Signifyd Report: Cyber Week Overcomes Inflation and Muted Expectations
November 29, 2022 9:00 AM Eastern Daylight Time
SAN JOSE, Calif.–(BUSINESS WIRE)–Holiday shoppers put aside worries about high inflation and an uncertain economic future to push Cyber Week online sales 11% higher than last year, according to Signifyd’s Holiday Season Pulse Tracker.
Holiday shoppers put aside worries about high inflation and an uncertain economic future to push Cyber Week online sales 11% higher than last year, according to Signifyd’s Holiday Season Pulse Tracker.
A forecasted record number of shoppers did their part boosting order volume by 9% for the five-day shopping period (Thanksgiving through Cyber Monday) that traditionally marks the start of the holiday shopping season.
High order volume contributed to a year-over-year increase in average order value — up 1.5% — reversing a downward trend that had persisted in November. Sales were up double-digit percentages throughout most of Cyber Week and they remained consistently positive, including solid year-over-year growth on Saturday and Sunday.
Saturday and Sunday strength powered by discounts
In fact, in terms of sales growth, Saturday and Sunday were the Cyber Week leaders, each up 14% over a year ago. The increases pointed to another holiday 2022 trend: Both days saw the highest use of discount codes with online orders — 29% of Saturday’s sales and 26% of Sunday’s sales were accompanied by a discount code.
Shoppers are hunting for bargains this year, more so than in the past. Signifyd data shows the use of discount codes with purchases during Cyber Week overall was up 22% over last year. The prominent use of discount codes contributed to a 7% increase in the number of products sold this Cyber Week compared to last year.
The power of discounts was evident throughout the week. During Cyber Week, Signifyd data shows, sales with a discount applied grew at a rate three times that of sales without a discount.
Fraudsters look for an advantage amid high order volumes
Online fraud continued to be a concern. Fraud pressure — a measure of fraudulent orders — was up 24% for the five-day period.
Cyber 5 2022 year-over-year comparison with Cyber 5 2021
|Average order value||+1.5%|
|Sales (GMV) with discount code applied||+22%|
Cyber 5 top performing categories sales 2022 year-over-year comparison with Cyber 5 2021
|Grocery & Household Goods||+27%|
|Beauty and Cosmetics||+15%|
|Fashion Apparel and Luggage||+14%|
Share of sales remains consistent with last year — with Black Friday coming out on top of Cyber Monday. Saturday and Sunday both increased their share of the spoils as shopping continued through the weekend.
Share of Cyber 5 sales 2022 vs 2021
Cyber 5 sales 2022 year-over-year comparison with Cyber 5 2021
GMV with discount code applied 2022 vs. 2021
Cyber 5 AOV 2022 year-over-year comparison with Cyber 5 2021
Fraudsters started off strong on Thanksgiving with a huge 82% increase in fraud pressure. Levels remained high through the weekend but dipped below last year’s levels on Cyber Monday.
Cyber 5 Fraud pressure 2022 year-over-year comparison with Black Friday 2021
*Fraud pressure is defined by the fluctuation in the number of transactions that Signifyd models deem very risky.Contacts
Signifyd provides an end-to-end Commerce Protection Platform that leverages its Commerce Network to maximize conversion, automate customer experience and eliminate fraud and customer abuse for retailers. Signifyd counts among its customers a number of companies on the Fortune 1000 and Internet Retailer Top 500 lists. Signifyd is headquartered in San Jose, CA., with locations in Denver, New York, Mexico City, Belfast and London.