Black Friday for Retailers – Everything you Need to Know
Black Friday which takes place on the last Friday of every November has become an established holiday in the world of retail. It is an international day that allows consumers to shop at discounted prices. It now even takes place for longer than just one day and carries through to Cyber Monday (the Monday after Black Friday). Black Friday for retailers can be a daunting day to navigate, so we've broken down everything you need to know.
Why Should Retailers Participate in Black Friday?
Over 70% of consumers get involved in Black Friday and this number is dramatically increasing every year. It used to be a predominantly American event, but it is now nearly just as popular in Europe and in other parts of the world. This gives retailers a chance to make a lot of sales just before the busy December month.
While 71% of consumers that take part in Black Friday are excited and eagerly awaiting the event, not many prepare what shops and products they are after that far in advance. This presents a major opportunity for a lot of retailers. Consumers are keeping their options wide open and won’t just shop in stores that they regularly buy products in, so this is a chance for retailers to widen their customer base and take advantage of impulse shopping.
Consumers looking to shop on Black Friday are allocating a sizable budget to do so, with 37% of UK shoppers budgeting between £200 to £300. A further 35% estimate they will spend over £500. So, while products are discounted resulting in a smaller profit margin, the amount of money spent is substantial.
What Should Retailers do to Prepare for Black Friday?
The majority of consumers (69%) look to shop both online and in-store on Black Friday, so it is important that retailers update both their website and in-store with discounts. While many consumers don’t prepare for Black Friday, you still need to create a marketing plan for just before the day, and on the day, so that you are sending out the message that you are taking part.
Send out an email the morning of, letting your customers know what they can expect in regard to discount amounts. Do the same on social media, in-store and on your website. If you have budget for it, allocate money to paid social and PPC. On Black Friday consumers are impulsive, so your CTR will be high.
You can expect to get a dramatic increase in consumers online and in-store on Black Friday, so if you are running a website check the stability to ensure it doesn’t crash, and if you have a physical store make sure you have enough staff on duty.
What Should Retailers do that are not Taking Part?
If you are not taking part in Black Friday this year, you still need to create a marketing campaign around it. Some retailers take a stand and do not discount their products but donate all of their profits that day to charity. Others highlight how they always offer low prices. Don’t miss the opportunity to take advantage of the amount of people that will be shopping that day.
Looking for more retail insights? Visit Spring Fair this February and take part in our free workshops and seminars and source products for your retail store.