The Black Friday of the century
On November 27, the black day is back on the calendar. But this year it will be different. In most countries the motto is “if possible: stay at home!” or there is even a lockdown. We at enigma think that despite this or just because of this the biggest Black Friday sale of all times could happen this year. Reason and cause for this are e-commerce
Never before, there was such a strong pressure on a sales channel as with the CoronaVirus. Many people are actually forced to order online, so many sales are shifting to e-commerce for companies as well. Having a good online presence and e-shop is more important than ever before. Compared to 2019, e-commerce has increased by over 40% in the last quarter. In Switzerland, the increase is about 30%, with domestic providers in particular growing extremely fast. A good example of this is Shopify, the platform for online sales for rather smaller providers, which is currently among the top 5 in Switzerland. Already last year, 7.4 billion were spent online. On Black Friday, in 2020 it could be much more.
What has changed for buyers with the shift to the Internet?
Planning, for example: when ordering, delivery time must always be taken into account. As a result, buyers are forced to plan ahead and are likely to shift even more purchases to Black Friday in order to benefit from the promotions.
For many people, who now spend most of their time at home, a certain boredom has certainly been added, which will be another factor. In addition, there is the so-called mental accounting, which refers to how people mentally divide their money into spending categories. One of these categories is the money they spend to have fun. However, this part has certainly been neglected by some lately, as most places to go out are closed. Whether it’s a nightclub with your colleagues or a movie theatre with your family, none of this has been possible lately. Again, Black Friday comes in handy for these people, for whom everyday life has become too commonplace lately.
Other factors are, for example, the gaming consoles Playstation and Xbox, which this year are coming into the next generation, which happens only about every 7 years. All this plays into the potential of this year’s Black Friday which could be the biggest ever.
But who can profit from it and how?
Among the buyers, the ones who will benefit the most are the ones who are well organized and therefore recognize the good deals faster or use a software. For example people who need Wikibuy or Shoptagr to be one step ahead.
On the merchant side, in a time when digital advertising is cheaper than ever and Black Friday will mainly take place online, especially those who have a complete data-driven approach, a good and fast website to keep the bounce rate low, and a simple store will benefit.