Black Friday, a long-standing tradition in US, has been established the last decade not only in the North Europe, but also in the Greek market.
It is one of the biggest retail events with phenomenal escalation of sales during this day. Campaigns have been pre-launched to communicate sales, sneak peeks, promotional ads, to attract customers’ attention at every touchpoint. From featuring many items at small discounts, to a few items at deep discounts, retailers implement targeted promotional campaigns to influence purchase decision.
Consumer Price Sensitivity
During the Black Friday, consumers tend to be more sensitive to price and less focused to other attributes, such as the perceived value. Although they are more likely to purchase a product, depending on price, consumers prefer usually name-brand products instead of generic. Moreover, purchase decision is affected by the level of brand loyalty, which can increase the purchase intention. For instance, one product is substitute to another, consequently how does a Nike really differ from Adidas? Why would you prefer one over the other? Brand loyalty determine how they differ.
Push notification: Keep your customers engaged
Customers turn to their mobile phones for almost everything; from online shopping to entertainment and information. Leverage your loyalty program to reach your consumers successfully through push notifications. Black Friday updates, discounts and reminders will pop-up at the most personal device they own.
The high engagement rate of push notifications can be used to benefit either retailers or consumer companies by delivering value to their consumers and building meaningful relationships.
The co-existence between Physical store and E-Commerce
Although, brick-and-mortar stores would not be swallowed up by e-commerce, the later are making significant efforts to increase its market penetration concerning Black Friday. For example, Amazon customers worldwide ordered more than 18 million toys and more than 13 million fashion items on Black Friday and Cyber Monday, combined, based on Amazon Press Release.
A winning customer experience strategy is the one that deeply understands the need of the consumer to engage with one organization, not with separate channels. Creating a unified organization and connecting the digital and brick-and-mortar stores is vital. The Future of Retail is the unified commerce by offering a customer experience, which is personalized and consistent across all touchpoints.
Black Friday in numbers
According to Qivos report “Black Friday 2018 Insights” regarding the Greek and Balkans market, all brands that have run promotional campaigns during Black Friday period boost their daily sales per 223% on average, compared to the previous Friday, and per 101% compared to their daily average sales of the week.