How much money will be spent during this Black Friday shopping stint? BILLIONS!
Instead of sitting there and saying “WOW!” — you should be planning how you can tap into this major shopping “holiday” as everyone is already in buying mode and they are just waiting to pull out their credit card and spent good money on your amazingly awesome and heavily discounted offer!
To get the most out of this years holiday shopping trends and spending spree, you must first understand what Black Friday is all about, along with how and where people are spending their money.
Special thanks to Nextopia for their awesome infographic and stats collection.
Black Friday Kicks Off the Holiday Shopping Season
Even though more brands are now kicking off their Black Friday promotions earlier and earlier each year, the key figure that you need to know is that there are only 27 days between Black Friday and Christmas. This means you have a short period of time to make a huge amount of money… so be sure to make the most of it!
Just how much money are we talk about? Well, last year we saw $1.964 BILLION in overall online sales for Thanksgiving and Black Friday, which was a 18.5% increase from the previous year. There is no doubt that we will see $2 BILLION+ in sales this year!
How to Best Target Your Potential Customers with Online Markets
1 out of 3 Americans will be shopping this Black Friday… which is roughly 140 million consumers. If your customer isn’t out at your local retailers, then there is a good chance they are already shopping online.
When it comes to shopping online, not only is it easier for customers, but it’s also a cash cow for many brands and Black Friday resource sites. The question isn’t if your audience is going to buy, it’s how you are going to entice them to buy from your site and not your competition. These are some of the methods that work best.
- 44% will offer specific deals and promotions online
- 41% will offer a one-day sale online
- 44% will use a special email campaign
- 27% will offer free shipping at a lower than usual minimum purchase level
- 20% will offer free shipping on all purchases
How Big Retailers are Cashing in on Black Friday
As mentioned, more and more brands and retailers are now offering their Black Friday promotions and deals earlier than ever before — simply in hopes to beat out their competition and bring in more customers. Black Friday is late in November, but brands like Walmart, Best Buy, Target and Khol’s released their Black Friday ads as early as November 10th — 3 weeks before the actual shopping event date!
Something you might also be surprised to know is the big differences between online sales based on actual locations throughout the country. The following cities have the highest online sales during Black Friday for last year. (Something to consider split testing with if you can sort your customer data, demographics and analytics)
- New York City, NY
- Atlanta, GA
- Los Angeles, CA
- Washington, DC
- Chicago, IL
When Most People are Shopping During Black Friday
Black Friday events used to occur after midnight on Thanksgiving, but those days are long gone. Throw in the 24/7 world of the internet and there is simply no need to ever put a limit on when and where you can buy something… however, we still do have some great stats to backup when people are buying most during Black Friday.
While most of the big sales are “midnight” promotions for the early birds, the majority of shoppers (39%) aren’t making trek out to stores or buying online until 10AM or later.
Black Friday Online Sales from 2011-2013: Even with the economy and jobs in a sour position, the continued massive upward climb of Black Friday holiday spending continues to grow year after year. It will be no surprised when we see these numbers climb right through the $2 billion mark in 2014.
Mobile Ad Spend is Dominating Black Friday Promotions
It’s no surprise to see a ton of money being poured into the mobile and tablet advertising industry — which is currently accounted for 40% of all Black Friday advertising.
Mobile advertising is one of the best ways to get your message and advertisements instantly read and while customers are already potentially shopping within your online or offline store. Mobile is quickly passing the 40% mark for all online traffic and mobile sales are climbing passed the 20% mark as well.
Google Owns Black Friday: Whether it’s through your desktop, tablet or mobile device… everyone is going to Google to find what they are looking for. With billions of searches made, the majority of them are coming through the hours of 8AM-12PM and then peaking again during 4PM-7PM. Online sales peak around 9AM.
What are People Buying on Black Friday?
We know everyone is buying everything they can find on Black Friday, but actually knowing what types of deals and promotions relate best with your audience is key. Leading the way among all products are electronics, clothing, toys and jewelry.
Pinterest vs. Facebook: Just as important as what people are buying, is how they find your online stores and promotions. Black Friday shoppers referred from Pinterest spent 77% more money per order than those referred from Facebook! However, Facebook referrals converted into sales at nearly 4x the rate of Pinterest. Which social networking platform is best for your audience?
Black Friday 2014 – How Much Will You Make?
The question isn’t “if” you are going to make money online this year during Black Friday 2014, but instead, HOW MUCH?
Take the time to perfect your Black Friday and holiday ad campaigns and make these last 27 shopping days of the year your best marketing efforts yet!