This week, all of retail will be talking about Black Friday, a day of discounts and online sales now very much a part of the British retail calendar. Retailers have been busy preparing for this week for months and consumers are talking about the event with much anticipation – more so than before.
On Friday, total sales of £1.2billion are expected in the nation’s shops, with £721million splashed out online, says credit card firm Visa Europe. Purchases from today until Thursday should hit about £1billion, it is believed. Over the five days retailers including Argos, Amazon and Currys PC World will release thousands of bargains with daily flash sales and WIGIG – “when it’s gone, it’s gone” – deals.
Visa Europe boss Kevin Jenkins said: “This is shaping up to be huge. Black Friday’s growth is really accelerating, online in particular. That’s where this year’s surge will come from.”
In the latest study from Tiendeo, which examines consumer and retailer behaviour during Black Friday. The study threw up some interesting results, including:
- The average discount offered during Black Friday in the UK is 35%
- 6000 offers were publishedon the Tiendeo platform during Black Friday 2014
- 34%of Black Friday promotions are from retailers which trade exclusively online
According to Tiendeo, in 4 years, the popularity of Black Friday in the UK has increased by 95%. Supermarkets and department stores are the retailers that offer the largest variety of promotions, especially related to electronics, home and fashion.
Internet users that search for promotions online search mostly for products like televisions, furniture and footwear. The majority of discounts focus on specific offers on particular products, with greatly reduced prices to attract the largest possible number of consumers. Offers dedicated exclusively to online stores made up 34% of the promotions offered during Black Friday 2014, as more and more of these types of retailers are participating in the festivities. With regard to traditional retailers, many are looking to online platforms as a way to diversify their business and increase their reach to younger audiences.
According to eMarketer, e-commerce sales will exceed £60 billion this year. 33% of these transactions will come purchases made through mobile devices, which is expected to reach £20 billion. In fact, tablets are the devices which lead in terms of mobile e-commerce sales, because through them users make purchases worth £13 billion pounds, 65% of the total.
Retail experts predict that spending this Black Friday alone, when most retailers join the price blitz, will hit £2.9million-a-minute.
Areyou ready for Black Friday? Let us know what you think.