Cyber Week 2021 Checkout Trends

Bolt Team

Author

Ian Leslie

Senior Director of Retail Advocacy

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Cyber Week 2021 Checkout Trends

The busiest shopping week of the year has come and gone with Adobe Analytics 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.

Want to dive deeper into the Cyber Week data?
Join us for ThinkShop at 12:30 p.m. EST on Dec. 7 as we dive into the numbers from Bolt, Salesforce, and Ordergroove.

1) Alternative Payment Methods and Buy Now, Pay Later options continue to gain in popularity

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).

  • 20% of Bolt transactions utilized an APM (PayPal, Apple Pay, Amazon Pay)
    That’s an increase of 26% YOY
  • 6% of Bolt transactions utilized a BNPL (Affirm, Klarna, Afterpay)
    An increase of 12% YOY
  • 17% of merchant gross merchandise value (GMV) was from an APM transaction
    An increase of 40% YOY
  • 5% of merchant GMV was from a BNPL transaction
    An increase of 13% YOY

2) Customers convert at a higher rate when they already have an account with your website

Across all metrics Bolt merchants saw better results when customers utilized a Bolt account at checkout.

  • Bolt accounts were responsible for 18% of the total GMV processed in 2021
    That’s an increase of
    64% compared to 2020
  • Total GMV from Bolt accounts was up 125% YOY
  • Conversion rates for Bolt merchants on the network in 2020 and 2021 increased by 5.5% 

3) The Bolt network is growing!

GMV processed by Bolt for all merchants over Black Friday through Cyber Monday increased 43% YOY, with the biggest gains experienced on Cyber Monday.

4) Sales started earlier than ever

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:

  • Shoppers are more comfortable shopping at retail locations compared to last year
  • An elongated sales season across all of ecommerce
  • Supply chain and inventory concerns had consumers buying early

Though GMV was down for merchants on the Bolt network in 2020 and 2021:

  • Average Order Value (AOV) for this group of merchants was up 24%
  • Shoppers with a one-click Bolt account represented 25% of GMV, an increase of 100% YOY

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