Procurement Solutions: Room for Improvement on Black Friday
Black Friday 2018 was largely a success, exceeding most financial predictions. This year’s Black Friday was the biggest ever with consumers spending $7.9 billion. More shoppers were out than expected, and those who were out were spending.
So where is Black Friday falling short?
Technology is rapidly improving and retailers are simply not taking advantage of technology to unite their online and in-store experience. Anyone expecting younger generations to only purchase online is missing that many crave a physical experience and purchase in-store or visit in-store before purchasing online.
How Can Black Friday Retailers Improve
Retailers can use the technology available to connect the in-store shopping experience with the online experience. By incentivizing shoppers in-store with mobile discounts or even social experiences, retailers can create a deeper connection with consumers.
Enhancing the in-store experience with digital tech will be the driving force behind sales in the future. Technology can highlight the social experience of in-store shopping. Great deals are more accessible online now, but many consumers enjoy the social experience of being in a mall on Black Friday. Retailers can create opportunities to share the experience online with photo opportunities or something social.
Retailers can use technology more creatively to improve the Black Friday experience. This year’s growth is commendable, and we expect to see even more progress in the future.