So Black Friday is imminent, this year falling on the 25th November; but should we really be stating that the event is a single day anymore? James Long, Junior Developer at Toolbox Group takes a closer look at what has changed.
Black Friday is known as the global beginning the shopping period that retailers are known for dropping prices of selected products, in order to haul the shoppers in; retailers report some of their highest profits during this period. The black part of the name “Black Friday” relates to businesses recording their losses in red ink and gains in black. This tradition lives on in modern accounting software, hence the name. However, traditionally the event lasts a day, which used to encourage shoppers out to shopping centres on one day. But has this changed?
In the UK, the 2013 and 2014 Black Friday, broke out in fights across stores, after some of the in store promotions ran out. But last year, in 2015, things started to change, as more and more shoppers started to take advantage of the online deals. This year we are starting to see the extension of this well known shopping day being up to 12 days in advance and also 2 weeks after the official date.
Amazon was the first retailer to introduce Black Friday into the UK in 2010. It has just been announced in the news that online retailers such as Amazon are launching their event 12 days before the official day on the 25th November. There is a growing opportunity for the larger online retailers to extend their Black Friday deals, leaving the high street retailers struggling to compete. I feel that this will encourage far more early online purchasing, which will have an effect on footfall in the shopping centres and the high streets.
Amazon are advertising up to 87% off some items and will plan to release a deal every 5 minutes until Black Friday. Last year, Black Friday was Amazon’s busiest day with over 7.4 million items sold at a rate of 86 per second.
After the official Black Friday, Cyber Monday takes place on 28th November. This is again another day from the US, but it’s not as well known here in the UK. Cyber Monday is a marketing term for the Monday after the Thanksgiving holiday in the United States. The term “Cyber Monday” was created by marketing companies to persuade people to shop online. The past Black Fridays saw far more deals for small appliances, cutlery and kitchen gadgets on average than Cyber Monday. Cyber Monday is larger for fashion retail; on the past two Cyber Mondays, there were an average of 45% more clothing deals than on Black Friday. There were also 50% more shoe deals on Cyber Monday than on Black Friday.
Shopping Centres are still competing with the online market. Shoppers still like to head out to their local shopping centre to shop throughout Christmas and believe it or not, like myself, I still choose to leave it to the last minute to buy my Christmas shopping.
Toolbox prides itself on creating inviting and exciting events throughout shopping centres, during peak seasons, to drive the footfall back from online sales. Creating magical and fun experiences for shoppers to attend is something that the internet cannot offer. Call us today to talk about how we might be able to help you.