Black Friday is a US tradition, which spread all over the world thanks to social media. This year it happens on the 23rd of November and, will be the kickoff of the busiest sale season. According to NFR over 30% of the annual retail sales occurs in the period between Thanksgiving and Christmas.
Everyone knows what Black Friday means – great opportunities to do Christmas shopping, buy electronic devices or plan extremely cheap holidays. This period is beneficial not only for consumers, but also for retailers, who have a great opportunity for high turnover in a very short time. Online sales has become a main driver.
In 2017, online sales rose 18 percent, according to Adobe Systems Inc. Sales hit a record of $7.9 billion. Forty percent of these purchases were done from mobile phones. Market research firm, Criteo, said that’s a 29 percent increase over last year.
2018’s Black Friday is going to set new records. According to bestblackfriday.com:
For 2018, we are expecting $5.80 billion in online sales on Black Friday, which would be a 15.31 percent increase over last year. Last year saw the first $5 billion online Black Friday ever, and there is an outside chance sales could even hit $6 billion this year, but we think $5.80 billion is more likely.
An etailer that is not firing up its customer base with its own spectacular Black Friday promotions, will be missing out on the biggest sales opportunity of the year in the consumer market.
Of course, every country has its own gift traditions, like Saint Nicholas (“Sinterklaas”) – the archfather of Santa Claus – at December 5 in The Netherlands, which kind of coincides as the “weekend before” shopping rush falls on Black Friday. In the Netherlands for example, it might be commercially handy to blend those two promotional campaigns to attract larger crowds.
Most deals for electronics are offered at the beginning of November. The best day for Christmas decor is November 22. The best day to buy toys is the days before Thanksgiving or a respective country’s gift tradition. The average in-store promotion discount is 20 percent for the entire week. That discount increases to 37 percent on Thanksgiving, Black Friday, and the following Saturday.
For consumers, online sales are the best on Thanksgiving Day, not Black Friday as the average discount is 24 percent: it’s the best day to find the highest online discounts for sporting goods, computers, apparel, and video games. Black Friday itself is the best day for online deals on TVs, tablets, appliances, and jewelry. The days from Thanksgiving through Cyber Monday capture 20 percent of all holiday online shopping revenues. The afterburner of Green Monday is not to be overlooked: it’s the last day to shop online and make sure that your package arrives before Christmas.
Great promotions come with great content. Especially online, Content is King. A lot of innovation regarding the shopping experience is going on right now. It’s not just about the classic promotional video anymore. But, also 3D animation to explain the product better. Or more immersive experiences including Augmented Reality, VR or interactive 3D. Or of course voice assistants helping with the shopping process.
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