There are currently less than 80 days left until Black Friday. Come late November, almost half of all consumers in Europe will cash in on some form of Black Friday or Cyber Monday deal.
Right now, most brands are working hard in this crucial preparation phase to plan their Black Friday and Cyber Week campaigns, if they haven’t already.
But before everyone’s inboxes and feeds are flooded with brands flogging crazy bargains, we’re here to break down some of the key consumer insights brands can leverage in their Black Friday and Cyber Week strategies.
What To Expect
With an anticipated ‘Christmas crunch’ and many still navigating the COVID-19 recovery, Black Friday might look a little different this year. However, the one thing we do know about Black Friday is that consumer behaviour changes.
Consumer psychologists and marketing scientists alike have been tracking the growth of mega-shopping days in Europe for quite some time now. Black Friday and Cyber Monday were once American traditions, however, their popularity has been steadily growing worldwide. Over the last five years, the number of consumers hunting Black Friday bargains has grown 117% in Europe.
According to a consumer report by Roamler:
- 60% of consumers in Europe are waiting until Black Friday to fill their baskets with clothes and consumer electronics
- The urge to “find a good deal” drives 34% of purchases
- The preference for online shopping (45%), ranks as the most common reason for avoiding shopping in physical stores during Black Friday
The following graph from Statista really shows the incredible impact of Black Friday and Cyber Monday deals on eCommerce across key European markets.
Online Black Friday purchases saw the greatest growth in the Nordic countries of Denmark and Norway, with 692% and 687% change compared to the previous month of the same year, respectively.
Percentage change in online retail sales on Black Friday and Cyber Monday in Europe 2019
How can brands prepare?
When it comes to communications from brands during Black Week, there’s no doubt consumers are going to be overwhelmed. According to Campaign Monitor, over 116 million emails were sent on Black Friday alone in the US. A further 106 million were sent on Cyber Monday.
So, what can brands do to cut through this noise and get noticed?
- Go big or go home: Black Friday discounts average over 50% now. If brands really want to compete, a big discount is the most likely way to make an impact.
- Get in early: Statistics show 54% of consumers start their holiday shopping before Black Friday. (source)
- The power of email marketing: The industry average for email open rates sits around 20%. On Black Friday, this number climbs to almost 35% for cart-abandonment mails. The average click-through rate on Black Friday is around 9% compared to 1.8% on a regular day. (source)
- It’s not always what you say, it’s how you say it: Knowing the preferred communication method of your customers is key to nailing your Cyber Week strategy. According to Roamler, 62% of UK consumers prefer online ads from brands around Black Friday. 58% prefer offline ads and 54% prefer email.
- Mobile sales account for 66% of transactions: Brands know they should optimise for a frictionless mobile shopping experience, and Black Friday data only supports this further. According to Shopify, mobile orders made up two-thirds of global Black Friday sales last year.
Black Friday is without a doubt the biggest shopping event of the year. It’s also the key retail event that kicks off the holiday season. Its growth has been steady over the years and shows no significant signs of slowing down, even during the pandemic.
Understanding your customers’ behaviour will ensure your messaging and strategy remain effective and authentic during these mega-sale events.
How are you approaching the holiday season with your marketing strategy?
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