With Black Friday upon us, we’re looking at ways in which retailers can capitalise on the bargain-hunting crowds that flock to stores across the country.
No longer perceived as a single day of discounting, the trading event now spans an entire month, with an unprecedented number of retailers pledging to offer reduced pricing. Whilst the thought of bargain deals may entice customers, how does it affect the traditional Christmas sales period and the notion of Black Friday as a key trading day in the retail calendar?
Whilst the event appears to have become more prominent overall, it is predominantly online retailers such as Amazon, that are reaping the rewards – by extending promotional deadlines year-in-year-out, the digital giant holds a head start on their in-store competitors. For those high-street retailers not partaking in month-long bargains, this puts a strain on the importance of Black Friday as a single source of sales for one day.
As online sales soar, the need to drive traffic into physical stores grows. Therefore, it is important to recognise the needs of the consumer in order to make the high-street shopping experience more appealing. With over 20 years experience creating and innovating for a plethora of well-known brands, we have put together a list of tips and tricks to help you navigate this season of sales.
Don’t get left behind in the sales rush:
What remains a lucrative and lengthy period for online retail giants, is often a period of pressure for high street and independent retailers. With deals having already begun and savvy online shoppers already scooping bargains weeks before, in-store retailers are encouraging consumers into their shops with the promise of unique buys, effective point of sale displays and organised shop-floors ready for the rush of sales.
Black Friday tips for retailers and brands:
Don’t hide your stock: Remember, every sale counts. Just because this is the ‘season of sales’, does not mean you have to leave full-price stock behind - you will find that these items help boost your profits and side-lining them will potentially put your sales in jeopardy.
- Avoid mixing products: Whilst trying to cash-in on the full-price stock you have available, be careful not to unintentionally mix your products. Confusion for consumers over promotional and non-promotional items might only deter sales. Keep these separate, or put thought into clear signs and visuals to indicate differences in price and product.
- Temporary POS installations: These are the perfect solution to ensure your shop floor remains tidy and your stock room facilities organised. Quick to install, suitable for retailers with smaller footprints and ideal for keeping stock separate.
- Brand and display continuity: The ability to customise your products and displays is a luxury that online counterparts do not have, so use this to your store’s benefit. Today, we have at our disposal hundreds of design displays varying in size, shape, colour and pattern. Tailor these to your individual shop’s requirements by thinking about your branding - what colours and font do you currently use? Follow the same pattern to ensure a level of in-store continuity.
- Impulse buying at the checkout: The checkout ‘experience’ is considered the last thing a consumer remembers, so leave them feeling satisfied. ‘Items of the day’ that are positioned at the till, are a quick and painless way of making final purchases, stock is easy to locate and items are sold cheap - from discounted products, to personalised gifts for the festive season – these will sell fast and boost your Black Friday profits further. Top tip: regularly refresh this stock to tempt your customers back for a return visit.