Black Friday and Cyber Monday Predictions
Are You Prepared for Black Friday and Cyber Monday?
Each year, shoppers begin their searches for Black Friday and Cyber Monday sales earlier and earlier, with some queries starting as soon as August. The official shopping season usually doesn’t start until the Thanksgiving holiday when retailers begin to promote discounts geared toward Black Friday and Cyber Monday. This year, however, retailers are fearful of weak sales and have already started to release promotions and discounts. Is your business ready to compete?
Here are some interesting statistics related to holiday shopping and retail forecasts (source: Experian Hitwise):
- Holiday projections by the NRF forecast a 1% decline growth in total retail sales for the 2009 holiday season, totaling $437.6 billion.
- The online channel is poised to fare somewhat better, with Forrester Research projecting an increase of 8% to $44.7 billion.
- In 2006, the searches took place over a 9 week period leading up to Thanksgiving and Black Friday, growing to 14 weeks in 2007, and 16 weeks in 2008.
- The number of variations including the term ‘black friday’ have increased significantly as well, increasing 41% year-over-year to reach 7,822 different combinations for the week ending Nov. 29, 2008.
- The number of websites receiving traffic from the search term ‘Black friday’ during the four weeks leading up to and including the week of Thanksgiving and Black Friday increased to from 416 in 2007 to 473 in 2008 – an increase of 14%.
What does this tell you as a business or retail company? Expect consumers to start shopping online earlier and be prepared for it. Start running your promotions now and add in a few discounts that could peak some consumer interest. You don’t want to miss out on any opportunities and you certainly don’t want to give those opportunities to your competitors.
Contact KEO Marketing for more information about e-commerce and how to bolster your business during the holiday shopping season.