Congrats! You’ve made it through the busiest retail weekend of the year!
First off, hats off to all OpenSky Merchants who took advantage of the holiday shopping weekend (Black Friday – Cyber Monday) The merchandising, promotions and marketing done led to one of the most successful shopping weekends for the entire community in this history of OpenSky.
Here are key takeaways from the weekend:
165% increase in the number of posts made by OpenSky Merchants. This increase in posts created a dynamic experience for shoppers. Shoppers had new, interesting content to engage with around the clock. All in all, more posts = more marketplace activity. More marketplace activity = more time spent on site by shoppers, more repeat visits to the marketplace by shoppers, and ultimately an uptick in buying.
145% increase in fee-free followers that joined and followed Merchants. Broadcasted posts and emails sent to friends, family and/or followers on other platforms are a key part of growing your marketplace. Over the weekend, the increase in fee-free followers joining and following Merchants points to an increase in traffic being driven to merchant storefronts through broadcasted posts and emails. In aggregate, this means more shoppers for each merchant.
Overall, Merchant sales increased 47% between Black Friday & Cyber Monday. This increase indicates that shoppers appreciate the assortment, selection and value they’re getting by shopping in the marketplace you’re building. The sum total of the experience is what ultimately yields sales. Over the weekend, the assortment was broad and the value was clear – and it drove sales for a big chunk of OpenSky merchants.
1 out of every 5 merchants sold a product over the weekend. In a social marketplace like OpenSky, actions like posts, loves, and comments provide exposure for products that traditional retailers and ordinary marketplaces don’t provide. With the increase in activity in the marketplace over the weekend, more products were exposed. As a result, the number of merchants that had a sale saw a healthy increase.
- Merchants that ran promotions over 30% off sold on average 5x more. Although promotions aren’t the only way to drive a sale, they do make a difference this time of year – and specifically during times like Black Friday weekend when its the status quo.
Hopefully, you’re just as encouraged by these numbers as the team at OpenSky. It’s fun to see that what we’re all doing is driving results. Granted, now isn’t the time to let up – keep posting, keep marketing and build your business. Each merchant doing their part means net growth to the overarching marketplace, and that means a more dynamic shopping experience for members. And in the end, that yields more success for each and every merchant.