Black Friday along with cyber Monday is the most anticipated event of the year for most retailers. According to Bain & Company, 2024 should be an exceptional year with a forecast of $75 Billion in sales in the US only. In this article, we will look at the major trends forecasts to help companies make the most out of Black Friday.
Cyber Monday is slowing down
In recent years, we’ve noticed that Cyber Monday has fallen out of top sales. The decrease forecast is at -1% this year compared to -2% last year according to e-commerce associations. But those numbers should be looked at in context: Since the end of the pandemic, we’ve noticed an overall decrease of e-commerce compared to in-store purchases. This doesn’t mean it is no longer relevant, but in the last five years, customers are now doing their shopping in-store the day before Thanksgiving instead of doing it online on Cyber Monday. This means retailers should plan accordingly to ensure they adapt to this relatively new purchase pattern.
What you should consider
While e-commerce is slowing down, the trend of early shopping during holiday season has not. Creating special VIP events a week before Black Friday could be a good way to gain an edge on your competition. This is especially true for apparel and jewellery industries.
People are looking for deals on social media
Market shows that 36% of USA consumers are looking at social media to find out about deals during Black Friday week. This means it is becoming more and more important to have a good presence on all social media channels to make sure your clients are aware of your promotions during that period. Having an influencer partnership and a good ad campaign around that period is now a must.
What you should consider
The multiplication of partnerships with influencers will help you get traction this season because it helps customers gain trust in your products. Another way to promote your products is by displaying “Our Favorites” or “Top Picks” of the products that are in high demand during that period on your website and social media. At Salesfloor, we thought of another good way to showcase recommendations: By using storefronts. Storefronts are product recommendation pages shared directly by sales associates for each store with their own top picks and recommendations. By allowing your sales associate to become an influencer, you gain in trust from your clients and it results in big sales wins.
The right promotion will make you win big
With people going back in-store, it becomes crucial to follow your market trends when it comes to delivering a special promotion and remain competitive. While the average sale discount is at 31% for all categories, it varies wildly between industries: Electronics (49%), Apparel (72%), Cosmetics (23%). Making sure you align with your category’s numbers will be crucial this season. But having good deals to offer is not the only thing that will ensure customers will spend at your store. In the past few years, we’ve noticed growth is ensured when clients are being delivered a personalized sales experience and outreach.
What you should consider
Companies should focus in delivering a great in-store experience along with a strong clienteling strategy. Using a clienteling software can allow your sales associates to easily reach out to customers with personalized special deals that matches their interests, ensuring you remain relevant and competitive.
In conclusion
If you are interested to see how Salesfloor can help you get a competitive edge by using our clienteling solutions in your sales operations, don’t hesitate to request a demo with one of our specialists.
