A Lesson for Online Retailers
Even after elves have done their job, the work doesn’t end there. That’s why merchants need to consider what comes after the initial sales boom, to prevent massive profits diminishing before their eyes. Only then can we assess the value of the seasonal sales period, ask “Was it really worth it?” and learn lessons for next year.
Once again, the seasonal period came and went in the blink of an eye. Initial figures suggest that, while it wasn’t quite the shopping nirvana merchants had hoped for, it was still a boom to sales performance, with UK consumers spending 515 per cent more online on Black Friday compared to the average Friday in 2017. Meanwhile, retail sales from 1st November through Christmas Eve were up 4.9 per cent over last year, according to data from Mastercard SpendingPulse.
Starting in November, we saw more consumers shopping earlier to snatch up the best deals in the ever-growing sales period. Previously, Black Friday—a single day of genuine discounts—had erupted to a mammoth trimester of sales; however, it’s now appearing to be past its prime. In the fight for market share, retailers are constantly extending their sales, and consumers, overloaded with cheap offers and convinced of huge discounts that may or may not materialise, feel compelled to join in.