We surveyed 2,000 people in the United Kingdom about their intentions for Black Friday for the fourth year in a row. The following are some of our most fascinating discoveries.
It’s going to be a tremendous year for Black Friday in 2020.
This year, there are going to be seventy percent more customers than ever before planning to purchase on Black Friday. That is a 17% increase from the previous year and a 9% increase from the previous year. It is possible that this is being influenced by the difficult economic climate, as customers are being more careful with how they spend the money they have worked so hard to achieve.
This thrifty shopping behaviour is especially common among members of Generation Z and millennials. In fact, 38 percent of consumers in the age range of 18 to 44 delayed making significant purchases in the two months leading up to Black Friday.
Sales are driven by social evidence.
When it comes to finding the greatest prices, the most popular discovery method is reading internet reviews, which account for 28% of all discoveries, followed by the advice of a friend or family member, which accounts for 18% of all discoveries. Referrals are the most popular form of discovery for those between the ages of 18 and 44 (29%) for the third year in a row. There is a massive amount of possibility available for brands that have review and referral programmes.
Retailers are obligated to cultivate customer loyalty to brands.
Even though Black Friday is a major driver for the acquisition of new customers, businesses nevertheless need to take precautions in order to avoid a temporary increase in revenue. 22% of customers make their purchases on the same day because of sales. While this demonstrates a lack of brand loyalty, it also underscores the significance of maintaining healthy relationships with customers over the entire year. While you are reading this, the majority of buyers will have already decided whether or not they will be buying at your Black Friday sale this year.
This is not the only factor that may contribute to a drop in sales in the days following Black Friday. 14% of shoppers who are “very organised” plan to do their Christmas shopping over the weekend before it officially begins. Retailers need to employ retention strategies that encourage customers to keep coming back in order to maintain consistent sales throughout the holiday season.
In search of inspiration? Check out our blog for more information on efficient techniques for engaging customers.
The importance of a brand’s ethics
There is an increasing amount of pressure being put on brands to have significant brand purposes. Consumers are becoming more aware of the effects that their purchasing decisions have, not only on the environment but also on the people around them. The fast fashion industry, its inexpensive supply networks, and the horrible labour conditions they maintain are coming under severe criticism. One in ten people said that they will be guided by brand ethics while making Black Friday purchases.
It is a subject that is of particular significance to men, with men being 40% more likely than women to be influenced by a brand’s ethics.
It is critical to have a problem-free time online.
As a result of the lockdown, traditional brick-and-mortar establishments being closed, Black Friday 2020 will take place exclusively online. The in-store experience of multichannel retailers needs to be recreated online and consumer loyalty needs to be fostered if they wish to convert the recent uptick in foot traffic into repeat business. Even if many individuals no longer commute on a regular basis, having a mobile-first experience is still vital, since 19% of people plan to shop from their mobile devices.
Surprisingly, only 13% of consumers say they plan to do internet shopping while they are at work (or at least admit to it). Men are more likely to do this than women are, since 14% of men have either done it or are going to do it.
Making preparations for Black Friday in 2020
The happenings of this year have contributed to Black Friday becoming an even greater phenomenon. It is a wonderful opportunity for retailers to increase sales, re-engage customers, and attract new ones through this event. But even if customers are more interested than ever in scoring a bargain, price is not the only factor that influences their purchasing decisions.
People are looking for brands that care about them and are reflective of their core beliefs. Twenty percent of consumers said they intend to stick to well-known brands solely. This weekend, the companies that have come out on top are going to be the ones that have made it a priority during the pandemic to cultivate genuine relationships with their consumer base.
Source: promotion strategy , promotional strategies
