Despite current downturns in the economy, evidence shows that the e-commerce industry is picking up and going back to pre-pandemic levels. The real question then is how to achieve profitable growth and for many businesses, Black Friday sales make up as much as 20% or more of annual sales. Although the trend seems to be going ‘back to normal, Black Friday 2022 will be different from previous years. Here’s how:
Sales will be stretched out over a longer period – This is partly due to retailers having so much inventory. It’s also been a trend in recent years for retailers to start their sales much earlier, in some cases as soon as October or early November, and run those sales later. That’s very likely to continue this year.
Brick-and-mortar stores will drive growth – Online shopping remains a convenient option for most shoppers. But buying journey is no longer a linear physical vs. digital experience. Buyers interact at multiple touchpoints before completing their purchase. As you prepare to offer competitive prices on your website, buckle up to fulfil this demand in-store by:
Using the latest technology to enable digital payment solutions and self-service will help you mitigate health concerns and offer a better shopping experience. Adding signage for sanitation and social distancing instructions and updating customers about any major changes to your store’s flow on the website, social media, and mobile app.
Customers will expect value – The early pandemic years saw buyers’ marked preference for a frictionless experience. They gravitated towards online shopping and curbside pickup, but in 2022, they will go a step ahead. Alongside comfort and convenience, shoppers will look for lower prices. In fact, according to Salesforce, nearly half of all shoppers will ditch their regular brands for a lower-priced competitor.
Consumers will choose sustainable options – Modern shoppers won’t buy from you if there’s a value mismatch. This Black Friday, ensure you are honest about your carbon footprint and account for emissions. Share your sustainability initiatives and regularly promote sustainable practices.
User experience and trust will matter more than ever – Shoppers no longer believe the best prices are on those days. Trust has increasingly become a factor and the best way to fix that is to offer genuinely good prices that aren’t just overly exaggerated sales pitches. In other words, if you promise that these are the best prices of the year, deliver on that promise.