20 Dec The Future of Black Friday and Cyber Monday
Right now retailers have to build a strategy around two distinct shopping events, Cyber Monday and Black Friday. If you’re a retailer with a brick and mortar presence you’re focused primarily on Friday and if you’re primarily online you may be focused on Monday. What is the future of how we treat these days strategically as we sell. We believe that one of those 2 days will disappear in the coming years as true “omni channel” commerce is realized. Think about it. Why does it make sense to have a separate sale online than in store? It’s twice the work and if you have stores and an online presence it can be a logistical nightmare managing online purchases that are returned in store. Reconciling inventory and building a proper revenue attribution model is tough.
The Future of Christmas Retail
As consumers want to have the experience of in-store retail while reaping the convenience of online or mobile commerce, we believe the convergence of these experiences will eventually lead to several days of great pricing on products that is kicked off on Black Friday (of course some retailers like Old Navy will kick it off on Thanksgiving Eve). As retailers begin to implement accounting, ERP and Order Management solutions that meet their cross channel and cross device needs, they will begin to think and strategize truly as an omni channel merchant. This in turn allows a single unified strategy to drive consistent sales over several days, vs. a peak of sales in 24 hours that tappers off quickly.
The key is to understand what your consumers really want. Nobody wants to get up at 4:00am in the morning to wait in line for five items that are sold out after the first thirty customers. So how do we shift the paradigm of thinking within the retail community to align process, systems and strategy to provide a better, less stressful holiday shopping season. Be the retailer that figures this out and you’ll be the retailer that thrives in Q4 every year.