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Who doesn’t love the frenzy of holidays, especially Black Friday that gives the best of the best offers!
Black Friday marks the beginning of the Christmas shopping season when people line up outside shops or browse their favorite e-commerce website as early as midnight to get the best deals on some of the products they desire throughout the year.
What began as a parade after Thanksgiving day to announce the unofficial start of the holiday season soon grew into the biggest shopping carnival of the year in the early 1980s.
Today, it accounts for billion-dollar sales for retailers and e-commerce websites. This directly impacted the overall holiday marketing for eCommerce and retail and turned it into a big thing.
A study by Adobe Analytics, for example, revealed that online sales during Black Friday jumped by 23.6% in 2018, clocking $6.22 billion. It was also the first time when smartphones played a pivotal role, with more than $2 billion in sales stemming from it.
Adobe also revealed an interesting fact that the click and collect orders have gone up by 73%, which indicates that many shoppers prefer ordering products online and picking it up from the retail shops. This was further reinforced by a survey by McKinsey that revealed that nearly 48% had planned to shop online and in-store on Black Friday. Even BestBlackFriday.com had predicted the omnichannel shoppers to increase from 24.3% in 2017 to 35.6% in 2018.
As more and more shopping websites compete for shopper’s attention and as more channels proliferate, the buying behavior of the shoppers has also undergone a massive change. Shoppers are no longer loyal to a single brand. They prefer to compare prices, peer reviews, and purchase the one that matches their expectations. They have also transformed from being impulsive to purchasing with purpose. Think with Google reveals that holiday shoppers do extensive research online. So, although there is a decline in foot traffic on Black Friday, the percentage of store traffic increases the week before Black Friday. This means that the retailers and e-commerce websites need to be prepared in advance to offer the best deals and experience to the customers before their competitor does it.
The Black Friday week is your time to boost your sales and earn comfortable profits for your company. It is, therefore, crucial to avoid all the common pitfalls and create a successful marketing strategy. To begin with, here are a few common mistakes that you must avoid this year.
1. Waiting till the last minute: A report by Think with Google revealed four types of holiday shoppers:
A common trait among all the four types is that they spend a lot of time researching and browse before purchasing. Most marketers wait till November to plan and execute their marketing campaigns. In a hyper-competitive season like this, this would mean losing out on sales and revenue.
2. Focusing on just one channel: Most marketers focus on only one channel for marketing. Buyers switch between various platforms and devices while shopping for products. So, focusing too much on just one channel and ignoring the others could lead you to burn your fingers.
3. Ignoring personalization: 38% of the retailers acknowledge competition as the top challenge they face during the holiday season. However, despite knowing this, marketers ignore the potential of personalization and resort to sending blast emails. With customers demanding more relevant offers, marketers need to up their personalization game to break through the noise and attract more buyers.
4. Ignoring remarketing: Cart abandonment is a nightmare for e-commerce websites, with over 75% of the shoppers abandoning their cart during Black Friday. Although shoppers add products to the cart, they prefer to compare the prices on different websites before buying. Sometimes the buyers may have just forgotten about the product added. In either case, marketers should try remarketing to attract users back to the website.
Now that you have a fair idea of the popular trends and the mistakes you must avoid, we believe it will be easier for you to start creating your Black Friday campaign. Black Friday is just few months away, so don your marketer’s hat and start working on a fool-proof strategy to create winning campaigns. Keep checking our blogs, as we will continue sharing ideas and inspiring stories from marketing leaders to inspire you.
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