Retailers need to be thinking beyond Black Friday for sustainable sales growth
There’s more to engaging with customers than a frenzied sale, writes CEO and founder Neon Treehouse, Josh White.
Black Friday is nearly here, and there is a dangerous number of businesses going ‘all in’ to meet sales objectives.
In a world of perpetual sales, customers are less and less willing to pay full price. As a result, retailers, particularly the smaller ones, should be thinking about the long game of brand building and storytelling. This approach will ensure sustainable sales year-round, while still harvesting the available customer purchase intent during key sales periods.
Black Friday sales are famous for jaw-dropping discounts on everything from fashion to electronics. It’s also the kickstart to the festive season with Christmas sales quick to follow. In Australia, Black Friday is one of the biggest shopping events on the calendar and the momentum is growing dramatically year-on-year.
According to ABS data, last year total retail turnover soared 13.3% in November, when compared with 2019 results. According to market research company McCrindle, in 2020 only 4% of Australians had never heard of Black Friday.
