By Ann - Nov 28, 2024
Black Friday has evolved into a global retail phenomenon, no longer limited to a single day but extending into a month-long "shopping season." The event generates massive sales, with a significant increase in online shopping, prompting businesses to enhance their online platforms for better customer experience. The impact of Black Friday extends beyond sales, influencing various industries like customer service and marketing tactics, emphasizing the importance for companies to adapt to changing consumer behaviors and trends.
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With companies all around the world taking advantage of this shopping frenzy to increase sales, Black Friday has grown to be a huge retail event. Traditionally observed after Thanksgiving in the US, the day has become a worldwide shopping event that has led to record-breaking sales numbers. Black Friday's impact has grown in recent years, as companies have started offering discounts all through November, turning the event into a "shopping season" rather than a one-day occasion. For example, Black Friday alone generated $9.8 billion in U.S. internet sales in 2023, and this trend is predicted to continue, with a 7% increase in 2024.
Black Friday is a great time for businesses to get rid of inventory and draw in a lot of budget-conscious customers. Massive foot traffic in physical stores and soaring online sales are the results of many businesses offering substantial discounts on in-demand items. Customers' purchasing habits are also changing significantly, with a rising preference for mobile shopping, according to retailers. When shopping in-store, more than half of American shoppers increasingly use their mobile devices to look up product reviews and compare costs. In order to meet this evolving demand, companies have been forced to improve their web platforms and include mobile-optimized experiences.
In addition to helping merchants, Black Friday's surge in sales has an impact on other industries including customer service, advertising, and logistics. For example, companies are adopting SMS and mobile texting more and more to increase sales and consumer engagement. As part of the push for personalised marketing, there has been a rise in the usage of messaging apps like WhatsApp and Rich Communication Services (RCS), which has given customers more individualised experiences.
Black Friday remains a vital component of the retail sector, contributing to significant growth in sales, particularly on the internet. Businesses may use it as a gauge of customer behavior and a chance to adjust to new trends like mobile shopping and highly customized marketing tactics. The way Black Friday sales continue to change shows how companies need to stay flexible in order to take advantage of the shifting dynamics of customer purchasing patterns.
