Consumer Shopping Data That Will Help You Drive Sales On Black Friday (US and UK)
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With Black Friday just around the corner, Bright Data (formerly Luminati Networks) in conjunction with Vanson Bourne carried out market research that sheds light on digital retail trends. The survey was distributed to 1,000 American and 1,000 British consumers regarding their online shopping preferences for the upcoming holiday shopping season. The sample group was representative of all major age, gender, and income levels. Here is a clear breakdown of the survey’s insights as well as retailer opportunities:
Survey insight #1: Over half of shoppers (55%) said they will be making online purchases this coming Black Friday and Cyber Monday.
Retailer opportunity: Try and hone in on audiences with a high Life Time Value (LTV) and take an action that will turn them into long term customers even after Black Friday. For example, offer a special promotion on their next purchase or a shopper’s membership card.
Survey insight #2: Over three-quarters (78%) of respondents noted that it’s important they secure the lowest price with a third (32%) of respondents admitting that securing the best price is the most important factor influencing their choice to holiday shop online.
Retailer opportunity: It is more important than ever for retailers to have a strong, data-driven pricing strategy this holiday season to ensure they remain competitive. Consider monitoring your competitive landscape for product-specific price cuts and adopt a real-time dynamic pricing strategy to increase your market share.
Survey insight #3: More than half of shoppers (55%) use comparison sites to help them find the best deal on the market.
Retailer opportunity: Perform market research so that you can discover competitive offerings, for example, ‘buy one get one free’ deals. You may also want to look at competitor reviews and see what consumers are complaining about so that you can improve in those fields, for example, slow shipping or ‘out of stock’ issues.
Survey insight #4: Consumers aged 65+ have seen an increase in the number that do a majority of their shopping online, jumping from 15% a year ago to 39% today. A majority cited increased convenience as a leading factor in their shift online, with 69% including this in their top three reasons.
Retailer opportunity: New demographics are moving their shopping to the online sphere meaning there are new opportunities. Identify new audiences as well as the products they want and need. If you are able to get into a niche early enough you have a better chance of gaining and maintaining a larger market share.