Oh, 2020. What a peculiar year. One that will most probably (definitely) go down in the history books. Continuing the trend of things we’ve never seen before, the forecast for Black Friday 2020 is no different. With social distancing here to stay, having a strong eCommerce presence and strategy has never been more important for retailers.
Bearing this in mind, Channable would like to use their experience in eCommerce to help you prepare for Black Friday 2020. There will be unprecedented challenges, trends, and changes that you will have to face this holiday season. This whitepaper will help you stay ahead of your direct competition. Channable has covered specific challenges in various sectors and given tips and solutions you can apply to your business.
The sectors covered in this whitepaper are electronics, fashion, health & beauty, home & garden, and sports.
A Black Friday like no other
So how will Black Friday 2020 be so different? Let’s look at the data. First of all, the total amount of customers spend across the Black Friday weekend is set to increase by 20% in revenue compared to last year (Adobe Analytics). If we combine this info with the info from a survey conducted by Wells Fargo, it paints a very different Black Friday picture.
The Wells Fargo survey showed that 70% of consumers aren’t planning on returning to physical stores in the foreseeable future. This means that the increase from 25% to 30% in the eCommerce marketplace (caused by the pandemic) is here to stay.
With a 20% increase in revenue over the Black Friday weekend AND more consumers shopping online, Black Friday 2020 is set to break records. If you want to make the most of this record-breaking weekend, now is the time to start prepping.
What can you do to prepare for Black Friday 2020?
Over recent years, Black Friday has adopted the role of opening the holiday shopping season; especially in the US. Formally just a day, Black Friday is now an entire weekend, running from the Friday after Thanksgiving (Nov. 27th) until the end of “Cyber Monday” (Nov. 30th). Although Black Friday’s online presence has been steadily growing, this year things will change.
Retailers who favor promotions on the limited items they have in offline stores have to change their approach. Since the pandemic, online shopping spend has increased by 59% compared to this time last year. Consumers are now more confident and more skilled when making purchases online. This is why focusing a hefty portion of your attention on your online shop is key to creating the buzz needed to make Black Friday 2020 a success.
This feels like common knowledge. And with more ads being seen by each potential consumer, means more competition. So how are you going to stand out from the crowd? A data feed automation tool like Channable. Channable ensures the right promotions are targeting the right consumers at the right time. This prevents sales being lost or overlooked due to the sheer volume of demand and competition.
These are just a few of our best tips. There are many more within our Black Friday whitepaper. You can download the whitepaper by using this link: https://www.channable.com/the-black-friday-2020-forecast/