Black Friday this year is going to be very big in the UK, as 81% of shoppers are planning to go on a shopping spree and swoop up the best deals. In the US, about 44% of consumers said they are looking forward to the shopping event.
Knowing this information as early as now could help you prepare and get a bigger piece of the pie.
Of the 3,226 consumers polled by Periscope By McKinsey, which offers marketing solutions and analytics tools, for their Black Friday 2017 Shopping Report, 31% of UK consumers and 36% in the US said that they are doing their shopping online and in-store.
The question now is: Can you give consumers what they're looking for online and offline?
If your answer is a big YES, then good for you as you're more than ready to join the race.
Now, if you said no because you are only selling through one channel, which is either online or in a bricks-and-mortar store, consider teaming up with somebody from the platform which you don't sell on.
After all, it's very commonplace to hear big-box retailers collaborating with online shops or vice versa nowadays; take the Amazon-Whole Foods partnership as an example.
However, when it comes to having the upper hand, it's got to be online stores as they triggered the Black Friday craze-in the UK at least.
Based on the Periscope study, 37% of UK consumers said they have grown to like Black Friday more as they shop online, while 29% said it's one of their favourite shopping events.
Factors that trigger Black Friday shopping
Steep discounts and special promotions that are not offered at other times of the year are the main factors that prompt consumers to spend more on Black Friday.
As stores offer high-quality products at extremely low prices, many people see it as an opportunity to start their Christmas shopping early than wait until later when prices go back up.
Personalised marketing is another factor that influences purchasing decision; consumers prefer brands that talk to them.
According to the survey of Periscope, 38% of UK shoppers are more likely to go for a brand that will give them early-bird discounts, while 43% of the respondents said additional discounts matter more.
They have set their sights on electronics and clothes
It looks like this year's Black Friday is going to be favourable to electronics and clothing retailers.
Although the Periscope study showed that their respondents intend to make purchases across all product categories, it also revealed that 52% of them in the UK and 58% of them in the US have Consumer Electronics at the top of their list.
Clothing placed second, while Movies, Books and Music came in third.
Other categories that were also mentioned in the poll include: Beauty and Fragrances, Toys, Grocery and Beverages.
Mobile devices will dominate
While desktops and laptops will continue to be the primary shopping tools of 45% of shoppers come Black Friday, mobile transactions are expected to zoom.
31% of shoppers in the UK and 26% in the US said they are going to make purchases with their smartphones, whereas only 16.5% and 20.5%, respectively, did so last year.
So if you haven't got a mobile responsive website that works across multiple devices, you better get down to it before Nov. 24, which is just a month away.
Or perhaps, you will find inspiration from these words of Brian Elliott, managing partner of Periscope By McKinsey:
“Consumer appetite for Black Friday in the US and UK has surged this year, with more planning to shop, in more categories, with more disposable budget. There is a clear opportunity for those retailers that understand how their customers shop in an omnichannel setting and therefore focus on creating shopping experiences that tie their online and physical channels together. We know from the research that consumers have a shopping list and are researching online already now, that means they are giving you clues about what they want. Retailers that can use that information to create personalized promotions and offers, stand a much higher chance of securing sales, and making Black Friday 2017 their biggest ever.”
We hope that sets you off with a brilliant plan of attack.