Retailers have encountered numerous challenges recently, including COVID-19 quarantine restrictions, shifting consumer priorities, intense competition, and concerns about inflation and recession.
Despite the current tension and uncertainty, shoppers in 2024 are expected to feel more confident and at ease. Let’s explore how to maximize your profits this Black Friday!
When Is Black Friday 2024?
Black Friday 2024 is eagerly awaited by many shoppers as it marks the holiday sales season’s start. BF will occur on November 29, the day after Thanksgiving.
What Can Retailers Expect in 2024?
Retailers will likely see record sales this year, driven by growing consumer spending and a substantial demand for early promotions.
According to a CNBC report, sales are projected to rise by 2.5-3.5% compared to 2023, approaching nearly $990 billion. Shoppers are anticipated to focus primarily on essential and high-ticket items. The report also highlights the crucial impact of online sales on retailers’ success. Nevertheless, considering factors like inflation and consumer debt, which could significantly influence outcomes, is crucial.
Black Friday presents not only opportunities for substantial profits but also challenges and heightened competition. Therefore, it’s essential to prepare well in advance. Expert Black Friday tips can assist you in this endeavor!
What Was Black Friday Like in Previous Years?
The previous few years have posed considerable challenges for retailers as consumer behavior has shifted dramatically. On Black Friday 2021, US shoppers spent around $8.9 billion, a slight decrease from 2020’s $9 billion. Many stores began their advertising campaigns and sales promotions as early as October, which extended the traditional discount season and complicated the collection of overall sales statistics.
In 2022, online sales on Black Friday reached $9.12 billion, with electronics, computers, and toys being the most sought-after items.
In 2023, Black Friday turned out to be unexpectedly remarkable for retailers, with shoppers spending a record $16.4 billion! Online orders accounted for 68% of total sales, and 54% were made through mobile devices. As in 2022, the top categories included electronics, clothing, and home goods.
Overall, it’s clear that there is a positive trend: the total sales volume on Black Friday is increasing significantly each year.
How to Make BF Successful: Lifehacks for Retailers
The key rule for sellers is to avoid a one-size-fits-all strategy for customers. Today’s buyers want personalized attention that caters to their specific needs and product suggestions that align with their interests.
According to Salesforce, 84% of consumers believe they are individuals rather than just numbers, which is crucial for earning loyalty. So, what can you do to turn customers into devoted fans this Black Friday and beyond?
Personalization is key to boosting additional and cross-selling efforts
A personalized recommendation feed is a powerful way to engage customers. You can significantly boost your cross-selling and upselling potential by highlighting products specifically selected for them on social media platforms such as Facebook, Instagram, LinkedIn, and Twitter.
So, how does this operate? Retailers can anticipate greater loyalty if they truly understand and address their customers’ needs.
A multichannel campaign can significantly boost success rates
While offline shopping remains popular, the Internet greatly shapes customer choices. Therefore, when developing advertising campaigns, it’s advisable to utilize various channels (such as physical stores, laptops, and smartphones) and consider factors like demographics, geography, viewing statistics, and cross-device targeting.
Marketing strategy upgrades are necessary
Optimize Your Website
Consider factors like bandwidth, memory, storage, and computing power as you gear up for Black Friday. This assessment will help customers enjoy a seamless online shopping experience without disruptions.
Reduce cart abandonment rates
Do customers leave your website after adding items to their carts? Here are some tips to help:
- Make the checkout process simple;
- Enable mobile checkout options;
- Reassure customers that your business is reliable and reputable;
- Provide the option to save carts and postpone checkout;
- Offer free shipping on orders that cost over a certain price.
Enhance product pages
The success of online sales is closely tied to the quality of the user experience. You can enhance this by providing detailed product descriptions, incorporating relevant keywords, and completing the FAQ section, among other strategies.
Disseminate information promptly across various channels
The speed at which customers receive information about discounts through all channels impacts sales directly. Retailers need the same messages to be communicated consistently in offline stores, on social media, and on their websites.
A Well-thought-out Pricing Strategy Is Invaluable
First, any Black Friday promotions should align with the overall marketing strategy. However, many brands, in pursuit of massive sales, end up slashing their margins and undermining their annual trading strategy. It’s more effective to manage promotional campaigns with specialized tools like Competera. These tools enable you to test various scenarios, forecast outcomes, plan, and set up sales in just a few clicks while providing visual insights into previous campaigns.
Second, it’s crucial to ensure that the marketing strategy and pricing policy are in sync. Many retailers focus heavily on price adjustments, aiming to provide customers with the best deals on popular items. But is this truly the most effective approach? Advanced algorithms like Competera assist in avoiding price cuts, allowing for the establishment of prices that benefit consumers and sellers across different product categories, including Key Value Items (KVI).
Conclusion
Now, you can start making your predictions for Black Friday 2024. We hope these hints will help you in achieving the profits you desire and even breaking new records!
