Cyber Week 2021 Checkout Trends

The busiest shopping week of the year has come and gone with <a href="https://business.adobe.com/resources/holiday-shopping-report.html">Adobe Analytics</a> reporting a dip in Black Friday and Cyber Monday sales for the first time ever.But the takeaways from Cyber Week are more nuanced than simply looking at total sales over a four-day period.Here are some insights into what Bolt merchants saw over Cyber Week 2021.<h5>Want to dive deeper into the Cyber Week data? <a href="https://www.bolt.com/thinkshops/bfcm-data-deep-dive/">Join us for ThinkShop at 12:30 p.m. EST on Dec. 7</a> as we dive into the numbers from Bolt, Salesforce, and Ordergroove.</h5><h2>1) Alternative Payment Methods and Buy Now, Pay Later options continue to gain in popularity</h2>Across the Bolt network, merchants saw significant lift in the use of Alternative Payment Method (APM) and Buy Now, Pay Later (BNPL) options year-over-year (YOY).<ul><li>20% of Bolt transactions utilized an APM (PayPal, Apple Pay, Amazon Pay) That's an increase of 26% YOY</li><li>6% of Bolt transactions utilized a BNPL (Affirm, Klarna, Afterpay) An increase of 12% YOY</li><li>17% of merchant gross merchandise value (GMV) was from an APM transaction An increase of 40% YOY</li><li>5% of merchant GMV was from a BNPL transaction An increase of 13% YOY</li></ul><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671841865/BFCM_APM_vs_BNPL_c83f76b1cb.png" alt="BFCM-APM-vs-BNPL.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671841865/thumbnail_BFCM_APM_vs_BNPL_c83f76b1cb.png 245w,https://res.cloudinary.com/dugcmkito/image/upload/v1671841866/small_BFCM_APM_vs_BNPL_c83f76b1cb.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671841866/medium_BFCM_APM_vs_BNPL_c83f76b1cb.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671841866/large_BFCM_APM_vs_BNPL_c83f76b1cb.png 1000w," sizes="100vw"><h2>2) Customers convert at a higher rate when they already have an account with your website</h2>Across all metrics Bolt merchants saw better results when customers utilized a Bolt account at checkout.<ul><li>Bolt accounts were responsible for 18% of the total GMV processed in 2021 That's an increase of 64% compared to 2020</li><li>Total GMV from Bolt accounts was up 125% YOY &nbsp;</li><li>Conversion rates for Bolt merchants on the network in 2020 and 2021 increased by 5.5%&nbsp;</li></ul><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671841934/BFCM_total_GMV_fd7b10df53.png" alt="BFCM-total-GMV.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671841934/thumbnail_BFCM_total_GMV_fd7b10df53.png 216w,https://res.cloudinary.com/dugcmkito/image/upload/v1671841934/small_BFCM_total_GMV_fd7b10df53.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671841934/medium_BFCM_total_GMV_fd7b10df53.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671841935/large_BFCM_total_GMV_fd7b10df53.png 1000w," sizes="100vw"><h2>3) The Bolt network is growing!</h2>GMV processed by Bolt for all merchants over Black Friday through Cyber Monday increased 43% YOY, with the biggest gains experienced on Cyber Monday.<img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671842013/BFCM_Cyber_Monday_2021_1_a084903b9f.png" alt="BFCM-Cyber-Monday-2021-1.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671842014/thumbnail_BFCM_Cyber_Monday_2021_1_a084903b9f.png 245w,https://res.cloudinary.com/dugcmkito/image/upload/v1671842014/small_BFCM_Cyber_Monday_2021_1_a084903b9f.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671842014/medium_BFCM_Cyber_Monday_2021_1_a084903b9f.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671842014/large_BFCM_Cyber_Monday_2021_1_a084903b9f.png 1000w," sizes="100vw"><h2>4) Sales started earlier than ever</h2>For merchants who were on the Bolt network in 2020 and 2021, Cyber Week's GMV was down 9%.However, for those same merchants, GMV was up 28% for all of October and November combined.Several factors likely played into the Cyber Week dip:<ul><li>Shoppers are more comfortable shopping at retail locations compared to last year</li><li>An elongated sales season across all of ecommerce</li><li>Supply chain and inventory concerns had consumers buying early</li></ul>Though GMV was down for merchants on the Bolt network in 2020 and 2021:<ul><li>Average Order Value (AOV) for this group of merchants was up 24%</li><li>Shoppers with a one-click Bolt account represented 25% of GMV, an increase of 100% YOY</li></ul><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671842057/BFCM_GMV_672ae7ea26.png" alt="BFCM-GMV.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671842057/thumbnail_BFCM_GMV_672ae7ea26.png 204w,https://res.cloudinary.com/dugcmkito/image/upload/v1671842057/small_BFCM_GMV_672ae7ea26.png 500w,https://res.cloudinary.com/dugcmkito/image/upload/v1671842057/medium_BFCM_GMV_672ae7ea26.png 750w,https://res.cloudinary.com/dugcmkito/image/upload/v1671842057/large_BFCM_GMV_672ae7ea26.png 1000w," sizes="100vw">