I've been crunching numbers in our analysis of full-year transaction data from 2013 compared to 2014 in preparation for our Annual Retention Marketing Report, and discovered some really interesting data on revenue by day of the week. Consider this a sneak peek into the type of insights we'll be sharing in our Report, to be released later this quarter.
We've aggregated the transaction data from across our client base from 2014 and tallied up revenue by day of the week. While there are many reports about when online retailers are sending their emails, less data exists about when online retailers see actual revenue by segment... so we're excited to identify and share some retention marketing trends emerging among our eCommerce clients:
The chart above shows the percent of 2014 revenue from One-Time buyers (in blue) and Repeat buyers (in red) by day of the week. You'll notice that all revenue skews towards the beginning of the week, with Mondays and Tuesdays performing best, followed by Wednesdays through Friday, with Saturday and Sunday taking up the rear.
- Mondays led in both share of 2014 One-Time revenue, at 17.8%, and share of Repeat revenue, at 19.6%.
- Saturday and Sunday both fell at around a 10.5% share of 2012 One-Time revenue, and about 8.5% of Repeat revenue.
The difference in purchasing habits of repeat customers is more pronounced that in one-time shoppers: Repeat buyers - i.e., more loyal, returning customers - tended to spend more earlier in the week, and spent more than twice as much on Mondays and Tuesdays as they did on Saturdays and Sundays.
The spending habits of one-time buyers - people who have only ever made one purchase from a given eCommerce website - was less skewed. One-Time buyers spent 1.6 times more on Mondays and Tuesdays as they did on Saturdays and Sundays.
You might wonder whether particular days of the year skew the data - for example Cyber Monday and Black Friday. To check for the impact of any outliers on the trends above, I looked through the revenue numbers for each day of the year, and identified specific dates where the revenue from One-Time or Repeat buyers was about 3 or more times the median revenue of that day of the week.
For example, Cyber Monday and Monday, Dec 17th were both exceptional revenue generators from One-Time buyers in 2014, with the revenue on each of those days more than 3 times the median revenue generated across all Mondays in 2014. Cyber Tuesday and Black Friday were two other dates that skewed the revenue data for both One-Time and Repeat buyers on Tuesdays and Fridays.
The chart below shows the Share of Revenue by Day excluding 11 such "Outlier" dates:
There were a total of 7 outlier dates for One-Time buyers, and 4 for Repeat Buyers, which skew the data - but only slightly. Revenue from Repeat buyers on Mondays and Tuesdays, excluding the outlier dates, was still nearly doubled that of Saturdays and Sundays. For One-Time revenue, the gap closed to 1.4 times when comparing these same days. The exclusion of the outlier data made Wednesdays and Thursdays a closer third and forth place in terms of share of 2014 Repeat buyer revenue.
Why the differences in revenue by day? My assessment is that loyal, returning, repeat customers tend to act faster on email offers received early in the week (and on Thursdays for offers they receive on Wednesdays), and tend to "catch up" faster on shopping goals they may have set over the weekend. I think there is a slight dip on Wednesday when people experience the mid-week "hump-day" effect.
One-Time buyers are more likely to be web browsing or bargain hunting over the weekend, or searching online for items they've just looked at in their brick-and-mortar weekend shopping excursion. My hunch is that when we look at revenue by source (search, PPC, email marketing, etc...), we'll uncover some other insights about where that weekday vs. weekend revenue is coming from.
For those of you who like to see the data spreadsheet-style, I've included the percentages by day and segment below, with the full set of data, plus the data excluding the 11 outliers.
Windsor Circle's eCommerce Analytics feature helps our clients see the trends in their business, including when revenue lands by day of the week, by hour of the day, by traffic source and by segment. And once you see the trends, you can quickly implement strategic, segmented email campaigns by leveraging the purchase history data from your eCommerce platform and imports this transactional data into your email marketing software. Talk to a member of our team to learn how you can get started.