After the tryptophan wore off and families decided they’d spent enough time together, more than 174 million shoppers descended upon department stores, malls and retail websites to shop for Black Friday and Cyber Monday.
Each shopper spent $335.47 on average, with millennials spending $419.52. This generation is now the largest worldwide at 95 million. Our report on Gen Y shoppers found that 95% of them are busy and distracted doing other things, and most of that is on a smartphone. As these buyers planned their weekends, multichannel shopping dominated with 63% of buyers using mobile devices to make decisions, and 29% using mobile devices to complete a purchase. And, it paid off for retail brands. Those shoppers who used more than one channel to make purchases spent $82 more than single channel shoppers.
This year, 60% of consumers were in the mood for a deal, and most agreed retail brands hit the nail on the head in 2017 offering better deals that drew them from the warm fireside into a hullabaloo of holiday shopping. In fact, you might remember that our Millennial Survey found a third of this generation is driven solely by bargains alone to shop, making this holiday season a big win for them.
So what made Black Friday and Cyber Monday so successful, surpassing original predictions?
First, buyers see brands and looked for brands on more than one channel, so omnichannel experiences are key. For example, these results tell us that a customer path to purchase involved comparing prices online, researching similar products and reviewing sale items. Brands who can tap into this part of the journey with real-time, personalized messaging to consumers viewing products online can convert these customers to a purchase, either in-store or online.
Second, shoppers wanted to buy items on sale, so promotions like sale and price reduction alerts proved helpful to increase revenue over the five day shopping period. Maybe your brand is featuring a sale on sneakers, and your behavioral marketing platform and analytics show that customers are frequenting that section of the website during the Cyber Week shopping season. Knowing this information in real-time equips brands to trigger a sale alert and get in front of customers in the exact moment marketers realize a product becomes popular.
Using a platform like SmarterHQ can make sure brands are ready to deploy customer interactions when and where it's needed, further driving ROI and increasing revenue. The NRF specifically cites that technology investments, like behavioral marketing platforms, enabled customers to seamlessly shop through the entire weekend.
Interested to see how SmarterHQ and behavioral marketing can power your real-time interactions for results like these? Don’t wait, schedule a demo today!