November 15, 2022
Black Friday is an event that grips the world of E-Commerce every year. Alongside Cyber Monday, online retailers can expect a surge in sales thanks to the deals and discounts they choose to offer on their shops. What can we expect in 2022 and how will this compare with the trends we observed in 2021?
Black Friday 2021 saw the boom of “Buy Now, Pay Later” (BNPL) services. From 2019 to 2021, it was reported that BNPL transactions more than doubled. In the first year of the pandemic, PayPal reported a 400% increase in the use of their BNPL services.
Small Merchants reported a 102% increase in transactions on Black Friday in 2021 compared to the Friday the week before. As well as this, between 12pm-2pm, the UK experienced 1.3 million online transactions. This counted for 1/3 of all online transactions during Black Friday 2021.
Black Friday 2022 is just around the corner, occurring on the 25th of November 2022, so what trends can we expect to see? As the cost-of-living crisis continues to impact our spending habits, Black Friday can offer an opportunity for consumers to purchase those things they may not have otherwise been able to afford.
Technology and Home Appliances are rumoured to be the star of the show this year, with consumers looking for energy-saving options such as slow cookers and air fryers. This is in stark comparison to 2021, which saw sportswear and athleisure items proving most popular.
In order to maximise your Black Friday, there are a few steps Merchant’s can put in place.
Advertise Early – Plan your discounts well in advance of Black Friday. This will allow you to channel efforts into marketing, promoting your offerings to consumers.
Incentivise Prior Purchases – Offer consumers additional Black Friday deals if they make purchases in the run up. Not only will this incentivise transactions on the build up to the big day, but you’ll get more returning customers.
Offer Future Discounts – Black Friday deals aren’t just for Black Friday. Consider offering consumers future discounts if they make a purchase on Black Friday. This will ensure you have customers returning time and time again.
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