Consumers around the country rush out to stores the day after Thanksgiving, but why are they so quick to embrace this day of sales? Research has consistently shown that sales are better on other days during the holiday season, but consumers still face huge crowds to embark on Black Friday shopping. The Examiner indicates that some Black Friday sales will start immediately following Halloween this year due to the shortened holiday shopping season, so why go out the day after Thanksgiving? By understanding holiday consumer behaviors, your business can leverage this information to increase sales.
Inside The Mind of The Black Friday Consumer
First, it is important to get into the minds of Black Friday shoppers in order to understand their reasoning. Retail Solutions Online indicates that the primary motivation for any Black Friday shopper is to find good deals on the best products. Brand loyalty diminishes on this day, and consumers focus on brands that are offering the biggest discounts. Although recent studies have indicated that large crowds lead to a modest consumer, Black Friday shoppers are fueled by the thrill of competition.
Retail Solutions Online breaks Black Friday shoppers into two categories, “Early Birds” and “Night Owls.” 75% of night owls are shopping for electronics, whereas only 60% of early birds are searching for new gadgets. The one thing that both groups have in common is that two-thirds of shoppers are researching the best deals and creating a mapped plan using newspapers, TV ads, and other media outlets. After conducting a survey, two-thirds of shoppers also stated that they would consider using their mobile device to enhance their shopping experience.
Although e-commerce is rising, Black Friday is still the leading choice for holiday shoppers by 6%. Recently, Professors questioned avid Black Friday shoppers to uncover why they love this holiday. Their study indicated that female shoppers who are generally turned off by crowds enjoy the sense of competition on the holiday; additionally, they love the hunt for good deals and the sense of identity with other Black Friday consumers—I guess it can be considered friendly competition!
How Can You Use This Information To Your Advantage?
Almost 45% of shoppers will visit three to five retailer sites looking for information to plan their Black Friday excursion. Thus, it is important to release your sales way before the shopping holiday. Additionally, with two-thirds of shoppers indicating they would use their mobile devices to leverage better deals, it could be beneficial to release mobile advertisements as well. With consumers being pushed by the threat of competition, it is important to instill a sense of urgency into buyers. Including information about limited supplies could help give shoppers the extra push to purchase your products. Black Friday is a great time for unknown brands to leverage huge sales because this is a rare occasion when brand loyalty disappears!
How can your company benefit from Black Friday shoppers?
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