It’s the busiest shopping day of the year but as attention turns to online sales, the question remains: can Black Friday 2017 outperform previous years?
On November 24, the day after Thanksgiving, holiday shoppers will go in store and online to find the best bargains, and not just in the US. This year, retailers in over 20 countries will participant in Black Friday, including: Canada, the UK, Mexico, Australia, New Zealand, China, Japan, Russia, India and Pakistan.
Around 30% of annual retail sales occur between Black Friday and Christmas so it is crucial that retailers step up their game in the lead-up to the mega sales event.
Retailers also need to cater specifically to millennials as a new report has shown 61.9% of younger US shoppers are planning to make a purchase either on Black Friday or Cyber Monday, compared to 49.5% of Gen Xers and 27% of baby boomers.
Here are some more key insights into Black Friday 2017 for retailers:
- More than 108 million consumers shopped online on Black Friday 2016
- The peak order time on Black Friday 2016 was 12pm
- Consumers will only have completed 50% of their holiday shopping by 3rd December
- 40% of online sales on Black Friday will be made via mobile
- Last year, over $555,716 in transactions was made every minute
- Black Friday generated 3.6x more orders than a normal November day in 2016 and 3.81x in the UK and 1.94x in Australia
- 8% of 18-34 year olds, 7% of 35-54 year olds and 14% of 55+ year olds plan to shop exclusively online this Black Friday
- 61% of US internet users plan to shop on Black Friday
- 5% of US and 34.1% of UK shoppers are researching Black Friday promotions via computer, compared to 38.2% and 35.6% on mobile respectively
- Additional discounts (43% US, 40.8% UK), early sales (38.3% US, 31% UK) and offers on items not originally discounted (11.2% US, 18.9% UK) are the most appealing types of promotions for shoppers
- Black Friday 2016 sales surpassed $3 billion and grew 21.6%
- 85% of retailers will be investing more in holiday efforts than last year
- 79% of retailers will begin promoting deals earlier
- Shoppers plan to spend an average of $743 this year during Thanksgiving weekend