The concept of Black Friday and Cyber Monday are native to America. Black Friday falls on 27th November this year (the day after Thanksgiving) and Cyber Monday on 30th November. The history of the day dates back to the 1950s. Friday after Thanksgiving naturally became a holiday and most Americans used it for shopping. This trend made it a profitable day for most retailers so they started calling it a black day in their books. Later they started providing offers to attract more customers and named it as ‘Black Friday’. Cyber Monday is relatively new and it is to target the crowd who wouldn’t want to spend hours in a checkout lane to grab an special.
Retailers around the globe have adopted this strategy to get a fresh start to the shopping season by attracting more customers & a hopeful sales boost.
In Australia, many predict that the event of this 4-day sale is going to be the biggest sales event of the year surpassing Boxing Day. Forecasts suggest that the sales volume will hit $3-5 billion this year. It will be a golden opportunity for many businesses who suffered from the pandemic to have a head start. But, the pandemic has changed the shopper behaviour from in-store to online. Every seller should expect a Cyber Friday instead of a Black Friday this year and focus more on eCommerce to make the most of it.
To confirm that the hype is real, we looked into Google trends and the results are exciting. There's a nationwide trend for the term black Friday that started weeks ago and some knew precisely where they most likely were going to get the best deals i.e "JB Hi-Fi Black Friday".
The first thing that comes to mind with the term Black Friday is unrealistic offers that big retailers offer to their customers. If you are a small to midsize business, you couldn't be able to afford such giveaways without slashing your margins. Because of this reason, most sellers ;
A smarter approach would be to think beyond the sales volume and margin
The reason for the name Black Friday is because it's an opportunity for sellers to convert their books from a red state to a black state. But this year, consumers won't make many irrational purchase decisions and will expect offers on more useful items. Sellers have to think smart when deciding their offer strategy:
Seasonal shopping is more of an experience for many shoppers. When purchasing happens online, you can't create the same seasonal vibe as in-store. Also, your sales staff can't influence the buying decisions of an online shopper. You need to come up with online strategies to create more conversions and increase the cart value. Potential solutions are:
On a side note, Adobe has forecasted seasonal trends by using their AI (Adobe Sensei). They expect a YoY seasonal sales boost of +107% for SMBs this season. Black Friday would be the ideal start for your seasonal success. Maytech hopes that the above guide will help you come up with a better offer strategy for the entire shopping season.
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