It’s the most wonderful time of the year—and for retailers, that means it’s the busiest. More conversions and bigger orders are at the top of everyone’s list, but success isn’t as easy as waiting for your customers to show up. Without the right strategy and execution, you might be disappointed with your results when the parties are over and it’s time for the decorations to come down.
Cyber Monday is the biggest online shopping day of the year and in the US sales topped $2 billion last year (Fortune, December 2014). Customers with the endurance to make it through the bank balance damaging weekend are still keen for deals and last-minute bargains on Monday. It offers distinct opportunities from Black Friday and if you take advantage of them you’ll see big rewards at the bottom line.
Talk about Black Friday “greying out” is nothing new.
What is new is that this year UK supermarket retailer Asda - who pioneered Black Friday in the UK – has consciously uncoupled from the event.
Instead of a mega day of discounts, Asda is offering £26 million-worth of discounts across the whole holiday season due to “shopper fatigue” (Guardian, November 2015).
Forget Black Friday. Forget Cyber Monday. The ecommerce day making headlines in Asia and soon to make landfall in the West is Singles Day on November 11th. Originating in China, it started life as a counterpart to Valentine’s Day. Since 2009 however, Chinese ecommerce giant Alibaba, amongst others, has used the day to drive traffic between Chinese New Year and the end of summer.
Between 2012 and 2013, Twitter’s fastest growing demographic was between ages 54 to 66, growing at 79% (Buffer, 2013). Women make up the highest percentage of gamers (IAB, 2014), while sub-Saharan Africa is now the world’s largest mobile technology market (Gallup, 2014).
These statistics fly in the face of conventional wisdom about consumer behavior.
If marketing has one goal, it’s to reach consumers at the moments that most influence their buying decisions. That simple reason is why Amazon started offering targeted product recommendations over a decade ago to consumers already logged in and ready to buy.
The sales period from Black Friday to Boxing Day wasn’t just a story of success. While consumers showed a high interest in the deals on offer throughout the sale period, only one in four who started the purchase process actually completed it. Needless to say, there is massive opportunity for retailers to get it right this sale season.
Traditionally in the UK, Boxing Day has been known for luring in millions with post Christmas deals but, according to our latest research, Black Friday is the one retailers need to watch.
Technology is changing shoppers' behavior. Customers are now used to buying anything, anywhere, in a few clicks, and they love it. One of the most exciting new developments is the rise of shoppable content. No longer a catalogue, these sites blur the line between the commercial and the editorial. Retailers are becoming publishers, and vice versa.