Cyber Monday 2023 report: Trends & benchmarks in subscriptions
Cyber Week lasts from Thanksgiving Day through Cyber Monday and is a long-awaited time for online shoppers. It marks one of the biggest shopping opportunities of the year and kicks off the holiday season.
This year, consumers spent $12.4 billion online on Cyber Monday only, after a record-breaking Black Friday spend of $9.8 billion. And subscriptions, of course, are getting a hefty slice of the Cyber Monday pie.
To share the impact of 2023 Cyber Monday on subscriptions, Recurly analyzed key metrics from over 2,200 subscription businesses during November 27, 2023. Here’s what you should know:
Total transactions volume
This year, subscribers in Recurly spent over $35.5 million during Cyber Monday. With the convenience and customization flexibility subscriptions offer, consumers continue looking for online purchasing options.
New subscriber signups
Recurly customers saw 252,405 new signups on Cyber Monday, a 19% increase from a typical day in November. The Software vertical experienced the highest increase in new signups year over year at 41%, which was primarily driven by discounts to drive acquisition.
Average transaction size
The average transaction size on Cyber Monday this year was $16.60. With more opportunities to offer one-time purchases and add-ons to subscription plans, businesses can easily double down on these promotions during big shopping days.
Compared to a typical day in November, the number of coupons redeemed on Cyber Monday this year increased by 40% over 2022. This time, the Travel, Hospitality, and Entertainment vertical saw a 259% spike in coupon redemptions. Many Recurly merchants in this industry offered unbeatable Cyber Monday deals–from discounts and travel deals to coupon codes.
Alternative payment method (APM) usage
During Cyber Monday, Recurly customers processed 12% more revenue from APMs than on a typical November day, from $4.6 million to $5.0 million. Our merchants continue to adopt APMs at an increasing rate every year, including Amazon Pay, Apple Pay, Paypal, Sepa, and Venmo, into their strategy.
The Publishing industry experienced the highest APM adoption rates, with a 103% increase in revenue compared to 2022. Regardless of industry, consumers want multiple options when paying for a subscription. Our survey report on consumer preferences shows that PayPal (45%) and credit cards (39%) are the top payment options when subscribing to a new product.
Gift card purchases
Gift card purchases increased 54% on Cyber Monday compared to last year–with a 109% increase in the Digital Media and Entertainment industry. These subscription companies leverage gift cards as an acquisition strategy and revenue driver, especially around the holidays.
Our 2023 holiday report showed that 53% of consumers would consider presenting gift subscriptions this holiday season, and 51% of respondents would like to receive a gift subscription this year, especially Gen Z and Millennials.
Want to see how Cyber Monday 2023 compares to last year? See our 2022 blog post.