The Importance of BFCM Success for Retailers
Tips for Black Friday Success
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.
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 take numerous steps to connect with their customers, including: