With the busiest day of the year coming up for retailers, saddling the right horse is key when you want to race for the biggest slice of the spending pie. Here is hopes that you've already made the right moves to turn your Black Friday numbers...black.
So what are we talking about? This year, in Denmark, a doubling of last year's Black Friday outcome is being predicted. And in the UK alone, rumours are that a - hold on to your socks (and horse) – £5 billion revenue is awaiting. So what used to be a US event is now becoming a major player on the international retail racetrack.
Will you be making footfall?
Getting all excited about anticipated increased sales figures may be all for nothing if you're not attracting enough customers. So the first question you (shouldn't) have to worry about is 'Will people leave the comfort of their couch and laptop to come down to your store?'
Competing with the convenience and advancing qualities of online shopping is a full time job for many brick and mortar retailers. But making the most of what the digital world has to offer may be a stepping-stone in that competition. Over at Marketing Land they recently shared an overview of some of the latest digital trends that might inspire you to attract customers and give them an even better experience. Here's a couple of them:
Virtual and Augmented Reality: If you didn’t run around chasing pokémons yourself this summer you sure know somebody who did – or still do. The virtual reality has become reality – and it is expected to reach a $120 billion revenue by 2020. It's worth a thought to check out how your stores can benefit from something like Pokémon, check out these tips.
People trust people: Research shows that people trust and react to human reviews or comments much better than a slogan, brand statement or shared message. This calls for businesses putting people at the centre and creating more user-generated content and feedback online.
In-store personalization: Finally, in-store, personalized, innovative messages to customers are gaining ground. The aggressive brand-centric messages are history and the substitute is found: Personalized communication – preferably based on technology providing you with demographics, purchase history and the like about your customer.
Limit the X-MAS cannibalism
Now that the customers arrived at your store, the second thing you (shouldn't) need to worry about is whether you're actually earning money. With trending retail seasons popping up everywhere, it can be difficult to differentiate what to mark down on the shelves. Retail expert Clare Bailey has a couple of pointers to stop you from cannibalising that Christmas budget.
Identify obsolete / end of line items that you can put into a big “sale” event on Black Friday.
Speak to suppliers - they might have stock they are sitting on that they want to shift – if that’s the case perhaps they’ll collaborate with you to part-fund the deep discounting consumers have come to expect.
Capture details of all customers shopping on Black Friday – ensure you can remarket to them.
How to enjoy the race
It might go without saying that whatever you do in retail and all other walks of life: Do it well. But, how do you know your retail operations are doing well? It tends to be a costly affair to monitor whether in-store activities are actually fruitful since it takes managers to physically supervise. This is where the digital world once again comes to the rescue. Why not do the monitoring, reporting and documentation digitally? This way you can enjoy the race from a comfortable seat rather than a wild horseback.
Ready to get your spurs on and join the Black Friday rodeo? We wish you the best of luck!
