You may have heard whisperings of ‘Black Friday’ and ‘Cyber Monday’ in regards to retail planning, but what is Black Friday? Does it even apply to Australians? Never fear, we have compiled all of the useful info for you to have a successful Black Friday/Cyber Monday, whether you are a bricks and mortar or an online store!
What is Black Friday / Cyber Monday?
Black Friday originated in the U.S and is the Friday following Thanksgiving. The day after Thanksgiving has been dubbed as the beginning of America’s Christmas Shopping season and is well-known for bringing huge crowds out for BIG discounts. We mean people camping out overnight type of discounts! The deals would typically last over the weekend and then on the Monday after Thanksgiving, Cyber Monday would take over. Cyber Monday was created to increase online shopping over the holiday period (and it has certainly worked!) This year, Black Friday falls on the 29th of November and Cyber Monday the 2nd of December.
Does it even apply to Australian retailers?
Yes! It certainly does! Whilst the day is not quite as chaotic as it is over in the states, Australian consumers have definitely warmed up to the idea. The ABS recorded the highest online retail turnover to date in November 2018 and overall Australian retail turnover rose 3.6% during Black Friday compared to the previous year. Customers are starting to expect that there will be deals during this time, so why not jump on board and get in on the action?
Some retailers have been known to start their deals before the Friday, to try and get in before their competitors, but the general rule is that deals go from Friday the 29th until Tuesday the 3rd of December.
How should retailers prepare?
Now is the time to start getting your stock organised so you are ready for the sales! A great way to participate in the expected deals is to grab some bargains yourself! Shop the sale sections of suppliers and save those products for Black Friday. This means you can still participate and not dig too far into your margins.
It is also important to have enough stock to last you through the four days.
You don’t want to offer amazing deals and sell out of everything on the first day!
Make the most of it and ADVERTISE your sale! Let your customers know a couple of days beforehand that you will be participating in Black Friday to get them excited to come and shop.
If you are an online retailer make sure you create some eye-catching banners for the sale. Bricks and mortar retailers should get some signs printed to bring people in! It will be a busy time for consumers so you want to make sure they know about your sale and they come to YOU!
So there you have it! Everything you need for a successful Black Friday/Cyber Monday.
making it perfect for the frenzy!
Goodluck and happy selling!