The opportunities of black Friday retail.
Introduction.
It’s almost that time of year again! Christmas is fast approaching, and when it comes to getting our shopping done, we all like to find the best deals possible.
One way to achieve this is by shopping on Black Friday.
Why is black Friday so popular.
Black Friday refers to the first ‘official’ opening day of the Christmas shopping season. It is the highest revenue day of the year, where shoppers around the world take advantage of the incredible price cuts at a range of different retailers. In 2019, in-store and online retailers made over eight billion pounds, rising by 14% from 2018.
The term was created in the 1950s by the Philadelphia Police as they referred to the overcrowding and traffic jams that came with the business of retail stores.
In 2020, Black Friday came as a blessing to people around the world as many suffered job losses or a decrease in personal finances. Staying home came with more unexpected costs such as more repairs and higher bills. 2020 showed Black Friday sales at their highest deduction rate in history, giving shoppers a great chance to get discounts on gifts for loved ones.
The COVID-19 pandemic did decrease in-store purchases, but online sales ramped up. Shoppers in the US spent over 110 million hours shopping online on Black Friday in 2020.
Black Friday introduces a huge number of customers with the intent to buy to new retailers across the globe. Considering the time users spent online last year – having a digital strategy in place for Black Friday can greatly increase sales and revenue.
How can black Friday benefit retailers?
- Gaining new customers – Black Friday creates a great opportunity for retailers to acquire new customers, especially in time for Christmas. This raises the chance of repeat sales if customers are satisfied with their purchases.
- Increase Traffic and Sales – Unlike other times of the year, Christmas will guarantee sales. Without discounts, Christmas is an expensive time of year. Those who celebrate Christmas generally need to purchase decorations, food, and gifts. Because the holiday season does come at such an expense, people often wait until Black Friday to buy what they need.
- Clear Stock Before Christmas – Take this opportunity to clear any old stock. This is a clever tactic for retailers who are aware newer products are soon coming in. For example, a technology company could offer big discounts on older mobile phone models knowing that a new model is released soon.
- Make the Most of People’s Intent to Buy – People love to browse, whether online or in-store. On a regular day, 80% of users abandon a shopping cart after adding items.But on Black Friday, this all changes.
If you are a retailer looking to increase revenue, whether on Black Friday or just in general, Crunch Digital Media can help.
Case study.
Bateel is a luxury food company that came to Crunch to help them increase website revenue. As a solution, Crunch implemented an ‘Always On’ campaign which aimed to target users at different customer lifecycle stages, supplemented by smaller campaigns to represent seasonal events in the confectionary calendar year.
The Results:
- Website revenue came to £231,693, which was a 213% year-over-year (YOY) increase.
- The conversion rate was 82.73%, a 4.01% YOY increase.
- Transactions saw a 2,597.3% increase.
What’s next?
Our upcoming Q&A will give further insight into e-commerce. Sign-up now to our live Q&A, The Current State of E-Commerce, on the 17th November at 11am.
Are you interested in working with us? Get in touch today to discuss how Crunch can help you optimise your digital campaigns to increase sales.