Is your business ready for Black Friday?

Key Multimedia [Poundbury] are predicting that the biggest online shopping day in the UK is going to be even bigger this year.

£800 Million was spent by UKs online shoppers in just one day back in 27 November 2014. However, that number is likely to be eclipsed if current predictions run true.  That means that the UK could see it’s first £1bn online shopping day.

The 20% increase in shopping comes as more consumers buy online and are becoming more aware of the phenomenon known as Black Friday.

Retail sales this year have been sluggish.  Whilst August’s BRC-KPMG Sales report has shown slight improvements in year on year growth, retailers are having to work very hard to capture the consumers attention. And despite 27 consecutive months of falling shop prices, consumers are still keeping tight control of their spending.

David Lakins, Managing Director of Key Multimedia said “Consumer confidence continues to be low and this means strict monitoring of the wallet.  However, when a shopping event like Black Friday comes along thus can translate into a spending hysteria as discount hungry shoppers chase bargains or in some cases ‘perceived bargains’ at almost any cost”.

What does this mean for the businesses?  Be ready!

davelakinsFor the majority of small to medium sized businesses, website resilience will not be an issue, as it is for John Lewis, Argos and Amazon.  Last year, the biggest of retailers massively underestimated demand.  This resulted in slow and crashed websites and customers forced into a queue-waiting system.  We expect this will not be the case for smaller business – that said, it maybe worth talking to your hosting company to ensure you have sufficient bandwidth for that day.
With a predicted £1Bn spending this is massive opportunity for retailers.  To prepare for this, retailers need to consider what promotions they are going to push and to marry both online and in-store promotions. Let’s not forget the crazy rush of shoppers flooding in to ASDA to grab the discounted televisions that was report in the news.

Savvy shopper will already be girding their wallets and purses for Black Friday and will flock to the big retailers.  But for independent retailers with unfamiliar brands, getting your message out to your existing and potentially new customers will be important.

Building a website and waiting for the business to roll in doesn’t work.  Businesses need to communicate to their existing customers through email promotions, advertising on the search engines and pushing their messages out through social media – and not forgetting in-store displays.

Part of the challenge for Dorset Businesses is that online shopping opens up transparency like never before.  The ability to research prices and compare delivery charges means that shoppers will look around for the best deals and might not shop straight-away.

However, if ever there was a day that the consumer has their wallet out – it’s this one.

Key Multimedia has been supporting Dorset businesses realise their digital potential for years.  With a rock solid team with decade’s worth of experience we can offer Dorset Business the technical and marketing expertise to grow their business.

Contact: David Lakins or James Hart

Tel: 01305 542000.