NEWS & UPDATES
Black Friday sales aren’t just a bonus for large retailers
June saw PayPal publish the 2019 mCommerce: Trends Report, and the results are in – Black Friday is now the third most popular sales event in Australia. Right up there with Boxing Day and end of financial year sales, Australians are choosing to spend their hard earned dollars on the last Friday of November.
Additional research courtesy of Vend, the National Retail Association‘s point-of-sale partner, showed that major retailers are not the only ones seeing a boost to their bottom lines. Australian small and medium businesses, on average, saw earnings of $3,082 last Black Friday, representing 144 per cent of the daily estimate for independent retailers last year.
According to Shannon Ingrey, APAC vice president and general manager at BigCommerce, Black Friday is a crucial period for retailers – and can’t be ignored.
“It’s become a significant marker for consumers – many of whom are choosing to bring forward their Christmas shopping to November,” he said.
“For Aussie online retailers, it’s an opportunity to capitalise on the larger-than-usual audience, forge consumer relationships and stand out from the crowd.
“Given the level of competition that online retailers will face on Friday, it’s crucial that the customer journey is as personalised and streamlined as possible. Figures from last year show a cart abandonment rate of 67.15 per cent in Australia. Anything less than seamless shopping experiences may see consumers abandoning their purchases and turning elsewhere.”
And Stacey Fisher, co-founder of online retailer Minnow Designs, urged fellow retailers to make the most of the sales opportunity by offering legitimate deals of at least 30 per cent or more off to “cut through the clutter” and stand out.
Ms Fisher also said it was important to offer incentives to increase basket size, plan the logistics and extend an offer to wholesale customers as well.
A version of this article was originally posted on News.com.au.