Black Friday and Cyber Monday: Insights
By: Marissa Chupp
The holiday shopping season is upon us! Do you get excited waking up at the crack of dawn to rush to your favorite stores for amazing Black Friday deals? How about snuggling up in your pajamas with a cup of coffee on Monday morning to catch all the Cyber Monday savings?
In just the past few years, the holiday shopping landscape has transformed dramatically, especially considering the push to stay at home to avoid crowds due to the pandemic and the resulting surge in ecommerce. The 2020 shopping season looked very different than years past and 2021 is looking to be similarly impacted.
The Evolution of Black Friday Shopping
Many believe the term “Black Friday” describes the time of year that businesses finally turn a profit, or “put them in the black”. This is a myth.
Black Friday, as a term, is actually rooted in historical events being marked by disaster or misfortune. Such events typically involved major economy crashes or negative economical events. Over time, the term has shifted to describe the busiest shopping day of the year.
There was a brief period when large retailers attempted to change the name to “Big Friday”, hoping to avoid Black Friday’s negative connotations, but it didn’t quite stick.
What used to be a single frenzied day has transformed into a multi-day event. Stores compete with one another to open earlier than their competition and host the most impressive deals. As a result, many places of business begin their door-buster savings on Thanksgiving day, running them through the entire weekend and bleeding into the Monday of the following week. Black Friday is such big business that stores begin advertising their promotions in October!
Thanks to the growth and popularity of Black Friday, Cyber Monday has exploded as a holiday in its own right. It is incredibly convenient to make purchases online without ever leaving the comforts of home. It only takes a few seconds to click ‘add to cart’ and check out with the perfect item.
What does this mean for retailers and their advertising partners?
With the 2021 forecasted consumer data and current retail climate, we recommend the following tips for building a solid holiday marketing plan, that should begin well before the turkey is in the oven.
1. Build and promote an ecommerce platform to sell products digitally.
Whether you plan to build a shoppable website or utilize a platform such as Etsy or Amazon, we highly recommend getting inventory online so consumers can be reached digitally. Let’s face it, when the purchasing process is as simple as the click of a button, it is a no-brainer to implement!
2. Build more into your budget for online advertising.
With more consumers shopping online, it makes sense to advertise digitally through social media, geotargeting, and display ads. In fact, you can even link directly to the product or shop page through these advertising avenues.
3. Don’t wait! Begin advertising holiday deals in October.
As Black Friday shifts into a five or six day shopping experience, take advantage by advertising early. In addition, expect shipping delays – don’t wait! Lack of drivers and supply issues should not stop you if you plan accordingly.
4. Reward online shoppers with loyalty coupon codes and referral links.
Simple as that. Reward online shoppers and convert them into loyal customers for life! And it never hurts to have them share their killer deals with friends.
5. Watch the competition.
Watch closely to see when competitors are starting to promote sales for Black Friday. Subscribe to e-mail blasts, take note of display ads, and keep an eye on local mail advertisements to gauge when and what to advertise.
References:
NRF Data
Adobe Analytics
NBC News
https://www.nbcnews.com/shopping/black-friday/evolution-black-friday-n1278024