Why is Black Friday so successful online?
Of Black Friday and, of course, the dreaded Cyber Monday. The craziest weekend of the year for those who deal with online purchases and those who have the misfortune of being on duty as clerks in stores on these dates.
This year it happened on November 29th, just close to Christmas, which made the purchasing possibilities much higher than in previous years.
I focus on the fact that it is no coincidence that the date is towards the end of the month since theoretically, the salaries arrive on the 15th of the month more or less to everyone. We must not underestimate the psychological and mechanical “complex” mind behind this time of year.
Even I, who have been away since Black Friday, thought about getting myself a little gift, and I went to Amazon. I wanted to experience the thrill of black Friday.
Seriously, I report here some data from IG.com, which will make us understand very carefully how this trend of crazy discounts is evolving in Italy.
For the moment, a Nexi survey has found that, since Friday, transactions have risen by 10.3%, while Codacons points out that 75% of purchases have been made online. Coldiretti instead reveals that, on the occasion of Cyber Monday, 33% of Italians will buy online, mainly Christmas gifts, to take advantage of offers that are often even cheaper than those of Black Friday.
Istat recorded an increase in sales of 22.4% on an annual basis, an 11.7% increase in sales of TV and household appliances, and an increase of 4.3% for footwear and leather goods.
In short, we all got caught up in the Black Friday fever.
The Topic of This Post
- 1 What does Black Friday leverage?
- 2 The scarcity of supply
- 3 Black Friday online: is it always convenient to implement this policy in the world of e-commerce?
- 4 Why are black Friday and Cyber Monday having more success online?
What does Black Friday leverage on?
Initially, this phenomenon only concerned physical stores. However, the first time this “event” took hold was in 1924, when Macy’s held a parade in New York on the Friday following Thanksgiving.
It is a custom that has practically become a tradition in insurance shopping, first offline and then online. We then had the real turning point with Cyber Monday, which has made online shopping grow exponentially.
In Italy, Black Friday began to win the sympathies of the market in 2014, when in reality it was already present in America, as also regards the online, since 2008.
The psychological resonance of this event on consumers has become much stronger over the past five years. So if you wonder why black Friday and Cyber Monday are so successful, the answer is simple:
The scarcity of supply
That’s is what Black Friday leverages: you are conditioned by the idea that you can make great deals. That’s means, however, that not all offers meet actual demand; that is, discounted prices are applied because it is convenient, especially for large chains, not so much because, in reality, real discounts have been applied.
Indeed, in some cases, specific strategies are adopted price. Price is the amount of money required for a product or service. In a broad sense, the price is the sum of all …, even a few months before Black Friday, to condition the consumer to purchase.
I give an example.
A pair of designer shoes are on sale for € 100 at least two or three months before Black Friday. When it comes to the famous “black” Friday, those shoes can cost 80 €, making us believe that it is a dedicated discount. In reality, the pair of shoes has always cost € 80, but the psychological conditioning behind the crazy and desperate shopping makes us think that it is a bargain when it is not.
That’s is what happens in most cases without us even realizing it. And that’s why now consumers, who have become very tricky, are converting all their purchasing power to online black Friday, that is to say, on e-commerce.
Black Friday online: is it always convenient to implement this policy in the world of e-commerce?
Here we are at the most exciting point for us who deal with e-commerce. First of all, it is interesting to note that, recently, not all those who manage e-commerce have adhered to the logic of black Friday, and this is because it is not always convenient.
It is not always a winning strategy, but sometimes it can also represent a reason for failure for e-commerce. But let’s go deeper.
- Black Friday assumes that e-commerce has adequately anticipated the products that are in stock. If you put products on sale at discounted prices, you need to have enough left in the warehouse to deal with subsequent requests. This reasoning involves logistical organization, not at all obvious.
- Black Friday is synonymous with discounts and a marketing strategy in perfect balance between the e-commerce platform, social media, and mailing strategies. The “loyal” customers informed before the others that Black Friday is coming, and therefore you should leave with emails at least one month before the famous black weekend. It might be interesting to give loyal customers, who usually buy at total price, the opportunity to make reservations for Black Friday to be sure of the product at a discounted price.
- Pay attention to how Black Friday and the consequent Cyber Monday are perceived because talking only about the discounted price is limiting. The discount, in some cases, is considered devaluing, so the war at the lowest price is not always a winning strategy.
However, the impact that black weekend has on e-commerce is genuinely enormous. There is a specific reason, however, why this happens.
Why are black Friday and Cyber Monday having more success online?
The answer is straightforward to deduce, as it is much easier for the consumer to evaluate the absolute best offer if he can compare several sites together at the same time, simply by sitting in an armchair.
Comparing prices for consumers has become routine, and this means, however, that it is not the absolute discount as a concept that dictates the rule but the one that is more balanced between the product sold, the one desired, and the actual price—the final.
Recently another trend that is developing and sees its most significant expression in omnichannel is precisely buying online and collecting the product directly at the nearest store. In this way, shipping costs are reduced.
In this panorama, the data that begins to portend a rapid change in shopping online is Cyber Monday, for which it reaches almost 9.4 billion dollars. Another important fact is that more than 60% took place via mobile.
What are the shopping trends for black Friday on e-commerce currently?
Even concerning the world of purchases, some trends extensively regulate the market trend. Consumers are willing to spend a lot on:
- Technological products
These two are by far the sectors where you spend the most and probably where even the offers are more balanced between quality and price.
Especially for technological products, black Friday and Cyber Monday are expected because they are items that otherwise would be out of reach.
The growth of online purchases during Black Friday, Cyber Monday, and Black week also positively impacts small online businesses, which can still rely on Amazon – for example – to increase their sales.
Indeed, this is a positive phenomenon, but it brings with it changes in seeing supply and demand online, on which we must dwell