HomeFEATURESWhat retailers need to make Black Friday a success

What retailers need to make Black Friday a success

Black Friday falls on Friday 29 November this year, with its sister holiday Cyber Monday following on 2 December. Retailers are increasingly rolling the intervening weekend into these two sale events, treating all four days as a single continuous sale. 

Retail NZ reports that in 2018, Black Friday surpassed Boxing Day sales in New Zealand for the first time, with Kiwis spending over $69.7 million on Friday alone and more than $442 million over the entire weekend.

With the sales coinciding with the start of December, Retail NZ says that consumers are likely to treat Black Friday and Cyber Monday as an opportunity to do the majority of their Christmas shopping at a discount, expecting “big savings and exceptional deals”.

They suggest retailers think now about what deals they can offer and make sure their stock volumes can support that commitment, aiming to finalise their Black Friday plans by the beginning of November.

Shaun Quincey, Latitude’s General Manager Buy Now Pay Later, says pre-promotion will be essential to retail success on Black Friday and subsequent sales.

“In terms of buy now pay later, it’s making sure you’re telling your customers to get preapproved. Capitalise on the opportunity of the deal. “

Quincey says partnering with a BNPL like Genoapay means retailers can market their products at the price point of each individual BNPL payment. Genoapay offers consumers the chance to purchase goods up to $1500 with no upfront costs and an easy-to-understand split of 10 weekly payments.

“The multiple of 10, people understand,” Quincey says. “The impact is really similar to that of interest free. If it’s $300, you put $30 a week for 10 weeks. More people have $30 on their debit card than have $300, so they can buy the headphones that they want or a UE Boom.”

Price comparison website PriceSpy collects a lot of data on Black Friday shopping. Its New Zealand Country Manager Liisa Matinvesi-Bassett predicts 2019’s Black Friday sales will exceed those of last year.

“Retailers also need to be aware as to when consumers search and shop on Black Friday, as the timing that a discount appears will have a massive overall effect on how many eyes see – and potentially then purchase a product.  

“For example, our insights show the biggest peak of online traffic appears around midnight the night before Black Friday.”

Matinvesi-Bassett reports that the most searched-for shopping categories online in New Zealand last year were:

  • Mobile phones
  • Headphones
  • Gaming consoles

The most popular products were Sony PlayStation 4 Pro 1TB, Apple AirPods and the Nintendo Switch.

This story was created with the support of Gem powered by Latitude.

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