Ahead of the forthcoming 'Black Friday' on November 27 and 'Cyber Monday' on November 30, Retail Excellence Ireland has published a guide for retailers as to what to expect, how to prepare and whether the events could have a negative effect on their businesses.
Taking place the day after Thanksgiving in the States, Black Friday sees stores across the country open early and offer heavy discounts in order to entice savvy customers to start off their Christmas gift shopping. Cyber Monday offers similar discounts, but only online.
While Cyber Monday is a little more convenient for those who don’t want to deal with crowds in physical stores and do want to compare discounts from multiple retailers, Black Friday is seen as the more ‘traditional’ shopping event, and is usually grander in scale.
Activity in Ireland on these two days has increased steadily in recent years, REI reports. Black Friday activity jumped by just under 100% between 2013 and 2014, and is only set to increase again in 2015 with higher consumer confidence & awareness.
According to Retail Excellence Ireland, "Black Friday was still finding its feet in Ireland last year, so for 2015 we’re guaranteed to see more retailers taking part, bigger discounts, more promotion and even more sales.
"In short, expect an extended PEAK period starting from Black Friday (November 27th this year) until your January sales figures begin to get back to normal."
Here are Retail Excellence Ireland's top tips for retailers looking for the best way to cope with Black Friday and Cyber Monday this year:
1. Expect an increase on 2014, nobody wants to miss out on a good deal.
2. Look at your hosting – ensure your website can cope with the increased traffic.
3. Establish your offers well in advance and build on them - be prepared for the day and for the days after.
4. Increased traffic is a prime opportunity for fraud, so it’s vital to keep your stringent anti-fraud processes, no matter how much strain you’re under.
5. Manage your customer’s expectations - delivery lead times may be impacted. All going well, you’ll be dealing with a large volume of orders and there’s bound to be some delays. Ensure you are prepared and that you make the most of Black Friday.
© 2015 - Checkout Magazine by Niall Swan
