In an unprecedented year, retailers have innovated rapidly – Pret A Manger launched a Coffee Subscription Service, Walmart announced it would invest in a media platform (TikTok) and digital retailers everywhere, particularly grocery retailers, helped vulnerable people to use digital services, often for the first time, and actively encouraged younger, less vulnerable digital-native customers to give up their booking slots.
So, it’s not surprising that Black Friday seems a bit, well, last year. Many customers have already migrated to buying online, the categories that people are shopping are very different to usual, and a shift towards more home working over the long-term means peak trading feels very different.
And the stats, as shown in this article, appear to back this up – 56% of shoppers are not interested in Black Friday and would rather buy Christmas gifts outside of the discounting event.
For years, retailers have been bemoaning the need for Black Friday to drive revenue at the cost of attracting low-value customers. With such a massive customer behavioural change this year, now is the time to reconsider value.
Read Retail Weeks full article below.