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HOW BRANDS CAN BE PROFITABLE DURING BLACK FRIDAY
I’d like to make the bold proclamation that everyday is Black Friday now online.
How are eCommerce retailers playing into the hype of Black Friday this year?
Well, many are not. In fact 14% of the Black Friday “deals” you see aren’t really deals.
Twice.com analyzed Amazon’s retail prices of the last 4 months, then compared them to this week’s Black Friday pricing.
What did they find? Out of 9 product categories consumer tech and home appliances were the least discounted of all product categories. (I know, that was surprising to me too!)
Here’s the savings you’ll find by category:
- 30% savings in appliances
- 26% savings in electronics
- 25% savings in computers/phones
Want to save hundreds and even thousands on Black Friday? Shop these categories:
- 73% savings in jewelry
- 48% savings in books, movies and music
Want to feel like you can know you’re getting a good deal? Shop these retailers that offer a 90% – 100% of actual Black Friday savings:
- Best Buy
According to wallethub.com, the best overall deal this Black Friday is $200 off: ASUS – TUF Gaming FX705GM 17.3″ Laptop
Surprisingly Walmart scored the lowest (agains the last 4 weeks of retails on Amazon) for good deals at only a 61% actual savings.
How is brick and mortar stepping up their in store experience for Black Friday?
2018 Holiday Consumer Confidence
How brands can be profitable when every day is Black Friday?
Black Friday every day is great if you’re a consumer, but terrible if you’re a brand. So what can you do to squeeze profitability out of this new phenomenon?
- Make it a best practice to frequently go back to your factories and ask for lower pricing.
- Ensure you’re using the latest technology in your products and updating them yearly. New technology is often cheaper than what you might have been using from several years ago!
- Find ways to cut costs in packaging or materials.
- Sell direct and cut out the middle man.
- Sell directly on your website (I love Shopify!) or create a subscription model. Shoppers love to be surprised monthly by brands they know.
- Create an exclusive line of products for Amazon/eCommerce.