For people looking to snag a bargain, annual retail events like Black Friday and Cyber Monday, are quickly turning into the biggest shopping days of the year. We can\u2019t even call them \u2018a day\u2019 anymore as they\u2019re starting earlier and lasting longer! Some retailers aren\u2019t promoting Black Friday anymore, it\u2019s now Black Week or even Black November.<\/p>\n
But one thing\u2019s certain; each year it\u2019s a huge kick-off for the holiday shopping season. That\u2019s good for consumers looking for deals leading up to (and after) Christmas and for retailers looking to cash in. Because, let\u2019s be honest, when combining Black Friday with Cyber Monday, the amount spent is staggering. Nobody wants to miss out.<\/p>\n
According to Adobe<\/a>, $8.9 billion was spent on Black Friday in 2021. 42% of purchases on Black Friday came from smartphones, with the average conversion rate on mobile rising to 3.3% on Black Friday.<\/p>\n Adobe<\/a> also reported that $10.7 billion was spent on Cyber Monday in 2021, with mobile purchases making up just under 40% of online sales, while Thanksgiving Day saw $5.1 billion spent. These amounts were part of the $33.9 billion spent online during the period from Thanksgiving Day through Cyber Monday, also known as Cyber Week.<\/p>\n Today, as more people shop online because of the ongoing pandemic \u2013 and the convenience \u2013 2022 is also expected to be huge for online retailers. Are you set to get your fair share?<\/p>\n Retailers looking for foot traffic are unlikely to be disappointed as well, but time will tell whether enough people will return to physical stores. The pandemic has disrupted many things, and this looks unlikely to change for some time.<\/p>\n Our article on e-commerce<\/a> took a closer look at the issues faced by retailers as the coronavirus pandemic unfolded in 2020:<\/p>\n \u201cThis past year has proven how vulnerable traditional retailers<\/a> are to one simple thing: Not having people shop at their place of business. The coronavirus pandemic, combined with increased online competition, has greatly affected the entire retail industry<\/strong>. 2021 will be no different \u2013 especially as lockdowns and social distancing rapidly change shopper\u2019s behavior. Even those who were once skeptical about online shopping are now having to embrace it \u2013 and are seeing its benefits. This won\u2019t change once the pandemic is over. For retailers, this presents a huge challenge. And a huge opportunity.<\/strong>\u201d<\/em><\/p>\n As we quickly head into 2022, it\u2019s obvious that we\u2019re slowly returning to \u2018normal\u2019, but in many ways, we need to rethink what \u2018normal\u2019 is. Online shopping isn\u2019t signaling the death-knell of bricks & mortar retailers, but it\u2019s clear that consumer behavior is changing to embrace multiple forms of shopping.<\/p>\n Going forward, online will become more established, and traditional retailers must embrace it \u2013 by setting up their own sites, joining marketplaces, or integrating the latest smart technologies into their physical locations (creating the so-called \u2018phygital\u2019 experience of having intricately connected physical and digital solutions). There\u2019s also the rapid rise of omnichannel business to contend with.<\/p>\n Everything will be connected and there\u2019ll be more competition for everyone and fewer eyes on your online store<\/strong>. Each year, events such as Black Friday will put ever more pressure on retailers<\/strong>.<\/p>\n You\u2019ll have to conduct thorough market research and seek out customer feedback to understand what people \u2018may\u2019 be looking for and get your processes and offers ready to go \u2013 perhaps months in advance \u2013 all while being able to quickly deal with your competitors as they offer aggressive loss-leaders.<\/p>\n Unfortunately, getting your share isn\u2019t as simple as throwing new product images onto your website and waiting for the cash to pour in. You need to truly focus on, as we discussed in our recent article on Mystery Shopping<\/a>, the experiences you give your customer.<\/p>\n \u201cCustomer loyalty, customer satisfaction, and service quality <\/strong>have always been vital factors in the retail and e-commerce sector. But there\u2019s another aspect that\u2019s becoming increasingly important: customer experience. According to Review 42<\/a>, 75% of shoppers prefer to buy from brands that personalize the shopping experience<\/strong>. 54% of companies also understand that customer experience is the most important priority.<\/strong>\u201d<\/em><\/p>\n It may seem obvious but providing a highly personalized shopping experience results in a true competitive advantage<\/strong> \u2013 as our article on e-commerce also mentioned:<\/p>\n \u201cIt\u2019s proven that a customer will pay more for a better customer experience<\/a><\/strong>. Additionally, today\u2019s customers are far better informed than ever before and have multiple sources of information to draw from, which means expectations are higher<\/strong>.\u201d<\/em><\/p>\n Higher expectations? Well, nobody said it would be easy. Especially because the digital customer journey is so complex.<\/p>\n People expect (by some miracle) that you\u2019ll instinctively know what they want. Your online store will be perfectly laid out to satisfy their needs. The programs and discounts you offer are perfect and directed straight at them.<\/p>\n But what customer journey touchpoints have an influence? What causes them to abandon their shopping basket? What in the world are they expecting on their shopping journey? Why did they give you a one-star review because the t-shirt they ordered wasn\u2019t delivered on a public holiday?<\/p>\n It\u2019s complicated.<\/p>\n \u201cIt is the story that matters not just the ending.\u201d<\/strong><\/em> As our story on mystery shopping also noted:<\/p>\n \u201cIt\u2019s difficult to verify how the retail or e-commerce experience (whether in-store or online) is received by your target group, without the external help of testers. <\/em> As customers assume more control in the products and channels they use, and which influencer or niche key opinion leader they get advice from, your ability to keep them focused on your online shop<\/strong> will become harder than ever.<\/p>\n That\u2019s why it\u2019s never been more important to understand your customers\u2019 end-to-end shopping experience. Or to ensure that your technology doesn\u2019t negatively impact it<\/a>.<\/p>\n In fact, beyond the emotional component of their journey, it\u2019s technology that determines whether they purchase or not. As highlighted in our article on Performance Testing<\/a>:<\/p>\n \u201cIf you look at the numbers, a well-performing and, specifically, a fast-loading online shop effectively means higher revenue<\/strong>. When we look at the past year, overall sales in Germany increased by 202%<\/a> on Black Friday alone. The traffic on German online shops nearly doubled<\/strong> compared to the usual average. This means that not only are there more visitors, but they\u2019re also willing to spend more money than usual<\/strong>. For 2019, Statista<\/a> published a study that shows that 38% of the people asked, plan to spend 101-300\u20ac on Black Friday. You don\u2019t want upset customers in general, but what you really don\u2019t want is upset customers on Black Friday!<\/em><\/p>\n When it comes to load times, according to a study on BigCommerce<\/a>, a mere 1 second delay in page load time can lead to a conversion decrease of 7% because people just don\u2019t want to wait. Especially the ones shopping on their mobile device.\u201d<\/em><\/p>\n Put simply, that means: \u201cI want that now, but I need it yesterday.\u201d<\/p>\nBut it\u2019s now time to get ready for 2022<\/h2>\n
\n\u2015 Paul Lockhart<\/strong><\/p>\n
\nHow do I check whether my defined brand image and the perception of my customers match<\/strong>? What values and impressions does the layout of my store or the arrangement in my online store convey? Do my channels reflect the high quality of my offer and justify a high price point for my customers? How do I know if my delivery process works in Norway? Or whether my customers feel sufficiently informed about delivery and return conditions? <\/em>A simple customer survey is usually not enough to answer these questions. What you need is a deeper, unbiased evaluation of your target group<\/strong> in your target market \u201c<\/em><\/p>\nThe times, they are a-changin’<\/h2>\n