Research by customer relationship manager (CRM) and marketing software ActiveCampaign has found that Black Friday is not just the single day of discounts it originated as – it’s actually at least three weeks long, and small businesses in particular can benefit from this in future years.
According to the data, 2020’s Black Friday was the furthest from a single day of moneysaving deals it has ever been. The ongoing COVID-19 pandemic has forced a change in our retail behaviour, with many of us now turning to online shopping more than ever before.
For small businesses, navigating major sales events like Black Friday in the online sphere can be daunting and challenging. With inboxes being flooded with discount emails, the price of Facebook Ad impressions (how much you pay for a single person to view your ad) rising over the Black Friday/Cyber Monday weekend, and the competition of major retailers that can afford to offer hefty discounts without feeling the effects on their profits all working against small businesses, can they actually benefit from Black Friday at all?
According to ActiveCampaign, the answer is yes, and it’s all because of the shift from a single day of sales to an extended discount period. According to the company, Black Friday now consists of, at the very least, the week before and week after the day. With a longer period to offer sales comes more opportunities to target customers in advance and straight after the notorious weekend itself, meaning small businesses can take advantage of a less crammed inbox and less expensive Facebook Ad spends.
The data from ActiveCampaign found an increase of 150% in automations being processed during this year’s Black Friday compared to that of last year. In addition, while 112% more carts were abandoned this year, 593% of revenue was recovered by ActiveCampaign customers, who utilised automation opportunities to retarget their customers after Black Friday had took place.
While this year’s Black Friday has been and gone, there’s no time like the present to start planning ahead for 2021. In addition, with Boxing Day sales looming closer – and COVID restrictions set to prevent shoppers from seeking deals in non-essential retailers in Wales, at the very least – this data could be used in your Boxing Day approach if you’re planning on offering any sales or discounts.
With purse strings likely being tighter in 2021 after a year of furlough and redundancies, potential customers will welcome any discounts on offer. By starting promotions early and extending your sales into January, you have a wider window of opportunity to engage with customers and, ultimately, make money.
Online retail success begins with a strong, effective website. If you need help establishing a website, an online store or you wish to start up an autoresponder, get in touch with our team at Engage Web today.