Black Friday is the most important event of the year for online retailers, as consumers like to go bargain hunting on the internet that day. How can you use this opportunity for your business? You will find out here.
Black Friday is often associated with the USA, but in recent years this event has become a fixture in Europe as well which Apple introduced back in 2006.
According to a recent research by iUseCoupon.com, 5 out of every 6 people in Europe now knows about Black Friday and about 4.7% of the participants are willing to spend over €300 on Black Friday shopping.
Since then, more and more online shops have jumped on the train and now there are hardly any shops that do not advertise special discounts on this day. The main focus of Black Friday and Cyber Monday is now on online shopping.
This is so because bargain hunting is a lot easier for consumers here than in the mall and online retailers can easily adjust their prices to the competition at short notice.
During the Black Friday period, a large number of people are looking for the perfect offer, especially on the large marketplaces and comparison platforms across Europe.
Black Friday is paying off
The major discounts in top marketplaces and e-commerce platforms have long since ceased to be on only Black Friday, they are also being extended to the weekend or even an entire week. Of great importance is also the Cyber Monday – the Monday after Black Friday.
It is considered in e-commerce as the official prelude to the Christmas celebration and is often combined with the ongoing holidays discount campaigns. Online retailers who provide attractive offers on Black Friday are kicking off the Christmas celebration in a good way for their consumers.
Most offers on Black Friday are based on first come first serve which means the early shoppers get to scoop all the better deals. Users who complain of low discount or high price tags on Black Friday usually checked for offers very late when all the good deals are gone.
So literally, Black Friday is still paying off for those that are prepared for it.
Black Friday For Retailers: discount strategy, stock levels, cross-selling
The time around Black Friday is so important for online shopping, that’s for sure. But what should the individual dealer pay attention to be optimally positioned on the key date?
It is particularly important to develop a discount strategy earlier on. During this time, it is advisable to either drive a strategy in which many products are easily discounted using site-wide coupons codes or few select products are highly discounted.
In addition, you should also take extra measures to ensure that the discount offers are error-free so no information is missing or products incorrectly priced.
Just as important as the right discount strategy is, the optimal preparation in terms of order fulfillment and delivery should also be considered.
Here, online retailers often make the mistake of promoting particularly attractive deals, but don’t consider the abundance of orders to fulfill.
A fulfillment and a realistic expectation management regarding the delivery time are therefore very essential for the Black Friday sales.
From the experience of large shopping and price comparison platforms, it also makes sense for online retailers to set their shipping costs to zero on Black Friday weekends and at the same time to set out a thoughtful cross-selling.
This strategy has been proven to get retailers up to 11 times more sales during the Black Friday and Cyber Monday periods.