Black Friday

Black Friday is that time of year where the early Christmas shoppers find all of their bargains. It’s a joyous time for everyone!

Some of the most popular categories we see with large discounts during this event include technology, fashion, pet supplies, fragrances. These tend to be the items that sell the most due to the popularity and ideal purpose of gifts. Not only is it the most popular event of the year for shoppers but it also fits comfortably around the last payment period before the holidays, giving an opportunity to be purchasing with Christmas in mind.

When is Black Friday day this year?

The event will take place on Friday 24^th November 2023 followed quickly by Cyber Monday which will land on Monday 27^th November, typically it will always be the following Monday. During this time, it is easy to be distracted by distributing the deals and discounts without setting priorities with inventory and planning is key to potential sales and a successful peak period for the business. Achieving the best balance with inventory can be a challenge with how much stock is required as there is a possibility to lose out on sales due to not having enough or a risk of overstocking, especially if it’s a seasonal product which struggle to sell outside of the period. Either way, one thing is guaranteed which is the vast number of potential customers that are looking to purchase products. Earning more reputation as well as revenue.

 

How long does Black Friday last?

Over recent years, Black Friday & Cyber Monday have accumulated a time period of up to a whole week prior to the event, meaning sales will start with an additional four days before the Friday. This ensures that more sales can be made and grants more opportunities for the individuals who miss out on the discounts and available products which commonly would sell out first.

The bespoke occasion was introduced first and foremost in the United States. Amazon, being an American originated company, was the first to introduce Black Friday to the United Kingdom in 2010, since then, thousands of brands have optimised different strategies and approaches to maximise sales with the popularity of the event. Discounts as high as 80% off on the Black Friday or even to leave it as late as Cyber Monday, with the week leading up offering a range of discounts and deals which can, in turn, alter algorithms and change product visibility to a higher rank on marketplace searches.

 

What do people want out of Black Friday?

1. Xmas gifts – This event occurs around the final payment period prior to Christmas, therefore people are preparing to purchase gifts for friends and family all the while getting them at a significant bargain. Given the current situation with cost of living, there will be more awareness to discounts and sales on the upcoming season. Just be certain that returns policies are analysed before releasing any discounts to ensure products such as seasonal décor or products will not be returned after the holidays.

2. Heavy discounts – The bigger the bargain, the more you can anticipate them flying off the shelves and straight to the customers. This is the most appealing point to customers, and they will either be based around items that are used for everyday life or something that can be worn. Take into consideration the categories we had mentioned that tend to sell the most.

3. New gadgets – Christmas period is an ideal time for new technology and electronics as these are products that last a long time come with a protective warranty and will be used on a regular basis. So, if you’re considering a new laptop, TV, air fryer or even a smart phone. No doubt new ear pods are popular for that pending gym membership in January after the festive period.

4. Fashion sales – Purchasing something new to wear during the festivities are almost like an unwritten tradition for a lot of families. Even if this identifies as simply as a new pair of pyjamas to get cosy and curl up on the couch! These are products that will last a lifetime!

5. Increased store hours – Some consumers take the liberty of visiting the high street during Black Friday and there will be many stores across the country who are keeping their storefronts open for extended hours to accommodate this. Increased footfall will keep a steady period, not to mention they will attract the attention of the customers who have not experienced purchasing with your brand before.

The benefits for businesses selling on Black Friday.

As this is one of the biggest shopping events of the year that attracts millions of shoppers searching for the best deals, many eCommerce retailers will see a significant increase in sales which can boost revenue and profitability which can be in incomparable to any other period of the year. Black Friday also allows you to clear some none moving stock and clear inventory that’s been gathering dust if it is listed at the right price, this allows you to inject some cash back into the business to keep or reinvest in better selling products.

Black Friday attracts many new people to search online during the event who don’t usually purchase goods online. This is a great way to expose your brand to a wider audience, additionally, a potential repeat business if they purchase something from you and enjoy the product as well as their experience.

As well as attracting new customers, it can also increase brand loyalty from existing customers. In fact, some retailers target existing customers with better deals than for the general public during the Friday event which builds relationships and brand loyalty even further than before.

 

Best ways to plan for you eCommerce store during Black Friday in 2023?

Christmas is one of the busiest times of the year for purchases made by consumers.  If you have an eCommerce business, then this is the time in which to capitalize on. Bear in mind, this is the time of year for opportunities for significant increase in sales and having a good fourth quarter can make the difference between a good or a poor year for many businesses.

The extensive volume of people browsing the internet for purchases for Xmas pretty much starts on Black Friday for those looking to buy their loved ones the perfect gift. In fact, Black Friday, Cyber Monday, and Boxing Day sales are 3 key dates in the calendar to take advantage of during the back end of the year for businesses. Below is a list of 5 things that can help you best plan for these specific dates in the calendar.

1. Previous Data Analysis – It is always important to look forward in all walks of life none more than in business but now and again we should look at the past too. This information can help you prepare better than before, if you analyse previous data based on peak period.

What were your sales on Black Friday last year? What went well? Which did not meet your expectations? How can past errors be prevented? Were there any lost opportunities? How can you improve this time around? All valid questions to ask in advance and back it up with data from the previous year to back it up.  Also, looking at previous trends, consumer patterns or past operational issues can help you identify making it more successful this time around. Take time to ask the right questions and look at the correct data from the past to ensure you make informed decisions for the next up and coming peak season.

2. Is the content on your online store up to date? – This is crucial, it starts off with ordering your stock in time, the last thing you would wish to inconvenience peak is stock arriving late and missing the opportunity to sell best sellers. Existing stock complete a full stock count so the inventory is listed correctly ahead of peak as this could lead to selling items you don’t have which can lead to poor customer reviews. Ensure any promotional activity is taken into consideration and prices set are correct on certain lines in order to give them the best possible chance to sell. Preparation is key to avoid disappointment during the busiest time of the year!

3. Promotional activities – During Black Friday there are many retailers doing the same thing mostly discounting their products but there are other ways to stand out from the crowd. Instead of half price you could run BOGOF promotion, offer an additional cheaper gift for free if they purchase something from you or free postage. Whatever methods you may have opted for, they must be appealing and differentiate from what the others are doing to stand out from the competition and boost your sales.

4. Have a Plan B – It’s never a bad idea to have a back-up plan! Give some consideration for what could go wrong. With so much traffic going through your online store not every day will run smoothly. Take the time to judge what happens if your website crashes due to the demand? Do you have enough staff in customer services to deal with increased queries / enquiries? Returns process; The more you sell the probability is the returns may increase also? What happens if you run out of stock? The list goes on but prioritise what’s most important and give some thought how it can best be avoided. Having a well devised plan ahead of peak can be the key to abating any potential damage done to the brand in the long run.

5. Customer Service – There is no doubt the busier you are, the more demand there will be from consumers or potential customers. You may have to consider extending the hours the work or employing more staff in this area of the business during peak. Communication is imperative between the management and the team during such a busy period, so the correct protocols are met and are in line with the company’s policy, same as they are all year round.

 

Why Is online is becoming the place to shop on Black Friday –  In the previous years, physical stores within the US and the UK didn’t receive the anticipated rush on Black Friday. Footfall is down year on year in high streets, shopping centres and retail parks. It is expected that this trend will continue, as online allows shoppers to browse on a broader scale and access retailers which they wouldn’t be able to visit in person. Moreover, with convenient delivery options like click and collect, online is the perfect way to avoid the hassle of crowds on busy sales days.