💻 [OBO DIGEST] Black Friday Flopped

Why Black Friday and Cyber Monday sales declined, how to take care of yourself during the holidays, and 2022 marketing trends…

Written by: Online Business Owner • December 06, 2021

I’m sure you’re feeling the push to accomplish #AllTheThings you couldn’t get to this year in the next 4 weeks, aren’t you?

But here’s my invitation to you: what if you...didn’t? 

I mean sure, make sure you make those 2021 business purchases you planned, go ahead and fund that retirement account before you clink glasses of bubbly on December 31, and decide if you’re sending out holiday cards or not this year (I settled on yes for the first time in nearly a decade).

But everything else you’re going to try to cram into the next few weeks can wait until January — if you want it to!

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News + Happenings

Black Friday and Cyber Monday Sales Declined This Year — Here’s Why

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The 2022 Black Friday/Cyber Monday shopping weekend results are IN and they’re...well...less than anticipated.

Forbes, reporting data from Adobe Analytics, shares that “Americans shelled out $8.9 billion on Black Friday deals and $10.7 billion on Cyber Monday specials, compared to $9 billion and $10.8 billion in 2020…”

And with consumer spending making up around 70% of the U.S. economy, some are interpreting the decline in sales as a sign of continued economic distress.

But, Frank Holmes writes in Forbes that “the lower sales figures could be yet another example of ‘bad news is good news.’”

Why? Well — not all retailers saw a decline in e-commerce revenue from last year. Amazon had a record-breaking shopping season from Friday to Monday.

Plus (this being the likeliest explanation of what’s happening with BF/CM sales figures) Americans have been spending more money all year.

In November 2021 alone Americans spent 12% more than last November — 22 days of the month had over $3 billion in shopping, a new record.

People are still staying home, they have access to lower interest rates, and they're making more money from their jobs — meaning that spending has shifted from experiences to products and it hasn’t slowed down since the spring Covid stimulus.

So maybe Black Friday and Cyber Monday took a bit of a hit this year — but people are still spending that money!

Why this matters for online business

The continued shift online for business along with the rise in the purchasing of products and digital services over in-person experiences provides massive opportunities for digital businesses. It is also worth noting that traditional shopping patterns may be evolving with changing times and consumer habits. The seasonal trends you’re used to for your customers’ spending may be shifting.

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How to Support Your Team (and Yourself) During the Holidays

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The holiday season — whether you celebrate or not — adds an additional layer of stress to work for entrepreneurs, employees, and contractors alike.

There is the anxiety of buying gifts and seeing family and friends, the stress of the ongoing Covid pandemic and its impact on travel and health, so much economic uncertainty, AND the added entrepreneur’s frustration of finalizing your year-end financials and taxes before January arrives.

According to Inc., there are a few things you can do to help support your team’s mental health (and yourself) during the holidays…

1. Encourage open sharing — as the leader of your team, you can set the tone for sharing issues you’re experiencing or what you’re currently learning to support yourself and your mental health. Invite your team to join you and do the same.

2. Adjust your benefits — there are many things you can do to support your team during the holidays including offering additional paid time off, providing resources or support for therapy, and instituting a 4-day workweek during the holiday season.

3. Celebrate differently — if you’ll be celebrating the holidays with your team or sending out gifts, be mindful that focusing your company events or gifting on alcohol can create a genuine health risk for sober employees. Think of ways you can create a more inclusive environment for celebrating the holidays and end of year.

It’s also worth noting that some on your team may not have somewhere to go over the holidays or have a support system of their own — think of ways you can extend your support beyond work during more sensitive times of year.

Lastly, seek the support and help you need to maintain your own health and wellbeing during the holidays! You can reach out to other business owners, chat with your loved ones, or ask your friends for extra support or a listening ear. 

It’s also worth the reminder that you don’t have to accomplish everything you set out to do this year. Instead of pushing yourself to the extremes in the final weeks of the year, get clear on what can wait or you can revisit in January.

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Social Media News + Updates

👥  Facebook introduces trends insights inside new Inspiration Hub for Creator Studio

👂  Clubhouse expands topics to include more detailed and niche topics and topics on user profiles.

👻  Snapchat launches a new AR shopping showcase as part of its holiday push.

🔗  LinkedIn adds live video and newsletters to Creator Mode.

⏰  TikTok launches a new transparency center and content removal requests reporting.

⏰ TikTok rolls out creator tipping an video gifts to more users.

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In Other News

🤨 Antitrust regulators in the UK are set to block Meta’s acquisition of Giphy.

🎶 Spotify is testing a TikTok style vertical video feed - called Discover - in its app.

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About The Contributor

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