27th November 2020 - Black Friday and now Cyber Monday have become a fixture in the retail calendar but should YOUR businesses run an event?
According to a number of online statistics 2020 is set to be the best ever Black Friday and Cyber Monday sales season, with shoppers restricted by COVID they are opting to buy online and with the rumours of another Lockdown looming, early sales will attract buyers! If you are thinking about offering a discount these are the highest influencing factors for buyers according to figures released by the National Retail Federation.
FREE Delivery @ 49%
Promotion/Limited Time Offer @ 36%
Easy to Use Website @ 21%
Buy Online with Store Pick Up @ 20%
So… not all reductions influence sales! With price an obvious starter, product availability plus shopping ease and convenience are big factors influencing purchases.
In past years, science has warned that these early Christmas sales have a negative impact, shoppers simply buy early at greater discounts. This might have been the case in previous years, however 2020 has wiped the slate clean as far as predictions go and shoppers now feel the impulse to buy now or get left behind - stock shortages and empty supermarket shelves have taught shoppers to buy when they get the chance. This increase in impulsiveness will help retailers decide how much to discount, on what and how to offer it.
There are various ways to promote your Black Friday or Cyber Monday Event, Social Media saw a rise last year with conversion rates up 11% on the previous year, and shoppers more engaged with emails received from retailers during the lead up to the festive season, open rates up 6% and click through rates up 4%. So, if you are thinking of dipping your toe into the Black Friday/Cyber Monday sales season, contact 2co for advice, promotions and graphics - 2co where ideas mean business!
Figures courtesy of Adobe Holiday Shopping Report 2019.