Black Friday – right for your business?

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Black Friday – right for your business?

Daniel-Gross-Oct17

This year black Friday falls on the 24th November. A term most of us haven’t heard of until a few years ago, Black Friday is fast becoming the most important date in the online shopping calendar. Whether you’re a small or large retailer, you may wonder whether it’s a good idea to participate in the mayhem of the day where crowds pack shops and storm websites looking for bargains. Here are some pros and cons to consider.

Pros:

  • Customers are more likely to buy goods from you that they usually get somewhere, so you have an opportunity to attract new customers on Black Friday.
  • There’s a high level of enthusiasm and awareness among those treating themselves or shopping for Christmas gifts.
  • You might be able to attract some good business with low-cost, tactical email and social media campaigns and a sharp message.
  • Trying to get rid of that old inventory? Then this is a great opportunity as you can mark down the price and dispose of that stock.
  • You can generate a lot of footfall into your shop or traffic for your website with the right offer.

Cons:

  • Do you have the capacity to serve the customers you attract? If your website crashes under the weight of thousands of visitors, your delivery logistics aren’t up to scratch or you don’t have stock to service demand, it could damage your brand.
  • The competition on Black Friday is intense, especially with large ecommerce sites and big retail chains offering loss-making deals just to get people into their stores to spend money. It can be hard to cut through all this noise.
  • Customers are price-sensitive on Black Friday, so you could find yourself needing to discount aggressively to close sales.
  • Customers may come to expect great Black Friday deals and therefor spend less in the weeks leading up to the big day.
  • Making a sale on Black Friday doesn’t guarantee a loyal customer – they could simply be bargain hunters.

As can be seen above, there’s no clear-cut answer to whether Black Friday and Cyber Monday deals are for you or not. Black Friday sales between 2015 and 2016 more than tripled, and the same is expected for this year if not more. So some strategy and consideration is definitely necessary from marketers in order to maximise this opportunity. With only 4 weeks to go, now is as good a time as ever.

Happy selling!

Daniel Gross – CEO

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