The truth is: Retailers are facing a big challenge.
According to Which? research that came out in 2018, in the past Black Friday was all about shoppers climbing over each other in-store to grab the latest bargain. But now it's has moved predominantly online, the media needs a fresh marketing spin.
In reality most retailers AREN’T claiming their items are the cheapest they can be, it’s just good sense to get behind the biggest sales period of the year.
But this marketing is pushing consumers to take back control. Which? have strongly advised that customers do their research beforehand, read reviews, check the quality of products, and compare prices across sites.
Which means this year, the consumer is savvier and more clued-up that ever.
And even beyond deals, issues like sustainability are becoming a big factor in which brands consumers want to buy from.
For discount retailers, the quality, sourcing and environmental impacts of products is becoming more important. That’s a big challenge they're now up against.
As a retailer, you might have questions like:
- Should we offer a discount?
- What discount(s) should we offer?
- How long should we discount for?
- What are the risks if we don’t?
- Will discounting pollute our brand perception?
Here’s what Moss Bros did.
- Daily Deals in the lead-up to Black Friday. These were advertised as ‘Better than Black Friday’; deals that were not going to be beaten on Black Friday. In other words, actively telling customers to shop early across all channels. It also allowed Moss Bros to be selective on the products they wanted to discount at a heavier rate.
- Extended Returns. Giving consumers the confidence that they are able to return post-Christmas.
- Klarna. Helped drive pre-payday sales, giving customers flexibility with when they can pay. Moss Bros saw orders paying by Klarna increase by 85% in the two weeks leading up to Black Friday.
- Blanket Discount. This was a competitive offer that helped drive incrementally at a strong margin.