What is Black Friday?
Black Friday is mostly used to the start of Christmas shopping season. Almost all stores come out with big sales with the early bird special to attract consumers to their business. People stand in line hours before stores are open, to grab the biggest bargains of the year. In last few years, there has been a trend towards bringing the sales online before Friday. Some companies have started their Black Friday sales on the Wednesday or Monday before.
Why is it called Black Friday?
The closest reason as to why it is known as Black Friday because many companies report some of their highest profits on Black Friday. The black portion of the name, “Black Friday” relates to businesses recording their losses in red ink and gains in black. The term Black Friday got traction with the Internet.
Are there black Friday sales online?
Most Black Friday Sales go online when their Black Friday store sales start. Many stores offer their Black Friday Sale online – before Black Friday. However, some in-store only Black Friday deals from few stores, may not be available online.
What should businesses learn from Black Friday last year?
Online is the ultimate ruler
Online spending on Black Friday 2016 topped £1.2 billion – up 16 percent on the previous year, making the place to be online rather than the high street. Payment service Worldpay processed 20 percent more online transactions compared with last year, with global sales peaking at 16.01pm with a rate of 181 transactions per second. Visa said online spend in the week leading up to Black Friday was up 13 percent year-on-year with almost £1 billion spent on Black Friday alone.
Be mobile optimised
Mobile was the most popular category for purchasing goods in the UK, according to data from ChannelAdvisor. 64 percent of purchases took place on mobile devices in 2016, compared to just 48 percent in 2015.
Retailers reported a jump in transactions made via mobile, proving smartphone is now the gateway to the new “high street”. The consumers preferred to download store apps, as the ability to pay for items at the touch of a button, makes shopping-on-the-go easier and quicker.
John Lewis saw a 21 percent spike in sales through mobile phones between 8 am and 9 am as people shopped online on their way to work. Dixons Carphone said the retailer had its highest ever mobile traffic share in 2016 since Black Friday began.
It wasn’t just a one day event
Many retailers tried to lure shoppers in with deals for several days before Black Friday, as stated above this is a good tactic. Amazon began its daily changing deals almost two weeks before the big day, while Currys PC World, Debenhams, Boots, House of Fraser and eBay also jumped on the bandwagon early. Analysts say the short-lived spree has evolved into a more extended period as consumers learn to track prices and compare deals between retailers in the weeks leading up to Christmas.
More consumers shopped online in the middle of the night than ever before, keen to avoid queues and mid-aisle squabbles in shops. Compared to Black Friday 2015, Vouchercloud said it saw a 46 percent increase in pre-6am traffic, with 208 percent increase in traffic at 5 am on Friday morning.
Between midnight and 1 am was Argos’ biggest trading hour, with 8,000 visits per minute and 15 orders per second. Meanwhile, Currys PC World noticed more early-bird shoppers online at 7 am – an hour earlier than in 2015, while evening traffic was also up.