Over the last decade, preparing for Black Friday and Cyber Monday has been a firm priority for online retailers aiming to enjoy the most profitable year possible.
With Black Friday being on the 23rd November, retailers saw a 1.5% decline in sales compared with December 2017.
In the UK alone, an estimated £7.8 billion was spent over this four-day retail rush (that’s the equivalent of 13,021,702 iPhone 8s).
Black Friday Weekend’s International Reach
The birthplace of Black Friday Weekend is the U.S., a prime area for UK retailers to score strong sales: over $5 billion was spent online during Black Friday, while Cyber Monday estimates of $6.6 billion made it the largest online shopping day in the country’s history.
But North America is not the only area where online shoppers are bitten by the Black Friday bug:
- In China, 140,000 brands participated in Black Friday sales in 2017, including 60,000 international brands
- In Brazil, the average transaction value was predicted to be 1,180 Brazilian Real, the equivalent of £222.90
- 78% of internet users in Denmark are aware of Black Friday sales, up from 52% in 2016
- Other countries that saw significant spending over Black Friday Weekend include Germany (£5.7 billion), France (£4.7 billion), Italy (£2.6 billion) and Spain (£1.7 billion)
4 Key Concerns When Preparing for Black Friday Weekend
Establish Your Black Friday Ambitions
Pricing strategy – a fundamental aspect, consumers globally expect reductions during this period, so you need to carefully consider what discount rates you will run on what items, as well as the cost or free inclusion of extras and delivery.
Inventory requirements – do you need to build more stock on certain items? Which items sold well this time last year? Outlining your metrics and market trends will ensure you don’t oversupply (leading to fire-sales down the road) or are left understocked, disappointing customers.
Duration – it’s important to establish when and for how long you plan to offer discounted prices and expect increased sales activity during the Black Friday Shopping weekend.
Brand awareness – if you aim to use Black Friday as a launching pad to sustained brand awareness, you should take time to consider the smoothness of your operations, the user friendliness of your online shopping experience, delivery to wider markets, and more.