With Black Friday just a week from today, we’re sure that all eCommerce businesses already have their strategy planned and in place. So once you’ve made all the necessary arrangements to optimize your sales, it’s time to think ahead about what the day will be like. Here we are listing some consumer behavior predictions that can help you plan forward about what the day might look like.
As people around the globe, in the US and the UK especially, face a cost of living crisis, things are looking good for Black Friday. Normal high ticket items might be out of budget for people on their regular budget. When Black Friday comes around, this is their change to purchase these higher ticket items for lower prices. Driven by the year-over-year inflation, some countries will see record spending. People are more deal focused than ever. Because of the tightness of cash, consumer behavior will reflect this; with more being spent on this day.
Early Holiday Shopping
Many consumers are starting to do their holiday shopping earlier. Shoppers might not wait for Christmas to buy their gifts, but instead start now in November. Deals such as reduced shipping, bundles and discounts will all contribute to these higher purchases. Particularly when gift buying, making bundle purchases will be popular.
World Wide Success
Black Friday and Cyber Monday used to be mostly recognized as a US holiday. As time has gone on it has become more recognized globally. It is even gaining popularity in European markets, which were previously less relevant here. In this case having an app that can be translated into many languages, or a chatbot that responds to many languages will be useful. Consumer behavior is now affected all over the world by Black Friday/Cyber Monday. Make the most of this!
Fear Of Missing Out
Many shoppers will be using this day to purchase as they don’t want to have FOMO, otherwise known as the fear of missing out. Black Friday uses the ‘scarcity principle’ to create artificial exclusivity. Making products appear in short supply, as well as deals only being available for one day means that shoppers feel they must act now. This creates a sense of urgency, and increases sales.
Social Media Effect
Since running social media campaigns for merchandising to market Black Friday deals will be a huge part of all strategies this year, this will help. Increased social media attention is important in building anticipation for the event. Posting during the day will amplify the attention necessary for people to make their purchases. Influencer shoutouts as well as user generated content will all contribute to the overall effect created.
As companies offer more payment options than ever, this will help encourage buyers to make purchases. Offering a payment plan option, such as Klarna, encourages higher ticket sales. This is because psychologically it doesn’t feel so daunting to spend a certain amount each month rather than everything all in one go. eCommerce Black Friday sales already have a psychological advantage over brick and mortar stores, as online payments often don’t carry the same weight as cash or in-person payments mentally.
Black Friday and Cyber Monday will remain one of the most important days in any eCommerce calendar. Understanding the way your shoppers are feeling in this current climate is incredibly useful. It can help you understand what to expect, as well as what to prepare for. Wishing you all a very successful Black Friday and Cyber Monday!