Black Friday started as a single-day event in the U.S., but in recent years the event has grown into a global phenomenon, with over 100 countries taking part.
With global retail sales increasing by 624% on Black Friday, there is a significant opportunity for retailers to increase revenues. As a result, many retailers have transformed Black Friday from a single event into a multi-day promotion with deals starting as early as 1st November and concluding on Cyber Monday.
Historically, in-store retailers have benefited from an increase in footfall on Black Friday. But with changes to consumer buying habits. Black Friday is now an online shopping extravaganza, as consumer research indicates 50% of online customers in the U.S. prefer to make purchases from their smartphones.
As the majority of customers now comfortably shop both online and offline, the in-store brand experience has a major role play to in the customer journey. Interestingly, consumer research shows that 73% of customers spend both more time and money in stores that offer unique brand experiences that can't be replicated online - this creates major competitive advantage for brick and mortar stores.
To download our full report on ‘Black Friday shopping activity' please click the link below.