buy furniture like a sofa, lamp, or mattress.
- 10% said they’re going to invest in area rugs and window treatments.
- 10% said they’re going to buy other household goods like artwork or a washing machine.
Shoppers expect to spend significantly more on these special purchases—with 38% of shoppers saying they plan to spend $300 or more on Cyber Monday in 2022. Even more compelling, 85% say they plan to spend at least $100.
Even with such big spending plans, 11% (or an overall 4% comparatively) of shoppers said that they didn’t have something in mind when surfing the web for Cyber Monday.
Making the Most of Cyber Monday
Whether you’re a household brand or new to the retail industry, Cyber Monday is a space for all the players to capitalize on the dollars that shoppers are willing to spend—even on items they hadn’t quite planned for.
Before they visit your brand or retailer site by the droves on November 28, we recommend getting three key things up-to-par:
- Boost your Ratings & Reviews.
When asked what influences shoppers’ decision to buy or not to buy an item on Cyber Monday, listed price tied with Ratings & Reviews for the highest. 80% of shoppers said that both listed price and Ratings & Reviews made the biggest impression on them before choosing “add to cart.”
- Check your prices.
Not so fun fact: most items on retailer sites have a 25 to 50 cent inconsistency both online and in store. Add that loss with the percent markdown to draw in shoppers, and you’re looking at thousands of dollars down the drain. Ensure that your prices are consistent across the board.
- Update your product photography.
From the data and shopper quotes above, it’s apparent: consumers prefer to stay at home rather than fight the crowds for exclusive sales. The digital experience is now just as important—if not more important—than the physical, in-store experience. What do shoppers see when they visit your product page? Within the first second, are they met with compelling, beautiful, accurate images of your product?
59% of those planning to shop on Cyber Monday say that it’s crucial for the product photography to grab their attention in order for them to buy.
Time to update your photos with Plum photography.
2022 Small Business Saturday Sales
Growing Local Communities
On November 26, two days prior to the Cyber Monday surge, Small Business Saturday will encourage holiday consumers to keep local businesses top of mind as they shop.
Annually growing in popularity, American Express estimated that the holiday shopping event brought in over $20 billion in 2021. The Field Agent survey shared that 42% of the 1,250 US shoppers plan to participate in Small Business Saturday in 2022.
Not just for the discounts or potential deals, most survey respondents shared that they’re planning to spend for the sake of promoting goodwill and supporting their neighbors.
“I like to support local businesses and businesses owned by friends or family. I usually can find unique items at these stores that make good Christmas gifts.”
—Jeannette R., New York
“I like supporting small businesses because the money usually stays in the community.” —Megan D., Oregon
“I like to support my local community and Small Business Saturday is an easy way for my money to make a direct impact on my neighbors.”
—Catherine H., South Carolina
Many survey respondents felt compassion towards small business owners that were hit hard during the pandemic, sharing that they want to support them and keep the money in the community.
Food for Thought: Small Businesses Edition
Giving back to the community will come in different fashions and forms—with restaurants and cafes taking the cake. 64% of people planning to spend for Small Business Saturday are looking to purchase at a restaurant or cafe, while 36% also say they’re going to purchase a beverage from a coffee shop or bar.
Similarly to Cyber Monday, we see that 14% (or, 5% comparatively) of shoppers say that they don’t have a particular place in mind when planning their Small Business Saturday shopping—simply that they plan to support the movement without specific inclinations beforehand.
But it’s not just traditional brick-and-mortar shopping that many envision: the majority of the survey respondents shared that they’d be participating online as well as in store. 8-in-10 said that they would be going online to support their local businesses on Saturday the 26th.
When asked to choose multiple, 26% of SBS shoppers said that they’d take to online retailer sites to buy local goods and services—followed closely by Etsy (25%), social media sites like Instagram and Facebook (16%), Amazon’s support small page (14%), and eBay (8%).
By association, most shoppers think “tech” for Cyber Monday and “local shops” for Small Business Saturday, so it’s not surprising that the amount they plan to spend is significantly less. 34% of survey respondents that plan to participate in Small Business Saturday plan to spend between $50 and $99, while only 8% say they’ll spend $300 or more. However, history shows that Small Business Saturday will likely pull double the revenue than Cyber Monday overall.
Get Set for Small Business Saturday
Big cities, small towns, and every size municipality in between: small businesses should capitalize on this yearly event. With shoppers' thoughts on holiday lists and supporting their community, your business can be first in their mind.
We’d highly suggest implementing these solutions before November 26 rolls around and your town is buzzing with talk of spending, sales, and small business.
- Utilize social media awareness.
User-generated content isn’t just for big brands and major corporations. Whether you have 3 employees or 3,000, you can spark the conversation online in preparation for Small Business Saturday. Social media platforms like Facebook and Instagram can promote your restaurant, shop, or service in an organic way with exponential reach.
Field Agent asked survey respondents, “When shopping for Small Business Saturday IN PERSON, what influences your decision to choose where you’ll shop?” Even above family and friend-owned establishments (21%), people said word of mouth (29%) and social media advertising (21%) would be the most effective tool.
Start the conversation and use word of mouth and online social traffic to bring physical traffic into your business.
- Get a few Ratings & Reviews.
Spending for Ratings & Reviews to bolster your page? Dollar value. The fact that they live on your page for people to see consistently? Lifetime value. Even if your business adds just a few: the brand association, product awareness, and general discoverability is worth it.
Of those who said they plan to buy on Small Business Saturday, 7-in-10 people said that they look at Ratings & Reviews before purchasing.
With Field Agent Ratings & Reviews, they can be written on a brand site, a retailer site, or syndicated across platforms.
Holiday Sales Performance Indicators
These holiday retail events—Black Friday, Small Business Saturday, and Cyber Monday—are primed to boost the economy, grow sales, and kickstart the spending season. Projections are positive for general revenue for brands, retailers, and restaurants, but it’s not a complete guarantee.
When asked about how each survey respondent was feeling towards the 2022 shopping season compared to last year (2021), 80% shared that they feel worse or neutral. Field Agent prompted those who answered “worse,” and many shared why: 59% said they have less money, 23% said they have a worse job/employment situation, 5% said lingering COVID-19 factors, 13% chose other (inflation, economy, recession).
Make the most of the upcoming retail sales event by boosting your products both in-store and online.
With Field Agent audits, product-trial, and insights, you’ll be able to maximize Cyber Monday and Small Business Saturday specifically for your brand. Launch a solution today, or talk with our team to see how we can mix, match, and multiply what you need to win at retail.