Loqate’s Black Friday Success
1.2 billion total requests, 6,000 requests per second, in just four days. Those are the numbers that reflect the true power of the Loqate platform. Over the Black Friday / Cyber Monday weekend, Loqate saw a 6.8% increase of requests per second from last year's peak of 5,600.
Black Friday alone accounted for 350 million of these 1.2 billion requests. This year once again also saw a notable increase in usage from the United States, making it the largest contributor to our global platform traffic, followed closely by the UK and Europe.
With an over 8% increase in global online sales over the Black Friday / Cyber Monday weekend, let’s take a closer look into how Loqate set the standard in address verification across the eCommerce industry:
The AI Impact:
With anticipation of a record-breaking Black Friday, resulting in what we now understand to be over $74.4 billion in sales worldwide; brands started considerations for improving their tech-stack as early as this summer.
The main trend we saw when speaking to brands at our Loqate’s hosted Halfway to Holiday event in July?
Exploring AI for the holiday peak season.
“We’re trying to find opportunities right now to see how we can use the hottest thing that’s out there…AI.” – Hani Adorama
With brands looking to capitalise on the power of AI and the most this holiday season, they looked to Loqate’s advanced AI technology for capturing, verifying and enriching global location data.
With Loqate’s AI capabilities, businesses can effortlessly handle complex address formats and elevate data quality across all business systems. During high volume seasons like Black Friday and Cyber Week, Loqate’s technology excels at parsing and structuring address data, offering unparalleled accuracy and scalability.
Loqate’s AI Parser, powered by Deep Learning on the TensorFlow Platform, produces sophisticated models for each country. This innovation has resulted in notable improvements in address verification codes (AVCs) across 16 countries.
Since rolling out Loqate’s AI parser clients have reported impressive increases in data coverage, including:
- Germany: 13.9% increase
- Indonesia: 18.9% increase
- UK: 3.9% increase
- USA: 7.8% increase
- Malaysia: 13.9% increase
Making Loqate’s AI capabilities a critical element in our customers Black Friday success this record-breaking year!
Loqate X Shopify Success
This year Shopify merchants drove an impressive 9.3 Billion in Black Friday Cyber Monday weekend sales (up 24% from last year’s)
This year Loqate was proud to announce Loqate’s launch in the Shopify App Store; bringing the most accurate way to capture and verify global addresses to Shopify with a one-click integration.
Loqate’s global data covers 250 countries and territories ensuring international addresses are standardized in correct local formats which is crucial for seller success with over 15% of all global Shopify purchases being cross-border orders.
Looking ahead
With all the buildup to Black Friday weekend, what happens in the aftermath?
Returns and exchanges, customer loyalty, and a remaining high consumer buying intent even after the cyber week dust settles with 92% of consumers still intending to shop even after the holidays are gone.
So, where should brands focus their resources?
Data Quality and Maintenance
- As the dust settles on Black Friday, with the abundance of new customer data there is now an opportunity to take a step back and ensure the data is clean and accurate. With Data Maintenance by Loqate, brands can correct, suppress, and enrich this new data at speed and scale without onboarding any new software.
Optimize click-to-brick
- Between the click-to-collect and in-store returns traffic, an optimized click-to-brick solution be a key factor in customer experience after the Black Friday rush. With Global Store Finder by Loqate, customers can quickly find a brand’s location to make their necessary returns and in-store pick-ups.
After a record breaking Black Friday Cyber Monday weekend we look ahead to make the Loqate experience even better. Check out the Product Roadmap for what’s coming at Loqate.
