Black Friday: Should you bother? JGM says yes!
Black Friday is a US phenomenon that has, in the past few years, travelled across the Atlantic and hit UK shores in 2010 thanks to Amazon. In the States, Black Friday falls the first Friday after Thanksgiving, which was traditionally one of the biggest spending days in the US calendar.
Spotting this opportunity for some pre-December revenue generation, this has led to several online retailers launching a ‘Cyber Monday’, which comes the Monday after thanksgiving and Black Friday.
And we’re not talking small change here… This week, last year, $12.8 billion was spent online in the US alone, with an estimated £1.23 billion spent in the UK, a steady 12% growth from 2015. This year, households are expected to spend £3bn during this period, with an average of £300 per person to be spent this coming Friday.
We’ve all seen the videos from previous years where keen shoppers clamber over one and other to get their hands on the half price flat-screen, or a discounted pair of trainers. As a result, Black Friday has quickly become an online event, so how does Black Friday now affect e-commerce and online businesses?
Well, there’s less physical clambering! But what started off as ‘a day’ has quickly become a week-long, or even fortnight, event, where shoppers expect to see deals to secure reduced price Christmas gifts (to others or themselves!). Notable large online outlets such as Amazon, Curry’s and Debenhams have been running Black Friday deals over the past week, with many more joining them in the lead up to Friday.
So, if you’re an online retailer and you’re not offering deals, you may just be missing a lucrative treat. It is also a well-known fact that more emails are opened over this coming weekend, as potential shoppers look to see which of their favourite brands are offering a substantial discount. This can lead to more views of your website or online shop and resultantly, more sales or enquiries. Interestingly, in the US last year, nearly 40% of purchases were made on mobile. It is more important than ever for websites to be mobile-responsive and up to date!
Not a B2C company? Well B2B companies can still get in on the act. By sharing content that is usually premium (such as guides, handbooks, online workshops or support) at a reduced rate or even free is a great way to be proactive over this coming weekend and boost your new business channels. Consultant or Advisor? Why not consider a Facebook Live session with your followers with your top 5 tips for growth. Legal or financial services? You could produce a free how-to guide to get ready for 2017/18 legislation changes.