How Retailers Can Make the Most of Black Friday
Despite statistics showing online shopping is increasing, Black Friday is nonetheless a significant in-store shopping event that retailers must be prepared for. One important strategy for retailers is to arm themselves with as much information as possible. To that end, here are some interesting statistics.
- Significant spending planned. According to a survey by BestBlackFriday.com, 29% of shoppers plan to spend between $101 and $250, and an additional 30% plan to spend between $251 and $500 on Black Friday.
- Thanksgiving hours frowned upon. The same survey showed that 47% of respondents do not think stores should be open on Thanksgiving (and another 19% are unsure).
- But not by all. ShopperTrak noted that in 2014, some people consciously shopped in stores on Thursday to avoid the Black Friday mania.
- Advance planning not popular. BestBlackFriday’s survey found that 29% of shoppers research purchases between November 1 and November 15, and a whopping 44% do it on Thanksgiving Day.
- Electronics remain most popular item. The survey showed consumers most interested in electronics (43%), followed by apparel (26%), toys/video games (17%), other (8%) and appliances (6%).
As retailers review past-years’ statistics to tease out potential trends, here are a few things to keep in mind.
- Anything stores can do to make the Black Friday experience better will be welcomed by shoppers. The BestBlackFriday.com survey found that 79% of shoppers do not enjoy the process. That’s a clear opportunity for retailers to up their game by making sure items are easy to find, associates are positioned where needed, and managers can be quickly alerted to problems.
- Black Friday is morphing into a shopping weekend. According to ShopperTrak and others, retailers are best off to begin thinking of this event as a single, long holiday shopping weekend that kicks off on Thanksgiving, rather than a Friday in-store event and a Monday online event.
- Alcohol may play a role. Exactly what retailers should do with this information is unclear, but about 12% of shoppers said they had alcohol in their system when shopping on Black Friday…
Let’s be aware of these trends as we go into the holiday shopping season with our eyes open and our data current.