Love it or hate it – Black Friday has cemented itself in the shopping calendars of many British consumers.
This year it falls on 23 November, and despite economic uncertainty and Brexit on the horizon, it could present a lucrative opportunity for retailers to boost sales and profits.
With some high street retailers including House of Fraser, Marks & Spencer and Selfridges, already reporting that they will trade as normal this Black Friday, and some online retailers questioning whether they should take part in the annual day of discounts, it provides opportunity for others to step up and take their share of the limelight.
Bolstering technology and website capabilities means that they will stand the stress and surge of abnormal traffic levels during the sales weekend and stay online as the customer browses, makes their selection and moves through the payment process. On average, 75 per cent of shopping baskets are abandoned during the customer journey, so anything you can do to prevent this will boost sales. Conversion is therefore of the utmost importance, and doing everything within your power to make sure customers check out and make their purchase.
Those who are paid at the end of the month will not have received their pay packet in time for this year’s super sales event, and therefore may need access to credit and flexible payment options. The number of applications for credit within the Deko platform has doubled on Black Friday, in previous years, and we predict this year will be no different.
Retailers that offer customers a flexible payment option at the point of purchase provide an added incentive during the Black Friday sales. By giving shoppers the opportunity to spread the cost of their purchase, their Black Friday budget can go further. Retail finance increases people’s propensity to buy, therefore offering this flexibility is undoubtedly a huge advantage. Retailers who offer finance options can see anything from a 10 to 40 per cent increase in sales depending on their sector.