For over 350 years, Americans have celebrated Thanksgiving every 4th Thursday of November to show thanks to the Native Americans who shared their good harvest with the Pilgrims. Nowadays, people know the festive day more for the friday that follows it. This day, known this year as Black Friday 2017, is the kick-off for the Christmas holiday shopping season.
Shop owners go wild with massive discounts on a lot of products, while consumers look to get their holiday shopping done early and save a pretty penny in the process. Since 2005, it has been the busiest shopping day of the year, and not only in the US. In 2016, an estimated £2 billion was spent on Black Friday alone. For retailers, this day is one of the most important days of the year for business.
To capture most of the prospective sales on Black Friday 2017, planning and preparation is of utmost importance. Without proper channels and advertisements, many customers will find their holiday shopping deals elsewhere. The infographic below highlights the main planning points that should be taken into consideration by both store owners and consumers to make the best of this shopping extravaganza.
It shouldn’t come as a surprise that marketing plays a major role in the success of retail businesses. Advertising the right message to your target audience is key when it comes to bringing attention to your deals—but maybe not as important as the timing of it. According to the National Retail Federation (NRF) in the US, as much as 40% of Black Friday shoppers start planning ahead as early as October.
Customers are always on the lookout for good deals on their desired products, especially on a day like Black Friday 2017 where competitors drop prices to an unprecedented low. Good planning of what to buy and where to buy it the cheapest is almost all that’s necessary to have a successful shopping experience. For retailers, giving shoppers the right information will help your customers plan out their Black Friday purchases
Although advertising will pull more customers towards your store, it also poses increased risks when Black Friday 2017 actually begins. Of course, more customers means more business, but is your business ready for the mass crowds? Small details can make a huge difference on a day like this.
Every store is different, so a standard checklist will not fit all. However, there are 3 main things that all stores need to take into account. These are: staff, technology & equipment, and business partners.
To be able to process the increased amount of consumers on Black Friday 2017, many stores may need to hire extra staff. Given it is the start of the holiday season, there are a lot of young people eager to earn a little extra money before Christmas.
Next, all technology and equipment that is necessary to facilitate payment transactions needs to be functioning and capable. Update your website, check that your Epos machines are functioning and up-to-date, and see to it that your merchant account is able to process all the money received through credit card payments. Double check that all security cameras working to ensure the safety of your customers.
Lastly, some sales aspects are not in your hands, which is why you need to make sure that your suppliers are willing and able to go the extra mile. These suppliers can be shipping company that handles your online orders, or a wholesaler that deliver the goods that you intend to sell in store.
All in all, it takes a lot of preparation to prevent your store from becoming a sinking ship in a sea of competitors, but in the end, it will be worth it. Have a happy holiday!
Check out your Black Friday 2017 infographic shopping guide from Market Inspector embedded below.