Forget Black Friday – it’s now a whole Week… or even two weeks!
In just three years Black Friday has transformed the pre-Christmas shopping landscape in the UK. This year, the bargains have been coming thick and fast with Amazon first off the line with daily deals from 14th November, quickly followed by Morrions, ebay, Argos, Boots, Tescos and many, many more!
Despite murmurings that consumers are becoming fed up of Black Friday madness – and some retailers are even taking a stance against it – last year’s figures speak for themselves.
Black Friday is expected to be the UK’s biggest singular spending day this year. PWC predicts that a quarter of UK consumers plan to purchase over Black Friday and Cyber Monday, spending an average of £203.
One of the principal keys to running a successful retail store is knowing when to run an in-store promotion, when to offer a discount and when to host a customer appreciation event. The majority of retailers succeed at moving their overlooked and dated inventory during a huge selling day like Black Friday, but to their surprise, struggle to increase profits. Is this because they are getting just as overtly excited about Black Friday as their customers? Perhaps retailers are falling prey to this spirit of giving too much too early.
So how can brands and retailers get ready for this year’s activity?
Here are our top tips on how to efficiently manage your in-store promotions leading up to Black Friday:
- First things first – Don’t forget that Black Friday is an opportunity to engage the Christmas shoppers earlier, not just to offload huge volumes of stock at a discount. You want these shoppers to return in December – and next year! – so make sure the shopping environment and offers reflect the core values of your brand or store.
- Plan ahead – Avoid making changes in the stores on the day itself as they don’t need the disruption. If it can’t be helped, seek expert support to ensure any activity to install new POS or support materials is done under the radar without distracting colleagues so they can focus on the task in hand: helping customers to buy.
- Provide a great experience – Consumers don’t expect their shopping experience to be affected just because they are picking up goods at a lower price. They want a smooth journey from start to finish, devoid of queues and 404 error messages.
- Stock up – Ensure stores are well stocked with a prime focus on making sure planograms are correct, with key lines prominently positioned, so staff on the ground can maximise sales of popular products easier.
- One direction – Ensure POS material is correctly displayed and general store signage is usefully helping customers with their shopping journey. Cleverly directing shoppers around the aisles can help encourage impulse purchases.
- Keep it clear – Loose cardboard on the shop floor in the key shopping areas is best avoided, so be careful about where POS materials are placed to ensure longevity.
- Speak up – It’s vital that your communications to each store are clear and that store colleagues’ and merchandisers’ tasks are aligned to make for swift set up and clarity on what should be displayed on the shop floor.
Whether retailers like it or not, Black Friday is here to stay – in many markets it has become the norm, rather than the exception. So retailers will need to be nimble and smart to stand out and capitalise on this shopping frenzy.
eXPD8 are in retail 364 days a year and we’d be delighted to support your retail requirements as and when required… get in touch!