Autumn is already here and with it the most important holidays for eCommerce, Black Friday and Cyber Monday. In 2020, Black Friday saw a 22% increase in online shopping over the previous year. On the other hand, Cyber Monday generated $10.8 billion making it the biggest day for eCommerce so far.
Due to the Covid-19 pandemic, Black Friday can anticipate growth equal to or greater than last year’s growth in online sales. Growth forecasts for this 2021 are 35%, as reported by Deloitte.
Therefore, in today’s post we are going to see in detail what Black Friday is. In addition, we will explain the importance of being well prepared for these days as it can mean a considerable increase in your sales.
Let’s check it!
¿What is Black Friday?
Black Friday is an American tradition where retailers make promotions and offers of their products to get more sales. Recently, eCommerce has been one of the great beneficiaries of this day. Year after year, sales records are broken during Black Friday.
Although it’s an American tradition, Apple decided to expand the tradition to Spanish territories in 2010. After that decision, this American tradition has been gaining more and more strength, becoming the most important eCommerce event in the country.
¿What is the origin Black Friday?
As mentioned above, Black Friday has its origins in the United States. Around the 1960s, American retailers wanted to take advantage of the Thanksgiving holiday in order to sell more.
In the United States, Thanksgiving is practically the most important holiday along with the 4th of July, Independence Day. During these days, families come together to celebrate it. That’s why retailers saw a key opportunity to take advantage of the situation.
¿Where does the name come from?
There are different stories about the origin of the name Black Friday. One tells that it originated in Philadelphia to describe the heavy traffic of people and vehicles in the city. Police officers began using the term in the 1960s and it spread across the country a decade later.
The other says that the term was coined because of the color changes in the numbers of the country’s retail stores. Many of these stores would go from being in the red to the black in a matter of a day.
One of the most shocking stories tells that it was named after the slaves auctions that were usually held the day after Thanksgiving.
Regardless of its origins, Black Friday has already been marked on calendars around the world.
¿Why is Black Friday important for your eCommerce?
Having all the tools ready to make the most of this day can benefit your eCommerce greatly.
Let’s see why:
Every year, retailers’ sales increase on these dates. In 2020, a 30% growth was recorded. For 2021, 11.3% growth is anticipated in the U.S. alone, eMarketer reports.
In eCommerce, this growth is even more pronounced and could reach 35% over the previous year, according to Deloitte.
The threat of Covid-19
The considerable increase in online sales could come as a result of people’s fear of possible overcrowding in physical stores.
This could be one of the main reasons why 74% of consumers prefer to shop online, according to Publicis Sapient. Similarly, another reason why this percentage is so high is the limited shopping experience in physical stores.
The numbers in Spain
In 2021, an estimated 13 million Spanish adults will shop during Black Friday. Of the total, almost 80% say they will shop in person, leaving the remaining 20% to eCommerce.
According to Deloitte, the average spending per person in Spain will be €127 during the weekend that makes up Black Friday and Cyber Monday. In more detail, the study contemplates that this number represents 23% of the budget set aside for Christmas shopping.
Another of the magnificence of Black Friday is its support for small local businesses. According to a survey conducted by Google, 73% of consumers plan to shop at small local retailers rather than at large stores.
In practice, however, it’s not all that pretty. Some 60% of consumers who plan to shop at local retailers said they will research products online before making any purchases. This therefore also implies the importance for eCommerce to be present online.
Main drivers of the purchase decision
Consumers claim that there are two determining factors that influence the purchase decision.
- The shopping experience
According to the Publicis Sapient survey, 32% of respondents consider promotions to be the most decisive factor when making purchases. However, the responses also highlight the importance of having a good shopping experience.
Several factors influence a user’s shopping experience. Last year, 69% of users had problems with the loading speed of web pages. Improving the loading speed of your website is very important!
We hope this post has helped you understand what Black Friday is and where it comes from. Also, we hope that analyzing these statistics has helped you understand how important it is to take advantage of a day as special as this one.
The next step you should take is how to prepare my eCommerce for Black Friday?
See you in the next post 🙂
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