How to Boost Sales on Black Friday for Your Business
📖 Learning
India is the second-largest country in the world. The average age in India is about 28 years. We are an immensely big young nation and we do what every other country does but more in volume. With a population of more than 144 crores, India is a hotspot in demand generation. This makes it a prominent place for old businesses and new businesses.
India is not only big in terms of people, but we also are a huge celebrating nation. Speaking of both regional and national events, India has the most festivals in the world. Needless to say with this young generation driving fast-paced technology, Indians are not normal citizens anymore.
We are turning more into global citizens. Global citizens are not just confined to their nation but are open to accepting global traditions. They break open the national boundaries of culture and tradition the fastest of all. We love shopping cultures. This explains why millennials are all excited about global festivals like ‘Halloween’, ‘Thanksgiving’, and ‘Black Friday’.
This article is about one particular festival. A global festival starter to be precise. The Black Friday. How it affects our new businesses and startups in providing them with a boost. A cultural boost read on to discover.
The Black Friday
India and Festivals Culture
Black Friday Sales Wrestle
Black Friday Business Intrusion
How Black Friday Can Help You Get Initial Boost for Your Startup?
The Black Friday
Black Friday is the Friday that precedes Thanksgiving in the United States. Retailers all around put sales on the occasion to kick-start the festive season. The next month is December and it means Christmas around the world. This is the sweet spot just after Thanksgiving and right before Christmas.
Black Friday has been the busiest day in the US and continues to be the show starter even now. This festival provides a good boost for retailers and businesses in the US. Since India is open to all cultures, we also flow with this wind.
India and Festivals Culture
As mentioned previously we all know that India is a land of festivals and homogenous culture. When globalization and technology hit, we opened our wings to the world. Make no mistake that culture travels faster than goods.
India has seen increasing celebrations of Western festivals and occasions continuously. From malls covered in themes of Halloween to the lights and blushes of Christmas. Our culture has globalized. So does the behavior of consumers.
Now we look forward to not only the Diwali sale but also the ‘Black Friday' sale. Shopping in India is a culture and globalization has boosted it for sure. Now brands and new businesses look forward to launching in the festive season.
In order to get some revenue out of festive hype, to capitalize on celebration excitement, this is a good thing for them and the economy. Let us dissect and find out the consequences that it offers.
Shubham Kumar
Black Friday Sales Wrestle
Black Friday is synonymous with huge discounts. It is also synonymous with shopping like absolute animals. Shoppers go mad and they raise a ruckus. The news reported that an employee had to climb on a table to avoid a crush of shoppers at a Chattanooga Victoria's Secret Pink store.
People wrestle over discounted clothes and fight for plants and pots. This is what a good Black Friday deal can do to consumers.
As per the reports, Black Friday 2023 online revenue reached over $9.80 billion, a 7.46% increase from last year. It was 188% higher than the average daily online sales and 179% higher than Q4's daily sales. However, Black Friday's revenue was 21% lower than Cyber Monday. From 2022 to 2023, online retail spending grew by 7.69%.
Black Friday Business Intrusion
If you think that consumers are the only demographic that enjoys Black Friday, you're probably wrong. Brands all over the world start preparing to fulfill the demand months before this day. They know how to make and generate demand for their goods. So they also wash their hands in celebrations, with campaigns.
Businesses try to capture people with campaigns. If you're a startup, winning this day of the year can ramp up your whole game. This is a high tide and if you know how to surf, you are all set. Here we'll discuss how brands manage to get a large economic pie.
How Black Friday Can Help You Get Initial Boost for Your Startup?
Campaigns Plan
As people celebrate, brands lend a hand with campaigns. They start decoding the market in September itself. So September and October are the planning months.
Brands and newbies need to be sure about their goals. There can be explicitly two goals - To acquire new customers or to increase current profits. It will be the compass for planning further. Figure out deals, deals that are mouth-watering. This is the month when credit cards get warm.
Channeling Traffic
You can’t really imagine your sales without creatives. It is imperative to spread the marketing butter all over social. Make your signs a little squarish for better communication. Spend October spreading the news, discounts, and whatever. Try paid marketing, diversifying your posters, and emailing. The point is to buy traffic earlier than others.
Buyer Momentum
If your goal is to maximize profits, then you need to notice and enhance the AOV. Average order value can be enhanced by grouping products. Grouping products with others will lead to more freedom to give discounts. As well as it will also increase your revenues.
Conversion Rate
While established brands go for more orders, new businesses or startups go with more conversion rates. Converting more people into consumers will take spending. So before a successful Friday sale, comes spending. Figure out a CAC, and customer acquisition cost and plan your deals and discounts accordingly.
Create Urgency with Limited-Time Offers
Urgency is a powerful sales tool. To build excitement and urgency, try offering new deals every hour on Black Friday. Updating deals throughout the day keeps customers interested and encourages quick purchases. Use announcements, app notifications, and clear ads to make sure people see these deals and feel the need to act fast.
Exceptional Customer Service
Deals and promotions are important, but great customer service can set your small business apart. In a physical store, focus on helping customers quickly, having friendly and knowledgeable staff, and creating a welcoming atmosphere. Happy customers are more likely to come back or tell others about your store, which helps your business grow.
For online sales, it's a bit different. A good website design, smooth navigation, and excellent customer support can make a big impact and keep customers satisfied.
Abinaya Arangarajan
Conclusion
Black Friday is followed by Cyber Monday which means more space for spicy offers. Brands should keep in mind that Black Friday and Cyber Monday aren't just for eCommerce but can be a big sales day if you apply the right Black Friday tactics, Black Friday promotion ideas, Black Friday promos, Cyber Monday ads, and Cyber Monday marketing techniques. That will be the recipe for your successful sales season. As always, it's not too late to get started.
FAQs
What is Black Friday?
Black Friday is the day stores began to turn a profit for the year as it is the biggest shopping day in the United States.
How to boost sales on Black Friday?
Build anticipation about your product, make exclusive offers, and reward your previous customers.
Do companies make money on Black Friday?
Yes, Black Friday is the most profitable week or month for the majority of retailers.
When is Black Friday sale in 2024?
The Black Friday sale starts on 29th November followed by Cyber Monday which is on 2nd December 2024.
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