Why you need to prepare even better for black Friday this year. If the previous months of online buying behaviour are any indication, most brands will need to enhance their omni-channel capabilities.
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Black Friday 2020 falls on November 27th, with Cyber Monday following close behind on November 30th. In other regions like Asia, Singles Day on November the 11th is huge. In previous years, we’ve witnessed long queues and keen customers squabbling over the last TV, but this year things are looking to be hugely different.
While 2020 has been one of the most unpredictable years to date, experts predict a different kind of Black Friday weekend in light of COVID-19 — one that’s predominantly online. As a business, Black Friday & Cyber Monday is a significant calendar event that sees a huge spike in product sales, but this year it will be massive — so it’s crucial to get your online strategy and tooling right.
If the online buying behavior of the past months are any indication, we can expect huge increases in the online sales channel.
Online Spend Has Grown
With more people spending more time at home these days, e-commerce sales have grown exponentially this year. Data from Digital Commerce 360 reveals that in the first six months of 2020, online spend with US retailers grew by 30.1% year-on-year. The same period in 2019 saw just a 12.7% year-on-year growth.
Many Consumers Have Money to Spare
Although for many consumers there is uncertainty about money, but the majority not seen a decrease in income are likely to have even seen a rise in savings — less money on commuting, unable to go on holiday etc. — meaning they may go big on Black Friday this year. On the flip side, those who have a reduced income may take advantage of the Black Friday discounts to purchase gifts for the holiday season.
Consumers Are More Likely to Shop Online This Year
Since the outbreak of COVID-19, we’ve seen a lot more shoppers turn to e-commerce — even those who were previously ‘anti-technology’. Data from Wunderman Thompson found that 38% of shoppers are now more comfortable with digital technology than they were before the pandemic, and 43% of shoppers now feel more positive about shopping online.
Older Generations Turn to Tech
The older generation, who previously rarely used technology, are now more comfortable shopping online. A recent study from Mintel found that prior to COVID-19, over 65s were the least likely age group to shop online. In 2019, just 16% of this age group shopped online at least once a week. However, following lockdown, over 65s were as likely as the average consumer to have shopped more online (43% vs 42% of all adults).
In-store Shopping Isn’t Easy (anymore)
In-store shopping is not the most enjoyable experience for consumers at the moment for obvious reasons. Insights from Wunderman Thompson reveal that before the pandemic, online spend accounted for 43% of consumer spending, which rose to 62% during lockdown. This spending is set to continue post-COVID-19, with consumers expecting to carry out more than half of their shopping online in future.
Decreased In-store Footfall = Increase in Online Traffic
Black Friday has become more of an e-commerce event in recent years which has seen in-store footfall decrease each year. In 2019, footfall over Black Friday weekend fell by 3% in America, and this year COVID-19 is set to decrease in-store footfall even more. This will likely cause a rise in online traffic.
Ahead of Black Friday, get in touch with previous customers through email marketing campaigns. Include information about upcoming promotions, and let them know you’ll be participating in Black Friday weekend — this will ensure your brand is in their mind ahead of the event.
Social media shopping has been on the rise in recent years, with more people purchasing products they discover through social media. As a result of lockdown, research from ParcelHero predicts a 95% increase in sales of products discovered on social media. Displaying your products on social media over the Black Friday weekend could result in a significant sales increase.
Following on from the previous point, optimise your channel sales! Displaying your retail partners on your website is a great way to encourage sales — whether or not you have an existing e-commerce option. From a customer’s point of view, it makes shopping from your brand easier — they can see where to get the best deal, where your products are in stock, and whether they can purchase from their favourite retailer. Which they are likely to do anyway, but not always your product.
Hatch’s Where to Buy Online solution is a must-have addition to any brand website. For brands with no e-commerce capabilities, it offers consumers a way to purchase products directly from your website which wasn’t there before. And, for e-commerce enabled websites it adds extra options for your visitors to choose where and from whom they can buy your products, enhancing the customer buying journey and overall experience while increasing the opportunity to buy.
With the Hatch Where to Buy Solution, you can:
Ultimately, Hatch’s Where to Buy Online solution provides customers with all the information they require to make a purchase in one place, so they are less likely to shop around, and more likely to purchase your product.
E-commerce is leading the way for Black Friday 2020, with sales set to soar higher than ever before. Make sure your business is prepared for the biggest Black Friday yet with the tips we’ve included throughout this article — don’t wait until it’s too late.
For more information about Hatch’s Where to Buy Online solution, or to request a demo, please get in touch.