Daisy Watts
Nov 16, 2023
In the realm of commerce, Black Friday stands as a light of opportunity, especially within the digital landscape. As businesses prepare for this exciting event, the digital realm becomes an arena for strategic operations and innovative approaches. How exactly does the Black Friday spell benefit businesses in the digital aspect? Let’s find out.
Digital benefits of Black Friday
1. Driving sales and revenue surge
The digital metamorphosis of Black Friday shines in its ability to propel sales and revenue. Adobe Analytics reported a staggering $9.6 billion in online spending during Black Friday 2023, marking a substantial 19.6% increase from the previous year. This impressive surge illustrates the readiness of consumers to splurge online, primarily enticed by attractive discounts and promotions. It is a thing of the past for people to be sceptical. Now, with sales and amazing online offers, people rush to websites.
2. Attracting new and retaining loyal customers
Black Friday serves as a magnet for both fresh prospects and loyal patrons. Shopify's survey indicated that 69% of online shoppers unearthed new brands or products during the Black Friday/Cyber Monday spree. Impressively, 58% of these shoppers revisited familiar brands or products from the previous year, emphasising the event's potential to foster brand awareness and customer loyalty.
3. Prepping for holiday rush
Beyond a singular event, Black Friday acts as the launchpad for the festive shopping season. Salesforce's report unveiled that 50% of the global digital revenue for the 2023 holiday season sprouted during the BFCM weekend. This extended impact elucidates Black Friday's role in fortifying sales and performance throughout the year, alongside giving invaluable data for future campaigns.
Additionally, with growth in the digital realm, law and order is much better. You cannot pull anyones hair online neither can you shoplift while the mob fights.
Strategies for digital triumph on Black Friday
1. Embrace hybrid shopping solutions
Seamless omnichannel experiences thrive on hybrid shopping options like buy online, pick up in-store (BOPIS) or research online, buy offline (ROBO). Gartner's data reveals that 84% of consumers incorporated ROBO and 77% utilised BOPIS in their shopping journeys in 2023. These options offer convenience, flexibility, and immediacy for customers, augmenting foot traffic, sales, and overall satisfaction for businesses.
2. Harmonise product information across channels
To ensure a cohesive customer journey, businesses must synchronise product information — price, availability, descriptions, and reviews — across all touchpoints, be it the website, social media, email, or point-of-sale. According to Akeneo, 87% of consumers are deterred by inaccurate or incomplete product information. Consistency breeds trust, enhances conversion rates, and nurtures customer retention.
3. Infuse excitement into the online sphere
Elevate the digital Black Friday experience by infusing elements reminiscent of physical store allure. Employ tactics such as limited-time or limited-quantity deals, countdown timers, stock indicators, and personalised recommendations. These strategies create urgency, exclusivity, and a sense of discovery, driving traffic, sales, and heightened customer satisfaction.
As businesses gear up for the digital war of Black Friday, leveraging these strategies can pave the path to victory. The fusion of technological innovation with customer-centric approaches lays the foundation for an exhilarating and rewarding Black Friday in the digital town.
