It’s that time of the year again when the roads are packed with hundreds and thousands of people rushing into stores to buy different products. Yes, the holiday season has kicked off with Halloween warming up the engines and the month of November leading up to Thanks giving and Black Friday. This is the busiest time of the year for businesses as they look to generate not only maximum revenue but also run smooth operations in the process. We all know how customers behave around this time especially with all the promotions, marketing campaigns, flash sales and limited discounts going around. It’s a shopping stampede on Black Friday and the days leading up to it.
However, every business has a limit of what they can handle regarding stock, customer service and the facility itself. This is why today, companies want to get the maximum out of their business during the holiday season but also control some aspects of their operations and promotions. We know that 80 percent of shoppers value the shopping experience as much as the product itself but businesses know that trends do change. Plus, shopping has changed in the last few decades due to technological innovations and tons of facilities customers have adapted to.
1.Segmentation of Customers According to Categories
Customers know what they are looking to buy and often have a list of products that they are buying. The critical thing to remember is that 68 percent of shoppers do not shop products of different categories at the same time. For example, no shopper would go shopping for electronics and groceries on the same day. Another fact is that during the shopping season stores get crowded so much that it becomes difficult for businesses to manage. Scenarios like these acquired businesses are thinking and getting creative with their promotions. Amazon and Walmart are early birds when it comes to promotions, so they kick-started their campaign at the beginning of the month and brilliantly segmented their customers according to products. They started by promoting higher discounts on electronics and gadgets at the beginning of the month. Christmas decorations had maximum cuts on Thanksgiving day. Groceries and furniture have higher discounts on weekdays as compared to weekends. This ensures that stores are packed with specific shoppers and very little window shoppers.
Consumer trend has shifted in the last decades, and the emergence of e-commerce stores has done wonders for businesses all around the world. First of all, the scenes of mile-long queues and shoppers scrambling over each other to grab the limited time offer and limited time deals. If you cannot stop the stampede, you can redirect it to your website in the form of traffic. Research indicates that 60 percent of shoppers now shop online and engage in pre-sales. This led to many businesses shift or also give attention to digital marketing and communication channels like bulk texting and social media marketing to promote digital sales. This is a great example of divide and conquers as companies split their operations to ensure stability and organization in the hard season ahead of them.
One of the best ways to control shopping stampede on Black Friday is to bring your products to them rather than them rushing to your stores and waiting in long queues. Some might enjoy the experience, but if you ask most hard working citizens, they’d rather sit at home and relax while stores deliver their favorite products during the season. Sure, if this were the best way to go, everyone would sit back and have their products offered, which is another problem. This is why a balance is essential in your operations and customers.
Black Friday and the following holidays are very useful for SMEs if they can use their size to their advantage. Smaller businesses can react faster through competitive campaigns as compared to large retailers promoting similar products. Smaller companies have a more dedicated audience which they usually connect with using their mobile phones or emails. They can offer better prices without getting overhead approvals.