Here we are in the second half of the year, and one of the most important retail dates is knocking on our doors. The long-awaited Black Friday, the second most important seasonal date in retail.
In the 2018 edition, revenues increased by 9% compared to the same period of the previous year. However, the forecasts for 2019, according to research conducted by GFK, are for a "lukewarm" edition with growth of only 4% in revenue (5% lower than the previous year). It is worth noting that the survey took into account only sales of electrical and electronic products, Black Friday's darling category.
Despite the discouraging data, most consumers are aware of the date and are preparing to buy something they have wanted for some time. Thus, how will your brand meet the expectation of the "consumer dream" and succeed in sales this Black Friday?
Planned VS Impulse buying
For a long time the market has believed that the Brazilian consumer takes advantage of Black Friday to anticipate the year-end shopping. What is not an absolute truth, since in a quantitative study conducted by Provokers/Google 33% of respondents said that the date is the ideal time to buy something that has been desired for a long time. Only 17% of respondents reported making impulse purchases during the editions.
Also, while 79% of people say they shop on Friday, 21% say they shop before or the weekend after the date (some even wait until Cyber Monday to complete their purchases).
With this, we can see that a large part of consumers choose to plan their purchases long before November arrives, conducting deep research on the product and especially the price variation before the event (something that reflects the stigma of "black fraud").
But why does the consumer do so much research before buying?
Online research today makes the consumer's life much easier, whatever the subject, we can find relevant information on search engines. Restaurants, best places to visit, most reliable stores, current products with reviews from other users. All of this counts for those who enter this research journey.
The interesting thing is that this kind of behavior is closely linked to people's emotions, because they become more excited and confident, less anxious and with the feeling that they are making the most of it.
Moreover, the habit of researching helps to create better experiences, since people want to know every detail to be sure that they will not face the remorse of having a negative experience. Especially in events like Black Friday, where many people are still suspicious of the promotions offered.
In a Provokers survey, only 6% of people do not research before buying, while 20% do research several months in advance, and still another 26% research one month in advance. As a result, consumers are more attentive to the options.
Understanding these consumer moments of reasoning is a great opportunity for a brand to gain consideration in the early stages of the decision process.
Some ways to make consumers more comfortable is to provide more detailed information on the product page, either with explanations, how to use, reviews from customers who have purchased, or even show the price update on the wishlist.
Online videos also stimulate the buying action
Consumers go through the buying journey, searching for information not only on search engines, but on youtube as well.
According to data from Google Advisors, about 53% of people search for products on Google and then access videos to learn more before buying.
The reasons range from knowing more about the product, to watching how other people use it, or to seeing authentic reviews.
Knowing that people don't think of search and videos separately, (i.e., both actions are performed together) it is interesting that your site has informative videos, because once the consumer has in hands the offer to buy + relevant information, the purchase decision is more effective.
Finally, Black Friday is a great time to ensure that the consumer has the most formidable experience possible. Considering the characteristics, and intent of the customer throughout the buying journey, it is possible to harness curiosity and offer stimuli to make your customer feel more comfortable and more likely to buy.
Be sure to hold the interest of your audience from the beginning by being assertive in communication and offering timely offers outside the Black Friday period (where 40% of purchases are made).
Taking these points into consideration, for sure the event will be a success.
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