Black Friday and Cyber Monday are nearly a month away, but retailers are already gearing up for these large shopping days.
Following is a peek at expert predictions for what is essentially the Super Bowl for retail commerce.
Black Friday is Going to be Big
A recent survey by RetailMeNot noted that over half of respondents intend to make Black Friday purchases at local brick and mortar outlets. The company also reports spending on the Black Friday weekend is expected to be 47% higher than it was last year as consumers are optimistic about the current state of the U.S. economy.
Naturally, brick and mortar shoppers are more likely to buy certain products than others; however, it is surprising to note that the most in-demand products are not necessarily electronics. In fact, RetailMeNot found that many in-store shoppers are looking for health and beauty products either for themselves or to give as Christmas gifts.
Clothes and shoes are also popular products that local stores may want to offer great deals on as even many people who enjoy shopping online still prefer to see, touch and try on clothing and footwear before buying them.
Cyber Monday Will be Even Bigger
Online sales for last Thanksgiving Day alone totaled an astounding $1.93 billion, and are expected to be even higher this year. However, Cyber Monday 2016 far exceeded this sum by raking in an amazing $3.39 billion in sales in a single day.
Experts predict that Cyber Monday 2017 will be even more lucrative for online sellers than last year, as millions of people opt to shop from the comfort of their own homes instead of standing in line at night to get into a brick and mortar store.
Statistics show that up to 99 million people shopped at brick and mortar outlets last Black Friday. This is actually three million fewer than the number of people who shopped in person the year before. At the same time, 108 million people shopped online during the Black Friday weekend, an increase of up to five million people from 2015.
Experts predict that, over time, the number of brick and mortar shoppers will steadily decline while online shoppers will grow in number. However, it is also interesting to note that Cyber Monday appears to be bringing in new customers who previously avoided the Black Friday weekend altogether. This could represent huge potential profits for online retailers both now and in the future.
The Season Expands
In times past, Black Friday and Cyber Monday were the only two days when you could get special deals. This is no longer the case as retailers are extending special sales to give everyone time to shop.
Kohl’s, for instance, will begin offering Black Friday deals on its online store on Monday, November 20. Amazon is taking this a step further as it begins offering special deals to Prime members on November 1. RetailMeNot reports that nearly 80% of all retailers it surveyed plan to offer deals in advance of Black Friday itself in order to capitalize on an expected increase in consumer spending.
How long special deals last will vary from retailer to retailer. While many sellers are offering Black Friday deals for up to two weeks, others are extending special offers from the beginning of November to the end of December. These extended special deals will likely decrease Black Friday and Cyber Monday spending, but are almost certain to boost sales overall.
Potential Good Deals to Look Forward To
BFads specializes in analyzing Black Friday deals, and its website predicts that there will likely be great deals on popular video game consoles such as the Xbox One S and PlayStation4 Pro. Other products that will probably be marked down include Apple products, Amazon devices, Google Home and Google Mini products, home and kitchen items and toys. Television discounts will also be easy to find; in fact, they are typically the most advertised deals each year.
Black Friday is always an exciting time of year for shoppers, and this year will be no exception. Spending across the board is expected to be higher than it was last year for both brick and mortar stores and online retailers, and there are plenty of products that will be discounted during this time period. Even so, experts note that online retailers are likely to come out on top as a growing number of people opt to shop online for the Black Friday weekend.
Regards,
Ethan Warrick
Editor
Wealth Authority
