No products in the cart.

Expert Opinion: Black Friday insights

Target shoppers on black Friday

Target shoppers on Black Friday

Two industry experts share insights as retailers head into Black Friday. 

Jill Standish, senior managing director and head of Accenture’s retail practice:
“Black Friday is of course known for its huge promotions and markdowns, but what has been interesting to observe is that this year there seems to be an increasing number of brands that are using the holiday shopping season to give back and highlight social and environmental issues rather than simply focusing on hyper-consumption. Brands like Patagonia, Everlane and Old Navy are donating to a number of charities with each customer purchase. Our research found that sustainability and responsibility are predicted to be high in consumers’ minds over the holiday. Retailers who plan around responsible retail might have a potential edge over competitors.” 
“One of the factors that could impact overall performance this holiday is how retailers determine shipping cutoff and surcharge budget. The trend is for retailers to push for guaranteed holiday delivery. Most want to extend their peak as much as possible without impacting their gross margin, so determining cutoff time is paramount.”
“The holiday season will always be a critical moment in the retailer’s calendar, but the real aim should be to translate this annual boost into stronger year-round sales. Retailers must use the holiday shopping surge – to identify and attract the consumer cohorts who will really buy into the brand purpose and become highly loyal, highly profitable customers for the long haul.”
Brooks Kitchel, managing director and global retail lead, Accenture Strategy:
“Black Friday has evolved from being a 24-hour shopping sprint to a month-long event, with retailers offering pre-sales and previews to tempt shoppers to spread out their spending and discover items in-store. This is helping to ease pressure on inventory and logistics during the busiest shopping time of the year. 

“Retailers started promotions much earlier, enticing shoppers with discounts, gift-with-purchase promotions and a variety of delivery options to improve customer experience. The retailers with a competitive advantage will be those that have used data-analytics to more accurately plan inventory placement and movement, and have a well-considered talent strategy to ensure customers have the best experience this holiday.”

Source link