The Latest from 360pi

Don’t Count Black Friday Out Just Yet: 4 Ways to Revamp Your Retail Strategy

Black Friday continues to be one of the top three ‘must-shop’ dates of the year, but retailers need to revamp their strategies if they want to be successful.

JDA’s 2016 Consumer Survey reported a significant decline in consumer interest in Black Friday and Cyber Monday as a result of year round discounting by retailers and new-ecommerce events, such as Amazon’s Prime Day and Alibaba’s Single’s Day.

While many have suggested that this is the end of Black Friday, the fact of the matter is, as long as Thanksgiving exists, Black Friday will continue to have relevance. It is still expected to be the third biggest shopping day this year, according to RetailNext. The difference is that now it’s just one of many ‘must-shop’ dates and is sorely in need of a reinvention. Here are four ways to revamp your Black Friday retail strategy.

  • Build your online presence for Black Friday. While traditional Black Friday sales are in-store, prepare to be where the people are now. Of the respondents who shopped primarily in-store for Black Friday deals last year, 34% indicated that they are changing their behaviour—20% reporting they plan to shop equally online and in-store and 31% plan to shop primarily online.
  • Deliver on consumer expectations. 56% of consumers say cost is the most important factor they consider when placing an online home delivery order. Moreover, 1 in 4 consumers claim they do not shop anywhere that does not offer free shipping. Leveraging this data can be the opportunity needed to drive more interest in Black Friday deals.
  • Move beyond price. Differentiate your assortment with bundled offers, special purchase packs, and private labels. Leverage best-sellers and curated shopping lists to consumers overwhelmed by the array of options. Drive conversions and margins by carefully guiding shopper perceptions of what they should buy and for how much.
  • Be strategic about your product and stock. Know what your key products and categories are this holiday season and monitor them aggressively. Keep track of your traffic drivers and best sellers to ensure key products are available and well positioned.

360pi will be tracking holiday trends in their annual Holiday Insights Series and offering subscribers exclusive Black Friday and Cyber Monday reports. Sign up for the Series here.

About the Author
360pi derives profitable insights from product and pricing big data to help leading omnichannel retailers, etailers, and manufacturers compete and win in a price transparent world. 360pi's customer base accounts for over $US100 billion in annual retail sales and includes Ace Hardware, Build.com, Overstock.com, and RIS Fusion award-winner Best Buy Canada. 360pi monitors millions of products with unprecedented accuracy to give retailers and manufacturers real-time visibility into the market with full awareness of the competitive pricing landscape to "right price" to their respective customers. Ultimately, 360pi helps customers make smarter pricing decisions to drive increased revenues and margins.