Author : Prashant Raikwar
Black Friday is the day after the U.S. Thanksgiving weekend, which has also historically been a holiday for many workers. It's usually a day full of exclusive shopping offers and strong discounts, and it's considered the beginning of the holiday shopping season.
How Did Black Friday Get Its Name?
With all the shopping events that take place on Friday after Thanksgiving, the day became one of the most productive days of the year for retailers and companies. The day became known as Black Friday since accountants use black to denote benefit while recording the book entries of each day and red to show a loss. Black Friday is now regarded as a profitable Friday for the retail sector and the rest of the economy. Retailers have adopted the name to reflect their popularity. To inspire more customers to shop, retailers started offering deep discounts only on that day.
Shopping on Black Friday
According to the National Retail Federation (NRF), an estimated 186.4 million US customers shopped between Thanksgiving Day and Cyber Monday during the five-day weekend of 2020 marginally lower than 2019, but still higher than $165.9 million in 2018. Stores offer major discounts on electronics, toys and other gifts, or at least the first chance for customers to purchase whatever the hottest goods are.
Competition on Cyber Monday
A similar tradition has emerged for online retailers on the Monday following Thanksgiving. Cyber Monday is seen as an unofficial start to the online holiday shopping season. The expectation is that customers will return to work after the Thanksgiving holiday weekend, ready to start shopping. E-tailers also reveal their discounts and deals before the actual day in order to contend against the Black Friday offers in brick-and-mortar stores. As a result, in terms of revenue, Cyber Monday has proved to be a success among shoppers. Cyber Monday's revenue hit a new high in 2018, totalling $7.9 billion in the United States. This handily surpassed Black Friday's revenue, which amounted to $6.2 billion.
Black Friday in India
Black Friday is little known in India because of the various shopping seasons. The busiest shopping times in India and hence the most discounted times tend to be Diwali, followed by regional festivals such as Ugadi, Dussehra, and Pongal in South India, Ganeshotsav in Maharashtra, Baisakhi in Punjab, and Onam in Kerala. Over the last decade, sales on Independence Day (August 15) have become a big attraction, while most sales in India last for one week. The rising number of e-commerce websites and large retail shopping centers has led to such sales.
The major e-commerce retailers in India are seeking to imitate the idea of U.S. shopping festivals like Black Friday and Cyber Monday. Flipkart, Snapdeal, and Amazon have sold discounted items at big festivals in India. According to Google Trends, interest in Black Friday is growing every year. Comparing the search volume of the word Black Friday in November 2012 and November 2013, the rise is almost 50% (22,200 is the search volume in November 2012 and 33,100 is the search volume in November 2013, according to Google AdWords).
Black Friday Marketing Strategies
49% of customers said they are looking forward to receiving emails from their favorite brands. Knowing this offers you an opportunity to initiate Black Friday and Cyber Monday email promotions to efficiently boost your sales.
According to one study, 37% of users decided that successful social media marketing strategies encouraged them to buy goods. So, when Black Friday and Cyber Monday come around, take advantage of the information you have about your target customers and put paid Black Friday ads on Facebook and Instagram. Make sure you use the most popular Black Friday hashtags for your Instagram marketing campaigns.
The creation of scarcity and urgency is a well-known marketing technique to increase sales. It's particularly useful during the shopping season when people rush to get the best Black Friday offers for their holiday purchases.
In 2018, the average cart dropout rate during the Black Friday holiday season was almost 82%. That's 7% more compared to the 2017 results. It indicates that most visitors to online retailers never take advantage of Black Friday promotions. Instead, they leave the website before purchasing the things they've attached to the cart.
So, summarising everything here are the best Black Friday marketing ideas and tactics to help you make more sales:
1. Start getting ready early, study your competition.
2. Start your Black Friday email marketing campaign and update your store accordingly.
3. Develop a strong presence in social media.
4. Build a sense of urgency and scarcity in your goods.
5. Increase the total value of the order.
6. Remind visitors about their online abandoned carts