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BUSINESS SCIENCE
Covid’s Black Friday: What’s New?
3 smart data strategies used by top brands
Historically, millions of Americans took advantage of Black Friday and Cyber Monday sales. This made Thanksgiving one of the most important times of the year for retailers. As the internet proliferated Black Friday and Cyber Monday deals abroad, maximising profit this time of year became vital for companies everywhere.
This year, Black Friday sales have become even more fraught. According to McKinsey, deep discounting has been a primary survival mechanism for companies in the wake of the Covid-19 pandemic. Retailers have already slashed prices to Black Friday and Cyber Monday levels with mixed results. On the oft-proclaimed biggest shopping weekend of the year, no one can afford to lose money. Sales have to be done right or already struggling businesses will face real trouble.
Unfortunately, many companies have always struggled to approach Black Friday sales strategically: a fact that doesn’t bode well post-Covid. More brands are offering massive discounts than ever before, yet fewer people are buying. 57% of buyers are anxious about the idea of Black Friday purchases, a number that’s been trending upwards for weeks.
