The dust has just about settled on another Black Friday. As with other years, this one again promised to be, ‘unprecedented’. But with a cost of living crisis and the World Cup fixtures thrown into the mix, what has this Black Friday shown us?
Black Friday 2022
By 5pm on Black Friday 2022, sales in Britain were up +3% compared to 2021. But it was Cyber Monday that, yet again, saw the highest sales of the two days. This comes despite analysts having predicted a more ‘muted’ affair this year with reservations of many in the context of rising costs.
With pandemic rulings no longer in place, footfall was also up compared to 2021. However, this remains under pre-pandemic levels, strongly suggesting the online preference of many is here to stay. As this promotional period continues to morph with each year that goes by, how can brands maximise the opportunity while staying on the right side of consumer sentiment?
Looking beyond ecommerce
With each Black Friday that passes, consumers become more savvy to real deals on offer. A recent Which? survey found 98% of Black Friday 2021 deals could be found at the same price at other times of the year. In a time of increased scrutiny on purchases we make, simple offers and transparency is key.
Black Friday isn’t just for retailers – we saw a wider adoption of Black Friday and Cyber Monday messaging from clients outside of typical ecommerce verticals, from Finance to Publishers. The increased engagement they saw proves offer-led calls to action can influence even longer-term purchase decisions.
The introduction of a new variable, the winter World Cup, further demonstrates the need to be reactive. Whether this increased or decreased your typical Black Friday volumes, those that adapted messaging and bidding to this unique setting will have edged out the competition.
With data showing that Cyber Monday has overtaken the volume of Black Friday itself, setting guardrails that allow your ad spend to flex with demand will ensure you don’t leave sales on the table.
How can you best prepare for Black Friday 2023?
In the context of reduced spending, the extent to which Black Friday has brought sales forward from Christmas will remain to be seen.
Brands that will win during this peak will be flexible enough to meet sustained higher demand into December as and when they see it.
To drive long-term business value, use first-party data gained over Black Friday to understand your consumer and retain them. Prove the ongoing value of your product in a context where brand loyalty has never been so important. Analyse the finer details of your Black Friday activity – which days did you win? Where was your audience and was your channel mix enough to get in front of them? Then feed these insights back into next year’s strategy.
Speak to us to ensure you’re equipped to meet 2023’s Black Friday, a year that could prove once again to be ‘unprecedented’.