Hold onto your hat and glasses, because Black Friday is coming! The biggest sales day in America and Europe is close. Are you ready for another day with crazy offers on Black Friday? We thought so!
Black Friday is one or maybe the most important sales day for many online stores! Everyone in Denmark knows that on Black Friday there are thousands of kroners to save, and many consumers use the day as a kick-off to the Christmas gift race. What a great idea! 😉
Here is a short introduction to what Black Friday is:
Black Friday has existed in the U.S for more than 30 years. Black Friday is always the day after Thanksgiving and it is a day that has been regarded as the beginning of the Christmas shopping season. Black Friday started in Europe by Amazon in 2010. Now 10 years later, it’s the biggest shopping day in Europe!
Black Friday is a phenomenon that has certainly affected the Danes! A report from FDIH in 2019 shows that 97% of the population knows about Black Friday and 35% are expecting to buy Black Friday offers. On Black Friday in Denmark in 2019, the danish consumers spend 750 million kr. which was 50-60% more than in 2018. Another report from Adobe showed that consumers worldwide in 2019 spend $29 billion for the full weekend (Thanksgiving to Cyber Monday).
Why Black Friday is extra important for online stores this year
Normally Black Friday is a day where a lot of people are going out to hunt the best offers in physical stores. As a new aspect to Black Friday, it will this year take place in the middle of a world pandemic in the shape of COVID-19. This can most likely lead to a lot of consumers shopping online only due to the focus on social distancing and the increased health risks by shopping in large crowds in the physical shops. It is therefore really important for the online stores to plan for this and to make sure that the online stores can handle all the extra traffic.
How important Q4 is for online stores
Q4 is a really important quarter for many companies because of all the big events! Singles’ Day in mid-November, Black Friday and Cyber Monday in the end-November, the Christmas Sale in December, the sales between Christmas and New Year, and then the finale sales in January. Report from 2016 shows that 35-55% of the annual turnover for companies was in Q4.
Black Friday vs Black Week – Here are some interesting numbers:
As many may know, Black Friday is not just a Black Friday anymore. No, it is more like a Black Week, because so many shops and online stores are doing an early start on Black Friday on Thursday or maybe even before. Besides that, many also extend their offers on both Saturday and Sunday, and then we have Cyber Monday. So, for many companies, we are talking about 4-6 days with sales and offers instead of just Black Friday.
A danish report from 2018 based on a turnover of 800 million kr. across retail webshops shows that companies on Thursday, the day before Black Friday, on average are experiencing growth of 100% and the biggest growths for some companies at 1.900%. On Black Friday the average growth is at 1.000% and the biggest growths are at 6.000%. Saturday the average is 100% and the biggest 800%. Sunday 200% and the biggest 1.200% and last but not least Cyber Monday with an average growth of 100% and the biggest ones at 1.000%.
Another danish analysis based on a turnover of 300 million kr. across danish retail webshops from the same link as above shows that 8-16% of the annual turnover in 2017 was in the week around Black Friday (3 days before + Black Friday + 3 days after).
So, this is a week with huge growth for most companies, and it is not just for one day, but almost a whole week. You risk missing a huge turnover if you are not ready for this day!
Want to read more interesting e-commerce news? Go to ANYDAY’s blog here.