For retailers across Europe, the last three months of the year are vital to increasing revenue.
Black Friday has long been a critical moment for sales in the US, and this tradition has now been adopted by most European countries. As its popularity grows, this day paves the way for holiday shopping and the attendant changes in consumer behaviour.
The ability to influence and leverage consumer spending right before Christmas — when the propensity for consumption reaches its highest peak — gives both brands and retailers a powerful opportunity to boost their revenues and hit their sales targets before the end of the year.
Over the last five years, Black Friday has been growing in Europe at an average of 117%, with consumers raking the bargains in the run up to Christmas.
Black Friday launches the holiday shopping season, where consumer spending habits change from essential purchases to bargain-hunting, gift-buying and luxury purchasing.
It’s not a surprise that the most-purchased items during this event include fashion and sporting goods, high-tech products and beauty products.
Brick-and-mortar stores see a dramatic increase in foot traffic, which is the perfect opportunity to attract and retain customers.
Creating a flawless in-store shopping experience
Black Friday is both an immediate opportunity to boost sales and the chance to create a shopping experience that will most likely influence consumer choice during the entire period leading up to Christmas and New Year’s sales. Thus, providing shoppers with what they perceive as “value” is key for retailers to maximize their marketing investments.
Nowadays, “click & collect” points as well as fast check-out stations are among the factors that consumers value most, but when it comes to more expensive items that typically have a longer and more intense decisional process, product availability and in-store recommendations are critical to finalizing sales and increasing consumer loyalty.
Crowd-supported insights about in-store product visibility and availability, alongside Crowd-powered mystery visits, allow retailers to have a complete overview of what shoppers really experience in-store. Leveraging an on-demand Crowd of hundreds of thousands of smartphone-enabled shoppers allows retailers to access store-based data and photos delivered in real time, which help them in identifying critical areas and implementing timely, corrective actions.
Are you all set for the upcoming holiday shopping season? Let our experts help you win this year’s challenge!