Black Friday is quickly approaching, and if you haven’t started thinking about your marketing activities yet, then it’s time to get a jump on it. However, before you can jump into the creative process, you need to take the time to study last year’s trends and stats to create marketing campaigns that will perform.
Black Friday is considered the most important retail day of the year and is a huge opportunity for small businesses to increase their sales and gain new customers. With the right approach, you can take advantage of this and create a profitable holiday.
Eight Black Friday stats you need to know:
1. Cyber Monday is forecasted to outperform Black Friday by nearly $1.8 billion. While many businesses plan to include online sales as part of their Black Friday marketing strategies, Cyber Monday is, again, expected to outperform Black Friday sales by nearly $1.8 billion. Typically, this is thanks to the fact that Cyber Monday has earned its reputation for online holiday deals. However, with more shoppers still choosing to make online purchases this holiday season, the right deal could convince your audience to purchase on Black Friday instead of Cyber Monday, which is why it’s crucial you perform the right research to see what your competitors are planning.
2. 59% of men say they could be convinced to shop Black Friday sales, compared to 57% of women. When people think of Black Friday shopping, most assume females will be the ones to take full advantage of getting up and heading out to save a few bucks. However, as of 2021, men have taken the helm! 59% of men stated that if presented with the right deal, they could be convinced to shop Black Friday deals compared to 57% of women.
3. Shoppers aged 18-24 are most likely to shop Black Friday sales (69%). Young shoppers are the most likely to shop for Black Friday deals. In fact, 69% of shoppers aged 18-24 stated they plan to shop Black Friday sales. This is especially true for in-store shopping, as older generations don’t really care to stand in long lines or wait in traffic to save a few dollars.
4. Brick-and-mortar retail is expected to surge 7.2% – totaling approximately $1.7 trillion. Brick-and-mortar retail is expected to see an increase of 7.2% in sales, totaling $1.7 trillion. This is encouraging as the last few years have seen rather dismal sales numbers for in-store shopping due to the global pandemic and stay-at-home orders. However, thanks to various precautions, foot traffic has increased over the past year.
5. E-commerce sales are expected to fall below 10% – totaling approximately $1 trillion. E-commerce sales will fall below 10%, although sales are forecasted to pass $1 trillion for the first time. While many precautions are in place that promote a safe in-store shopping experience, millions of Americans plan to take advantage of various shop-at-home specials this year.
6. 76% of consumers say free shipping is a key influence in their buying decisions on Black Friday. Free shipping is a huge factor in consumer decisions when it comes to Black Friday. 76% of consumers say that free shipping is most likely to lead them to make a purchase. When it comes to making the most of their savings, consumers head online to search for not only the best deals on specific products, but they don’t want to have to pay for the added convenience of not having to leave their homes to shop
7. 43% of all online shopping was done on smartphones. In 2021, approximately 43% of all online shopping on Black Friday was done via a smartphone. What does that mean for your small business? If you have an online presence, then you need to make sure your website is mobile-friendly and easy for consumers to use. Otherwise, you risk losing business to the competition.
8. Between 2019 and 2020, social media posts for Black Friday saw an average increase in comments of 1301.7%. Considering a social media campaign this Black Friday? It could prove more beneficial than you may think! Between 2019 and 2020, posts regarding Black Friday saw a massive increase in engagement, with an approximate increase of 1301.7%. That’s genuine engagement that can help boost not only sales but brand awareness and lead generation. However, it’s vital that you take the time to respond to this engagement appropriately and quickly, as 75% of consumers will expect a reply from you within 24 hours.
To learn more ways to improve your business practices, go to bbb.org and visit the BBB Small Business Resources page. You can also visit BBB.org/get-accredited to learn how to stand out as BBB Accredited business.
(reprinted with permission from the NorthernIndianaBBB.
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