#BlackFriday 2023: What can #shoppers expect?

Black Friday may be a relatively new phenomenon in the UK, but it has quickly cemented itself as an essential pre-Christmas event. For over a decade now, this American-born shopping bonanza has been spreading cheer and ushering in the festive season for Brits, helping them rediscover the joy of remorse-free giving (who else hates seeing the gifts you gave at #Christmas with a 50% off tag in the #boxingdaysales?) and saving some pounds in the process.

Black Friday is said to have been introduced to boost retailers' bottom lines and get them 'back into the black,' so the impact of Black Friday in 2023 is eagerly anticipated by struggling retailers, on and offline.

However, this year the ever-evolving retail landscape, rising costs, and increasingly savvy consumers are leaving #retailers in a delicate position.

Black Friday's primary goal has always been to fill retailers' coffers with holiday-season sales. This year, however, the challenge is to ascertain whether it can provide the same financial boost given the precarious situation in which retailers find themselves. The true “cost of doing business” increase isn't being wholly represented in the consumer price index (which results in inflation and further fuels the cost of living crisis). This is leading to squeezed #retailmargins, and especially so for retailers who are striving to keep everyday prices as low as possible. While Black Friday 2023 is likely to draw a surge in customer numbers, purchases, and basket sizes, the question of #profitability remains unanswered.

I also expect #consumers are set to be savvier than ever before as parting with cash as a consumer has never been so painful. This heightened shrewdness can be attributed to a variety of factors. First and foremost is the easy access to online #pricetrackers. Shoppers are now comparing prices with unprecedented scrutiny, ensuring that they get the best possible deal, no longer can retailers rely on the excitement of the Black Friday sale, with discounts alone, to lure shoppers.

Why? Because the #savvyconsumer is coming to expect added value. Shoppers are no longer content with just discounts; they want to know if there are additional rewards for purchasing on Black Friday and beyond. Double #loyaltypoints, guaranteed prompt delivery, an enhanced #shoppingexperience through #gamification being just some of the perks they're looking for.

The smart shopper of 2023 is seeking more than just a transaction; they want a great #customerexperience, and it’s in the best interest of the retailer to use this to their advantage, instead of just relying on price. This is also one of the many reasons I have lately been supporting Surprize Me UK - for Black Friday, Christmas and beyond, offering a #gamifiedreward to shoppers, for every single transaction, moves them away from fickle deal-hunting behaviours and towards emotionally driven, dopamine fueled, loyal, committed behaviours - just ask my friend, #consumerpsychology expert, Zana Busby, CBP, AssocMISCP !

In this era, it feels that Black Friday is more important than ever. Retailers must adapt to these changing consumer demands and work on making the Black Friday experience not only financially rewarding but also exciting and memorable. While challenges in the #retailindustry persist, the allure of a day, week, or even month, of enhanced deals remains potent, with consumers reducing spending in the run up to November to make the most of this. 

A final thought I have specifically turns to Amazon , who brought Black Friday to the UK. I have supported their Black Friday campaigns since 2017, not to mention the launch of their #giftfinder app, and various other things. What I love about #Amazon is how they relentlessly raise the bar for the rest of the #retailmarket, offering by far the most efficient and convienient customer experince, and, enabling literally millions of back-bedroom entrepreneurs to drive 7-figure incomes through being an #AmazonFBA seller!

However, having celebrated turning 25 years old this year with a selection of deals and discounts in September, and having run a 2-day “#PrimeDay” event in mid-October, I wonder what the mighty retailer might pull off for Black Friday to ensure that they’re still the consumers’ first port of call for what all retailers are hoping will be a pre-Christmas shopping bonanza…

It remains to be seen. Meanwhile, if you happen to be one of the increasing population of savvy shoppers, Which? do have a brilliant place to validate that the deal that you've got your eye on is the best deal for you!

Happy Shopping!