The number that circulates most in WhatsApp groups on the Saturday after Black Friday (revenue) is also the least helpful in making any decisions. It says there was activity, but it doesn't say if the activity was worthwhile, nor what to repeat the following year. The report that matters begins after the operation has recovered, when it's possible to compare the money that came in with the money that went out to generate each sale.
For context: Brazilian e-commerce generated R$ 4,76 billion in revenue on Black Friday 2025 alone , an 11% increase over 2024, according to Confi/Neotrust . This is a great headline but a terrible management indicator. Those who end the year focusing only on this top-of-the-pyramid figure miss precisely the part that guides their next decision.
On this page you will find:
Black Friday results at direct points of sale.
- Gross revenue shows volume, not the health of the business. The true result only appears after deducting media costs, subsidized shipping, discounts, and returns;
- The contribution margin per order and per SKU reveals whether each sale was profitable. During peak promotional periods, it's common for part of the mix to end up in the red;
- ROAS and CAC by channel separate the media that brought in new customers. from the one that only paid to re-engage those who would have bought anyway;
- Conversion rate and shopping cart abandonment They show how much of the operation was stalled under peak traffic and how much money was stuck at the checkout;
- The repurchase rate of new customers The next 30 to 60 days will tell you whether Black Friday built a foundation or simply cleared out discounted inventory.
Why Black Friday revenue figures are misleading
More orders don't always mean more profit. A catalog with aggressive discounts, free shipping paid for by the store, and a media budget stretched to the limit can break sales records but end the month with a lower margin than a typical week. That's why the first number on the report isn't how much was sold, but rather how much was left over.
The calculation starts with the contribution margin: order revenue minus product cost, payment fees, commissions, and shipping. Doing this on average hides the problem. The recommendation is to break it down by SKU, because that's where you'll find the top sellers that destroy results and the discreet items that sustain the operation. With this perspective, the following year's planning stops protecting the wrong item.
The three layers of the report that matter
A helpful approach is to distinguish between three different questions that are often treated as one.
Money that remained
This includes contribution margin, the actual weight of subsidized shipping, and, most importantly, returns. The sales peak is accompanied by a peak in exchanges and refunds that arrives weeks later, when the report has already been "closed." Taking a second look 30 days after the date corrects this distortion and shows the margin that survived the post-sale period.
Money that came in
This is the acquisition efficiency layer. Consolidated ROAS almost always looks good on Black Friday because it mixes new sales with sales that would happen without advertising . It's worth isolating the CAC by channel and the share of new versus returning customers. A channel with high ROAS and almost no new customers isn't growing its base; it's paying to convert existing customers.
Operation under pressure
Conversion and experience reveal the store's resilience. The conversion rate under peak traffic, compared to a normal day, reveals performance and inventory bottlenecks. Shopping cart abandonment deserves special attention: the average documented by the Baymard Institute is 70,22%, and many of the causes are correctable (unexpected shipping, lengthy checkout process, lack of payment methods). Each point recovered at this stage usually yields more than increasing media investment.
The metric that almost no one looks at: what happens next
Black Friday ends on Friday, but its return on investment is decided in the following months. The customer acquired through the discount only justifies the acquisition cost if they return. Therefore, the repurchase rate and the lifetime value (LTV) generated by this new customer are the true verdict of the campaign , and by 2026, retention is likely to be the main driver of profit for digital retail, not the next wave of acquisitions.
In practice, the report adds a final question: of the customers who arrived on Black Friday, how many made a second purchase within 60 days? If the answer is low, the problem wasn't the offer, but rather the absence of a structured after-sales process (relationship flow, segmentation, and a reason for the second visit). This is the type of adjustment that transforms an isolated peak into customer base growth.
Which KPIs to include in the report?
Beyond revenue, a Black Friday analysis is complete with: contribution margin (total and by SKU), ROAS and CAC by channel, share of new customers, average order value, conversion rate during peak periods, cart abandonment rate, return rate, and repurchase rate at 30 and 60 days . Each number needs to be understood, not just recorded; data without interpretation doesn't lead to decisions.
Turn the balance into a plan.
Closing the report is the beginning, not the end. The step that separates the store that repeats the same mistakes from the one that evolves is cross-referencing these numbers and defining what to change before the next date. e-Plus acts precisely in this turning point, with data analysis to read the results beyond revenue, CRO to unlock conversion and checkout , and the CS Flex model , which provides continuous and on-demand access to data, media, and optimization specialists. If your Black Friday balance sheet still stops at "how much we sold," it's worth talking to our team to design the report that shows what to do next.
FAQ
What metrics should we analyze after Black Friday?
Essential metrics go beyond revenue: contribution margin per SKU, ROAS and CAC per channel, new customer share, average order value, conversion rate, cart abandonment, returns, and repeat purchases within 30 to 60 days. Together, they show whether the sales period was profitable and what to correct in the next cycle.
Is revenue a good metric for Black Friday?
Revenue measures volume, not profit. It ignores media costs, subsidized shipping, discounts, and returns that come later. It's useful as an indicator of movement, but on its own it doesn't tell you if the operation was profitable, nor does it guide decisions for the following year. Real profit appears in the contribution margin.
What is repurchase rate and why does it matter after Black Friday?
Repurchase rate is the percentage of customers who return to buy within a defined period. After Black Friday, it reveals whether new customers became loyal customers or were just a one-off sale. Since retention usually costs less than acquisition, this metric defines the real return on investment of the campaign.
When should I close the Black Friday report?
Perform two readings. The first, in the following days, to evaluate sales, conversion, and media. The second, approximately 30 days later, to capture returns and the first signs of repurchase. The immediate balance shows the peak; the 30-day balance shows the actual profit made.
