Since the 1980s, the annual sale on the day after Thanksgiving, popularly known as Black Friday, has been a commercialized craze to mark the start of the holiday season sale in the United States. Since then, this phenomenon has grown to epic proportions that even stretched to different countries like Canada, UK, Mexico, to name a few.
Consumers now regard Black Friday as an ingrained tradition that friends and family do together for the Thanksgiving weekend. Brad Tuttle from Time magazine views it as, “the shopping equivalent of the Super Bowl.”
“People look forward to it not necessarily for the game itself (which can be underwhelming) but because of the desire to be a part of the action, and to evaluate how this extremely hyped event unfolds—pomp, circumstance, commercials, and all,” he added.
Analyzing the consumer behavior of Black Friday shoppers
Black Friday shoppers normally get hyped when their favorite stores get bombarded with cheap prices and discounts, especially when retailers started opening their shops every Friday morning after Thanksgiving while crowds wait in line outside to avail the “doorbuster deals.”
Nowadays, technology plays a crucial role for consumers who shop during the holidays. Data from last year’s Black Friday sales from market research firm Senex showed that Amazon and Walmart were tied for the first place during the five-day Black Friday sales. Each retailer sold items from 97 million shoppers or 53% of consumers from both their online and physical stores.
Additionally, the National Retail Federation in the US found out around 108.5 million people shopped for Black Friday discounts online while 99 million went to the brick-and-mortar stores. Besides Amazon, the Top 20 websites that shoppers visited during Thanksgiving weekend were retailers that also have operational physical stores.
These data show that omnichannel retail is gaining more traction among consumers who shop for Black Friday deals during the Thanksgiving holidays. These statistics are an indication of the increasing impact that digital technology, via e-commerce in retail, have on brick-and-mortar stores.
Moreover, it underlines the importance of having an effective omnichannel strategy for the retail industry. Director of MB&G Consulting Bill Davis, who wrote a report on omnichannel retail, defined it as “the logical evolution of multi-channel retailing in which a customer can use more than one sales channel to shop from a retailer for any given transaction.”
The evolution of consumer behavior for Black Friday shoppers also implies that retailers should focus on creating innovative strategies that will capitalize on understanding their consumer’s journey – from their intent to buy up to the purchase of the product. It is also important to understand the role of digital technology throughout the stages of browsing, selecting, purchasing, and post-purchasing services for the consumer.
By improving the overall omnichannel consumer experience of their shoppers, retailers now have the chance to drive sales growth on Black Friday by leveraging their physical stores to drive traffic to their websites online. One of the ways to effectively capitalize on the use of digital technology to increase Black Friday retail …read more
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