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Black Friday is quickly approaching, and if you haven't started thinking about your marketing activities yet, it's time to jump on it. However, before you can jump into the creative process, you need to take the time to study last year's trends and stats to create marketing campaigns that will perform.
Black Friday is one of the busiest shopping days of the year.
But it also offers small business owners the chance to make some money. Here are eight stats you need to know before you plan your Black Friday strategy.
1. 75% of consumers say free shipping is a key influence in their buying decisions on Black Friday
Free shipping is a huge factor in consumer decisions regarding Black Friday. 75% of consumers say that free shipping will most likely lead them to purchase. When it comes to making the most of their savings, consumers head online to search for the best deals on specific products and don't want to have to pay for the added convenience of not having to leave their homes to shop.
2. 44% of men say they could be convinced to shop Black Friday sales, compared to 57% of women
When people think of Black Friday shopping, most assume females will be the ones to take full advantage of getting up and heading out to save a few bucks. 44% of men stated that if presented with the right deal, they could be convinced to shop Black Friday deals compared to 57% of women.
3. Shoppers aged 18-24 are most likely to shop Black Friday sales (68%)
Young shoppers are the most likely to shop for Black Friday deals. In fact, 68% of shoppers aged 18-24 stated they plan to shop Black Friday sales. This is especially true for in-store shopping, as older generations don't really care to stand in long lines or wait in traffic to save a few dollars.
4. Brick-and-mortar retail is expected to grow by 3.0% - totaling approximately $1.3 trillion
Brick-and-mortar retail is expected to see an increase of 3% in sales, totaling over $1.3 trillion. Retail sales have continued to grow since the global pandemic, and the return to in-person shopping has contributed to over 80% of spending in 2023.
5. E-commerce sales are expected to grow 11% - totaling approximately $1.3 trillion
E-commerce sales will grow over 11%. Millions of Americans plan to take advantage of various shop-at-home specials this year, yielding over 40% of the 2023 growth contribution.
6. Cyber Monday is forecasted to outperform Black Friday, with revenues forecasted to exceed 13 billion
While many businesses plan to include online sales as part of their Black Friday marketing strategies, Cyber Monday is, again, expected to outperform Black Friday sales. This is because Cyber Monday has earned its reputation for online holiday deals. However, with more shoppers still choosing to make online purchases this holiday season, the right deal could convince your audience to purchase on Black Friday instead of Cyber Monday, so you must perform the right research to see what your competitors are planning.
7. 73% of all online shopping was done on smartphones
In 2022, approximately 73% of all online shopping on Black Friday and Cyber Monday was done via a smartphone. What does that mean for your small business? If you have an online presence, you need to ensure your website is mobile-friendly and easy for consumers to use. Otherwise, you risk losing business to the competition.
8. 81% of consumers check text messages within five minutes
Considering a social media campaign this Black Friday? It could prove more beneficial than you may think! A 2023 survey of 1,400 participants, including consumers, business owners, and digital marketers, revealed that over 80% of consumers check text messages within five minutes. That's genuine engagement that can help boost not only sales but also brand awareness and lead generation.
Get ready for Black Friday with more tips from the BBB
Black Friday is considered the most important retail day of the year and is a huge opportunity for small businesses to increase their sales and gain new customers. You can take advantage of the right approach and create a profitable holiday.
Get ready for the upcoming holidays with more BBB business news feed tips.
BBB of Southern Piedmont and Western N.C. contributed to this article.