Unwrapping the Secrets to Black Friday Success for Retailers

The arrival of the holiday season typically means big earnings for retailers, provided they take the necessary steps to capitalize on it. Every retailer knows that Black Friday and Cyber Monday (BFCM) provide a great opportunity to increase revenue, but that doesn’t mean all businesses know how to make the most of the holidays. Since consumer spending changes year to year, retailers need to routinely reevaluate their understanding of BFCM. With the lingering effects of COVID, inflation, and a recession creeping in, retailers should adjust to the given circumstances to enhance their BFCM strategy. Continue reading to unwrap the secrets to BFCM success and learn some tips that will put your brand ahead. 

The Importance of BFCM Success for Retailers

Black Friday used to be a day when retailers would open their stores early and let shoppers run wild. Today, retailers are more likely to shop online, loading their carts before Black Friday so they can click “Check Out” as soon as the deals hit. According to Spendmenot, online spending took the lead over total sales with consumers having spent $8.9 billion online last season. For many retailers, Black Friday provides an opportunity for retailers to drastically increase their revenue and potentially record their highest earnings all year. 

Tips for Black Friday Success

While retailers are facing seasonal challenges, your business should view this as an opportunity to strengthen your holiday campaigns and take solace in the fact that these aren’t new challenges. To help guide you through the holiday season, here are some tips to help you capitalize on your BFCM campaigns. 

1. Start BFCM Deals Earlier to Reap Greater Returns

While Black Friday begins the day after Thanksgiving, BFCM success has proven to be dependent on starting early.

According to the National Retail Federation:

  • Over 40 percent of shoppers reported having started their holiday shopping earlier than usual. 

  • 59 percent of shoppers reported that their shopping began as early as the beginning of November. 

  •  42 percent of shoppers report that they’re planning to buy gifts early in 2022 in the hopes of beating price hikes. 

 

Getting a head start on your BFCM deals and strategies could help you maximize your earning potential for the holidays. We’ve already discussed how to have an effective early BFCM strategy, and knowing which steps to take is essential in making the most of an early campaign.

2. Account for the Impacts of a Recession on Consumer Behavior

With a recession looming overhead, it’s essential to consider how it will affect consumer spending. It’s reported that about 20 percent of consumers intend to spend less this holiday season. This comes at the same time as inflation and price hikes, which have caused consumers to grow more reserved in their spending due to fear of a worsening economy. 

Retailers are also concerned about the economy, as inflation is likely to affect production costs. According to Salesforce, the cost of goods is expected to continue rising, affecting selling prices. That said, recent studies have also shown that supply chain issues are primary concerns for consumers this holiday season. According to a study Oracle conducted for the last holiday season, 20 percent of respondents reported that they intend to buy extra gifts in case of delays. Now, retailers must juggle accounting for inflation and ensuring shelves are sufficiently stocked.

Retailers can consider forecasting demand for this BFCM to ensure that they’re carrying enough of the products that are expected to sell well. There are numerous methods retailers can use to forecast demand, including qualitative forecasts, time-series forecasts, and causal modeling. Understanding how your products are expected to perform and predicting potential issues that could arise this BFCM could be a great way to get ahead of potential problems and ensure continued brand loyalty. 

3. Personalize Customer Experience to Ensure Brand Loyalty

Fostering connections between brands and consumers is the backbone of successful marketing. This couldn’t be more true in today’s day and age, as modern consumers report being more willing to spend their money on brands they love. 

According to Forbes, 83 percent of consumers report paying attention to how brands treat them, and 73 percent report that they’ll consider spending more money on a product from a brand they love. 

Retailers can take numerous steps to connect with their customers, including:

  • Creating an interactive customer journey map to better understand their customers’ shopping process and subsequently tailor their marketing approach to this journey. 
  • Personalizing the shopping experience by making their brand as visible as possible. For example, your brand can boost visibility on social media by creating quality content, posting it at an ideal time when your consumers are active, and hosting live events for interaction between brand and consumer.
  • Utilizing personalized emails to hook their audience. This can be as simple as including previously collected data and putting it into the subject line of your emails. For instance, if you know a consumer’s name and place of work, consider writing a creative subject line utilizing this information.

4. Try Curbside Pick-Up

Curbside pick-up was on the rise this past BFCM, so it could be a good idea to consider expanding buy online, pick-up in-store services for BFCM success. There are a few primary reasons that curbside pick-up is a great tactic for retailers. For consumers with lingering concerns over COVID, curbside pick-up provides a safer alternative to BFCM shopping. This also applies for customers who wish to avoid the in-store mania. Additionally, buying online and picking up in-store provides customers with a cheaper alternative to delivery.

Make the Most of the Holiday Season

BFCM success can be a great way to increase your annual revenue and create new marketing strategies that can be implemented in the future for continued success. Having this BFCM success doesn’t have to be an insurmountable task. With these actionable steps and strategies, retailers can come out on top this BFCM and strengthen their brand for the future.

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