Inside the Mind of a Black Friday Shopper
Just days away, anticipation builds for the biggest weekend in the retail calendar; Black Friday and Cyber Monday, and some brands have already made a start! Traditionally marked by significant discounts and early holiday shopping, retail sees a dramatic shift in consumer behaviour as they gear up for the festive season. Understanding what motivates shoppers and the shopper behaviour at play shed light on retail’s biggest weekend.
Once upon a time Black Friday was only In-store and it was electrifying, with all the thrill of being part of a bustling crowd, newsfeeds full of queues and the crush as the doors opened and the hunt for the bargain began. It was not for the faint-hearted, and the rapid growth of ecommerce has seen a shift in buyer behaviour thoughts brought new strategies and tactics from the retailers.
WIGIG (When it’s Gone it’s Gone)
Black Friday and Cyber Monday thrives on the promise of savings. The prospect and satisfaction of securing items at a fraction of their retail price creates a sense of excitement and accomplishment. Emotions run high, FOMO, winning and losing.
Retailers expertly leverage this by advertising stock levels and presenting the high original price next to the discounted one, making the deal more attractive, and encouraging purchases.
Online vs Instore deals
Shoppers have always had a (re)search phase, today they can do that at any time and anywhere. Most shoppers will know what they want to buy before the big day, they may have been in-store to experience products firsthand, or they may have done everything online.
Many savvy shoppers now take a hybrid approach, planning for these events, knowing what product they are looking for, researching online and instore, identifying the best deals and comparing prices.
We see retailers play to this, building the excitement in categories as shoppers wait until the big weekend to see if they will win a bargain! They promote the products that are likely to be on sale and prompt online shoppers to ‘favourite’ the items they are targeting. They are starting earlier too, hyping well in advance, offering early access to their most loyal customers, both in-store or and online. And, increasingly offering exclusive in-store discounts that aren’t available online, creating a strong incentive for shoppers to brave the lines. In the hope they will also capture the spontaneous purchase.
Black Friday was once heralded as the most chaotic of shopping events, today it’s well planned by both retailers and shoppers, who are all constantly evolving their strategies to win. Despite the best attempts to introduce new events capture the imagination and wallets of shoppers, particularly those coming from Asia like Singles Day, retailers will continue to give thanks for the big Black Friday & Cyber Monday weekend.
Published November 2024