The Past, The Present and The Future of Black Friday and Cyber Monday
Black Friday and Cyber Monday fast approaching? Is it really worth getting caught up in the hype and offering your customers a once in a life time offer?
If you didn’t know already, Black Friday and Cyber Monday originates from the USA and happens just after Thanksgiving. They have since come across to the UK and made significant growth in the last couple of years to become the biggest shopping days in the calendar.
Black Friday and Cyber Monday was not always the biggest shopping days of the year for the UK though, it only gained that title in recent years. The days leading up to Christmas were the focus, but now, Black Friday is the most eventful day for retailers and is showing no signs of stopping.
Black Friday and Cyber Monday continues to see a growing amount of shoppers, especially online. E-commerce is growing at a rapid rate; the amount of online shoppers on Black Friday and Cyber Monday is simply staggering. 39.8 million transactions were processed online in the USA during the 2017 Thanksgiving weekend.
However, the total amount of people physically going to a shop on Friday is decreasing and people are beginning to see that deals may not be the once in a life time deal they were looking for.
Additionally, when you put these figures into a global context, for example, comparing Chinas Singles day to Black Friday, the US Black Friday sales in 2017 were £3.9bn in total. China’s Singles day this year generated £24bn. It is clear then that Black Friday has some catching up to do in terms of generating sales compared with the busiest shopping day on this planet.
So how about 2018 and beyond? Are people still interested in Black Friday and Cyber Monday?
With so many companies offering up deals on Friday and Monday, the space has become congested and customers are spoilt for choice, so businesses now offer deals throughout the month of November in a bid to gain more custom.
With sales decreasing in physical shops, the amount of sales through websites is quickly increasing. The Interactive Media in Retail (IMRG) state that in the UK £1.4bn was spent online on Black Friday in 2017. This number is expected to be higher in the coming years as well.
So in conclusion to our original question, yes do get caught up in the hype of black Friday! Take advantage of the surge of shoppers going online to bag an interesting and worthy deal, moreover make sure you think outside the box to ensure you stay competitive in an already crowded market.