9 November, 2018
Its origins are based on the Stock Exchange crisis of the 19th century, although nowadays it’s the day when Christmas shopping starts. Friday 23th November, Black Friday returns and retailers must be ready to face such an important date in the calendar.
According to the Deloitte 2017 Christmas Consumption Study, Black Friday has a very important economic impact, raising 33% of the Christmas budget in Spain. It also highlights that brick-and-mortar remains the preferred option for seeking ideas and advice and that practical gifts continue to lead the Tope 3 for adults: Clothing and footwear, Books and Perfumes and cosmetics.
Bar de Langhe, professor at the Departament of Marketing Management at ESADE, defines: “Black Friday and Cyber Monday is mostly a price game. It’s telling consumers: Hey, here’s a really unique opportunity to buy a good product at its lowest price.” That is why knowing the consumer will be key to make an optimal preparation and choose the correct pricing strategy. This is where Big Data comes into play.
Having a Retail Analytics solution will allow store managers to compare recurrent traffic with Black Friday traffic, as well as their conversion rate and routes within the store, among others. Basing strategic decisions on this information (provided by the automated people counters for stores and WiFi tracking) can bring great benefits to retailers:
– Know the variation of visits per hour with respect to recurring days.
– To place the products in promotion in the key points of the store according to the route of the clients thanks to the heat maps.
– Evaluate the success of the campaign and the impact on sales figures.
– Improve the shopping experience by offering the right promotions according to the customer profile obtained by segmentation.
Thanks to technology, retailers can make strategic decisions based on concrete data about customer behavior and calculate the additional sales potential in Black Friday to optimize their resources and offer promotions according to customer expectations.