Black Friday – who won more growth and why.
Black Friday to retail is like AFL Grand Final for Football – it’s big.
The event provides insights into retail and the overall economy in general.
- This year’s Black Friday was crucial for retailers to get rid of excess inventory and get insights into consumer sentiment going into next year’s expected recession,
- Online Black Friday sales rose 2.3 per cent to $9.1 billion, and Cyber Monday sales rose 5.8 percent to $11.3 billion (Adobe Analytics).
- Retailers relied on heavy discounting to move products and rebalance their stock levels.
- Forbes reports that online sold more than physical stores – 123 million – shopped in stores, and 130.2 million were online shoppers this year.
1) Which advertising channels increased their revenue from last year?
TripleWhale reports,
- Meta – FaceBook and Instagram: grew 24%
- Google: up 44%
- TikTok: up 25%
- Pinterest: up 29%
2) The brands that made an advent calendar-style experience appeared to have sold more.
What is the advent calendar style?
First used by German Lutherans in the 19th and 20th centuries, the advent calendar is now winning in the modern digital world.
Using social media posts to reveal a new ‘door’ (offer) each day of the calendar till Christmas (lead-up to Black Friday). Each door – day – is a new offer.
3) The businesses that had 20 to 100 advertising variations – kept their offers fresh with headline changes, graphic and content variations gained higher-performing Click Through Rates.
4) Northbeam reports the top-performing categories with the highest Return on Investment,
- Cookware,
- Apparel,
- Electronics and accessories,
5) Highly optimised for performance – landing page improved with higher traffic levels. Conversion rates improved two to three times.
6) The complexity of retail online sales and marketing – revenue operations – is growing exponentially. It is a specialised role – regardless of whether it is in-house or agency – those businesses that outperform – have dedicated revenue performance specialists. If you want to win more revenue – in highly competitive markets – move to best practices. Consider taking this Advanced Quiz, which identifies your businesses gaps and how to fix them
Specialists oversee
- eCommerce,
- Site merchandising,
- big data analytics,
- offers,
- advertising creatives,
- research – continuous improvement cycles,
- performance marketing,
- offers, bundling,
- Site design,
- omnichannel outbound selling is now a 15-plus world,
Overall – Most retailers saw moderate to strong growth this Black Friday.
The fear – next year’s likely recession and deep discounting- will be the default strategy for many businesses in 2023 – causing widespread profit falls.
