While Thanksgiving is this weekend for our friends south of the border, businesses have their eyes on Black Friday and Cyber Monday – even though turkey, mashed potatoes and pie sounds really good! Everyone is prepping for the busiest shopping weekend of the year and strategizing how to become victorious in-store and online.
It may seem contradictory for businesses to discount their products just a few days out of the year. But it’s a phenomenon that has led to increased sales, fantastic promotional opportunities and success rate. Sales are expected to increase by 3.4% compared to last year, generating 1/3 of their overall sales.
Over the last few years, analysts have noticed a gradual shift in Black Friday shopping, many consumers have turned to the internet to do their spending rather than fighting through lines and hordes of people in-store.
The celebratory shopping day that is Black Friday continues through the weekend into Cyber Monday. Cyber Monday a great way for companies to drive increased sales and gain online traffic. It’s also a great strategy to combat slow business days following the mayhem shopping weekend. Shoppers can’t resist a good sale!
Amazon has truly set the standard for Black Friday and Cyber Monday. The company doesn’t limit their sales to just one or two days. They start Black Friday deals the Friday before the main event and call it “Black Friday Deals Week.” Amazon Prime members have access to deals at least 30mins before the general public. Their strategic move doesn’t just result in a high volume of online traffic, but results in an increase in sign-ups for Prime membership for the remainder of the year.
Overall, Black Friday and Cyber Monday have created a sales extravaganza that is bar none. Businesses both large and small continue to benefit from these shopping holidays. So much so that these two days of sales easily surpass the other 363 days of the year.
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