Unlocking ‘golden quarter’ success – the strategies retailers need on their keyring

As part of Bdaily’s latest feature, Retail Week, we hear from Hugh Fletcher, global marketing director and thought leadership lead at London based integrated, creative, data and technology agency Wunderman Thompson Commerce.

Black Friday is nearly upon us, but comes at a difficult time for many shoppers and retailers. Just last week the UK entered a recession, compounding the cost-of-living pressures felt across Britain. And a period that is usually typified by a flurry of activity will likely look far more muted this year, with many unable to spend even if they wanted to.

Spending on Black Friday could halve compared to last year, dipping to a level last seen when the world was enveloped by the Covid-19 pandemic in 2020. For retailers that had hoped the peak season could make up for losses earlier in the year this will no doubt come as a disappointment.

However, there is still hope for brands to improve their fortunes over Black Friday and the rest of the peak festive season, and knowing the most effective channels to reach consumers will be essential.

With 57 per cent of shoppers reporting that Christmas gifting will be the focus of their spending, demand will still be high during the annual shopping bonanza, giving savvy retailers the chance to stake their claims as kings and queens of the peak shopping season.

Dominating the market(place):

Cyber Monday has long been touted as Black Friday’s digital sibling, but the line between the two has blurred with more shoppers choosing to forgo the in-store experience in favour of the comfort of their couches.

This year, two-thirds (66 per cent) of Black Friday buyers plan on shopping via Amazon and 76 per cent say a larger share of their spend will be online compared to years past.

That’s because shopping online allows people more freedom to find the best deals and discounts with nearly unlimited range, and marketplaces like Amazon and eBay offer shoppers a depth of products and convenient experience that physical outlets simply cannot match.

What’s more, global shoppers use marketplaces as a source for inspiration, more than search engines; they can be used to generate sales and as an effective marketing tool for brands looking to stand out from the competition.

Two-in-five shoppers (40 per cent) report finding better deals online than in-store, which is an important consideration in the current climate. With so many operating on tightened budgets, an emphasis on value and savings will resonate, and there’s no better way to reach money-conscious consumers than online.

The unstoppable force that is social commerce:

Having a presence on marketplaces alone isn’t enough, however. Increasingly, shoppers are expanding their scopes to search on alternative channels, and retailers need to match this and tailor their strategies to cut across all the avenues their customers interact on.

Retailers have a litany of channels at their disposal and must capitalise on the relevant ones to meet customers’ demands. Fusing together deals and discounts across multiple platforms can build a long-term foundation to reach millions on a global scale.

That means ensuring one’s on-site experience is rich and engaging. While more buyers may turn to marketplaces for purchases, a brand’s own website can help. One key avenue to focus on, which is quickly growing in prominence, is social shopping. While it may be more commonplace across Asia, Western counterparts are beginning to catch-up.

Globally, around two-thirds (65 per cent) of customers say they’ve made purchases via social platforms before and 53 per cent intend to do so more. This demand must be met with a robust social offering that enables a seamless journey from discovery to purchase.

And that’s not to mention ensuring one’s on-site experience is engaging and well thought through.

Making Black Friday 2023 a success:

However, simply using social media channels or marketplaces to communicate with customers isn’t enough. Challenges still remain for retailers, and the secret to overcoming them will come down to better understanding customers.

Transparency will play a major role in winning over previously disappointed customers. Over half of consumers (56 per cent) said Black Friday deals can be misleading and nearly as many (47 per cent) said they were disappointed by last year’s offerings.

Fostering a strong relationship with customers is the best way to navigate this, as is being honest about how much items really cost. The last thing a customer on a budget needs is to be ladened with unwanted fees.

Ultimately, a considered approach to shoppers’ needs will win out, compelling them to stop scrolling and click ‘buy’. Any disconnect between retailers and their audience will spell disaster, not least because of how pivotal the peak season will be for businesses’ survival.

By Matthew Neville – Correspondent, Bdaily

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