Mustard’s Research Director Rebecca Dunn has shared her Five Rules for Retailers to follow this Black Friday…
Black Friday is a CON!
…according to more than half (51%) of consumers surveyed as part of Mustard’s 2024 Christmas survey.
Yet spending on Black Friday is forecast to be up 4.5% year-on-year, and the majority of shoppers (58%) agree that Black Friday is more important and relevant than ever, because of inflation and higher prices.
Almost half (45%) of consumers told us that ‘Black Friday forms an important part of their shopping plans for Christmas’. The difference this year is that consumers are savvier when it comes to Black Friday deals. Shoppers won’t just buy everything and anything because it’s been discounted. This is compounded by a rise in awareness of sustainability, leading to more considered purchases.
According to VoucherCodes.co.uk: Shopping for Christmas Report 2024: The Black Friday Sales, a fifth (21%) of consumers say that finding the right product is the most important thing to them this year, suggesting that shoppers might not crumble as easily this year, when presented with discounts in flashing lights on products that they had not planned to buy.
With shoppers being more selective about where they spend their cash and what they spend it on, how can retailers ensure that their till is ringing on Black Friday this year?
Retailers must focus on transparency, customer trust, and clear communication. Here are Five Rules for Retailers to follow this Black Friday…
1. Be Genuine About the Deals.
We’ve all heard about retailers hiking up their prices in advance of Black Friday, so that they can claim to have slashed prices when Black Friday arrives. This appalling practice has been called out in previous years, but it is still going on. Needless to say, retailers should NOT inflate prices, and only offer genuine Black Friday deals. This will help to build trust with shoppers.
2. Offer Discounts on Current and Popular Products.
Given that shoppers are likely to be buying only what they want or need this year (rather than being enticed by a good deal), offering discounts on the most sought after products is going to drive the most footfall. It also demonstrates that retailers are not just offering discounts on old stock that they are trying to shift, which will help to build a sense of credibility amongst shoppers.
3. Provide Price History and Comparisons
If possible, retailers should include price history charts on product pages to show how the current price compares to the last few months. If similar products are sold, price comparisons across the range will also demonstrate the value of the discount. This level of transparency will reassure shoppers that they are getting a good deal, and will appeal to the growing number of savvy shoppers amongst us.
4. Communicate Early and Consistently
Consumers are likely to already have a list of what they want to buy on Black Friday. So, retailers need to start communicating about their Black Friday deals early, with accurate information, allowing customers to compare and plan. Send reminders and keeping the messaging consistent will help to ensure saliency when the deals go ‘live’.
5. Offer A Price Guarantee
A “price match” policy can give shoppers peace of mind and save them from trawling other shops for the best deal on Black Friday. This works by offering to match the price. if a shopper finds a better deal on the same product elsewhere. Retailers could also consider a “price adjustment” policy, where if the price drops further within a specific time frame, customers can get a refund for the difference.