Black Friday 2024: Record-breaking sales. But at what…

Black Friday came, saw, and conquered, leaving behind impressive sales figures—and even more questions for e-commerce advertisers. Sure, the US still wears the crown with a 5% year-over-year surge in online sales, but Europe wasn’t far behind, riding the same wave with some compelling trends of its own. The real question? Were the profits as hefty as the sales figures suggest?

Let’s break it down.

Record sales, razor-thin margins?

This Black Friday, savvy advertisers celebrated with higher conversion rates, lower CPCs, and rising AOVs. Sounds like a dream, right? But here’s the rub: beneath the surface, the dynamics of ecommerce advertising are shifting. And not everyone came out on top.

Here’s what stood out in Europe:

  • Conversions skyrocketed: Median conversion volumes jumped 16% year-over-year. If you felt the buzz, you weren’t imagining it—consumers were primed to shop.
  • Efficiency improved: Median ROAS climbed to 5.7 from last year’s 4.6. This wasn’t luck—it was smart, data-driven strategies.
  • CPCs dropped: A surprising 10.7% lower than last year. Good news for budgets, but why?
  • AOV got a boost: Average Order Value increased nearly 9%, showing a shift towards premium products and smarter discounting.
  • Timing was everything: Conversion peaks stayed predictable—post-dinner shopping dominated, with a clear spike between 8–9 PM.

All this sounds like a victory, but here’s the twist: only the advertisers who prepared and adapted reaped these rewards.

Conversion Rates and AOV rose significantly this Black Friday, while CPCs saw an impressive low.

Black Friday winners vs. wannabes: What set them apart?

For some advertisers, this year’s Black Friday felt like a winning lottery ticket. For others? A grim reminder that strategy matters. What set the winners apart?

  • Preparation ruled: Testing creatives, dynamic bidding, and budgeting for peak hours were key.
  • Segmentation worked wonders: Campaigns tailored to specific products or audience segments delivered higher ROAS and AOV.
  • Timing was king: Those who saved budgets for late-night peaks capitalized on lower CPCs and higher volumes.

The takeaway? Flexibility and alignment with consumer behavior made all the difference. Without it, many advertisers struggled to stay competitive.

One trend we saw repeating in 2024: Conversions on Black Friday peaked around 8:00 pm. Late-day-shoppers have become the customers to target.

What’s behind the CPC dip?

A nearly 11% drop in CPCs might seem counterintuitive, but the reasons tell a story about the changing ad landscape:

  1. Temu’s pullback: The giant was notably absent in many auctions, appearing in only 53% of advertisers’ campaigns compared to 70% last year.
  2. A broader slowdown: SHEIN and AliExpress also eased up, echoing a general trend among discount-heavy competitors.
  3. China’s ad retreat: Visibility for major Chinese advertisers hit six-month lows, opening opportunities for smaller players.

For many, this leveled the playing field, letting mid-sized advertisers step into the spotlight.

Advertisers leveraging retargeting and evening-hour strategies likely saw the biggest gains.

TEMU significantly reduced its ad spend over the month of November. Levelling the playing field for small-to-mid-sized businesses to compete.

Consumer habits are evolving—and understanding them is non-negotiable for future success. Here’s what this year taught us:

  • Morning warriors: Early birds hunted deals before the day even began, pushing morning conversion rates.
  • Night owls: As always, the 8 PM peak was a goldmine. Retargeting and urgency-driven offers sealed the deal.
  • CPCs fluctuated: Costs dipped as the day went on, creating opportunities for those with leftover budgets.
CPCs dipped throughout the day, hitting a significant low past 8:00 pm.

Bigger carts, bigger questions

The nearly 9% jump in AOV was a bright spot, driven by:

  • Smart promotions: Bundles and tiered discounts nudged shoppers to spend more.
  • Premium purchases: Consumers weren’t just bargain hunting—they were splurging on quality.
  • Economic factors: Inflation nudged shoppers toward higher-value purchases over sheer volume.

The lesson? High-value customers are still there, but capturing their attention requires precision.

Average Order Value (AOV) saw an impressive increase in 2024 YoY.

2025: Get ahead of the curve

If Black Friday 2024 taught us anything, it’s that preparation and adaptability are non-negotiable. Here’s how to set yourself up for success next year:

  1. Budget for late-night peaks: Consumer habits don’t lie—8 PM is when the magic happens.
  2. Lean into smarter segmentation: ROAS and AOV climbed for campaigns targeting specific products or customer profiles.
  3. Push AOV growth strategies: Premium products and bundles aren’t just trends—they’re tools.
  4. Watch your competition: Temu’s pullback won’t last forever. Keep an eye on major players and be ready to pivot.

Conclusion: Turning data into strategy

Black Friday isn’t just a sales event—it’s a lesson in adapting to market trends. For 2025, the name of the game is using insights to drive better campaigns. Whether it’s smarter segmentation or timing your spend to perfection, the tools are in your hands.

Want to make 2025 your best year yet? Start planning now. Because if one thing’s clear, it’s that the winners aren’t waiting until November to get their game plans in place.

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