How many of your shoppers will be hitting the buy button?
So it’s that time of year again where you’ve got to get your crystal ball out and pre-empt what your customers want this Black Friday. Put the ball away, we’ve got some good news.
We’ve been speaking to consumers ahead of Black Friday Cyber Monday (BFCM), collecting Black Friday data, so you don’t have to. And here’s what we’ve learned.
Consumers are feeling optimistic about the upcoming Black Friday events. Yes, really.
In the run up to BFCM 2021 we revealed that shoppers felt skeptical of seasonal sales and the brands that participated in them. This year however, our Black Friday data is painting a much more positive picture, and it looks like brands have started to win back consumers’ trust.
What did our research tell us about Black Friday 2022?
- Ahead of Black Friday Cyber Monday 2021, 56% of consumers said that brands push lower quality products during BFCM, but this year that number has dropped to 48%.
- 57% of consumers said last year that BFCM made them feel pressured to make purchases – compared to just 36% this year.
- 58% of consumers said last year that BFCM deals and offers would impact their trust in brands. This year that number has dropped to 37%.
There’s still work to be done
Before we all get too comfy, it’s worth noting that consumers still have concerns about the upcoming BFCM shopping period. While sentiments have certainly improved since last year, our Black Friday research shows there’s more to be done to win customers over completely:
- 54% predict that discounts won’t be as good as they expect
- 50% predict that the products they want to buy won’t be discounted
- 52% predict they will get bored of hearing about BFCM
So shoppers still need convincing that Black Friday is worth the hype. But is it worth the effort? Year after year there are whispers of ‘Black Friday fatigue’ and suggestions that shoppers are going to pack it all in, so should we even bother? Do you need to care?
The answer is yes. Why?
- 62% are looking forward to the 2022 BFCM shopping period
- 68% are waiting for BFCM to make certain purchases
- 67% are more interested in BFCM thanks to the cost of living crisis
The opportunity is yours for the taking
Our Black Friday data shows that the opportunity this year is huge – and your existing customers are a large part of that opportunity. 65% of consumers have said they’ll prioritize shopping with brands they know and trust. You should grab this advantage with both hands.
But the risks are big too. 74% of consumers will shop around for the lowest price, 51% for the best returns policy and 64% for the best shipping policy. So you need to get things right to stop your existing customers from getting distracted by other brands and their special offers.
Wondering where to start? We’ve created The Black Friday Blueprint 2022 to help you recalibrate your seasonal sales and deliver the ultimate BFCM customer experience this year.
About the author
Georgie is the Content Marketing Manager at LoyaltyLion. Georgie has spent most of her 6+ years marketing in B2B companies, and has developed a huge passion for bringing B2B voices alive through engaging copy and memorable storytelling.