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How Retailers Can Turn Promise into Profit this Black Friday

How Retailers Can Turn Promise into Profit this Black Friday

With Black Friday approaching, retailers are doing all they can to capitalise on one of the year’s biggest shopping frenzies. With the promise of customers by the masses, retailers can’t afford to get complacent and let this opportunity slip by. Therefore, what tactics can be employed to attract customers and why did Black Friday become such a prominent date on the retail calendar? I asked retail expert Roger Bannister for some more information.

Black Friday shoppers retail roger bannister timico crowd of people shopping

Interview with Roger Bannister

Me: Hi Roger, firstly, congratulations on your Drapers panel, it looked like you pulled quite the crowd!

Roger: It was fantastic to see so many people coming out and attending, it’s really testament to how focal retail is right now, and how important it is for retailers to embrace digital strategies, in-store tech and innovation.

Chris: So, Black Friday is nearly upon us, my first question is: What can Retailers do to capitalise on Black Friday?

Roger: Firstly, retailers need to choose whether they participate. This can largely depend on the business, though I believe if the demand is there (and stats show Black Friday sales are only increasing year on year) I don’t see why they wouldn’t. The IMRG’s forecast shows an increase of 12.5% from last year, that’s 12.5billion just from online UK sales over the traditional 8-day period. Staggering.

What retailers must do is entice customers through differentiation. It’s no longer enough just to provide discounts. If you look at Amazon as a model, they have decided to offer Black Friday sales for an elongated period, trying to whip up demand early, by getting that first foot in the door, Amazon becomes the first port-of-call.

Amazon are also differentiating, having recently announced an AR feature within the app. These quirky innovations can help retailers stand out from the rest. All retailers should be asking themselves: Why as a consumer would I go to them? So, one solution is to bring in some out-of-the-box ideas.

Chris: It seems to have whipped up a storm very quickly, why has Black Friday become such an important date on the retail calendar?

Roger: It’s primarily a sales event. In a purist world that’s not great for retail because they are discounting. But for a consumer point of view, there is an expectation and a demand that has driven its popularity. Black Friday has got bigger because of consumer demand. Due to the spend element alone it is also beneficial to retailers. In many ways Black Friday is the precursor to Christmas.

There’s also the opportunity to dispose of old stock. Here, it can be beneficial to utilise omni-channel offerings to help clear out end-of-season items.

Love it or hate it, Black Friday seems to be sticking around. Therefore, retailers will need to adjust their strategies to accommodate the demands of a new type of consumer, one that expects purchases to be accessible and cheap, satisfying this, the retailers are rewarded with customers by the masses and an enthusiasm for spending.