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Fashion & Lifestyle Ecommerce5 min read
Everyone knows that Black Friday is the most highly anticipated shopping period of the year. But 2020 has been an unusual and challenging year for the retail industry; consumer behavior has shifted radically, leaving many retailers wondering whether consumer spending on Black Friday will match previous years. On top of this, the stakes are even higher this year, as Black Friday and Cyber Monday present a much-needed opportunity to boost sales to make up for lost revenue in previous quarters.
The good news is that the majority of consumers will spend just as much as the previous year in Black Friday and Cyber Monday sales. According to a report by Rakuten, 70% of consumers don’t plan on reducing spending during this peak shopping season. Furthermore, while consumers still plan on spending over the holidays, the biggest purchase influencer during the holiday season will be sales or discounts. Consequently, Black Friday will attract many consumers eager to shop the best deals and, therefore, will be a major opportunity for retailers to boost sales and recover from losses in previous quarters.
However, these consumers won’t be flocking to retail stores anytime soon. Due to the health risks associated with shopping in brick-and-mortar stores, consumers are increasingly shying away from traditional retailers. The same Rakuten report found that 73% of consumers globally prefer online shopping to offline shopping. Similarly, according to the 2020 Ecommerce Report by eMarketer, consumers in the United States are projected to spend 18% more online than last year, while spending in offline shops is expected to decrease by 14%. But does this also hold true for the fashion industry? The simple answer is yes. Despite being one of the hardest hit industries by the pandemic, the past two quarters have seen an unprecedented increase in online fashion sales. According to Google, there has been a 600% increase in searches for “fashion online shopping” in the last months compared to last year. Even luxury fashion brands like Prada and Bottega Veneta have experienced unparalleled increases in their online sales revenue, while Farfetch similarly experienced a 60% surge in traffic in the second quarter compared to the second quarter of last year.
“With more and more consumers turning to shopping online, fashion retailers need to seize
the opportunity to attract typical online shoppers but also win
new online shoppers.”
With more and more consumers turning to shopping online, fashion retailers need to seize the opportunity to attract typical online shoppers but also win new online shoppers. This naturally means increased competition between online retailers vying for visibility and enticing new customers to shop more than in previous years. The bottom line: if retailers (especially in the fashion industry) want to maximize their sales & get ahead of the competition, they need to focus their efforts on their online shops and increase their visibility in order to attract online shoppers during crucial holiday shopping events such as Black Friday and Cyber Monday.
Especially this year, shoppers are particularly price sensitive, and will be intent on striking a balance between quality and affordability. By emphasizing special promotions, retailers can engage more shoppers seeking the biggest bang for their buck. For example, we will offer Black Friday Style Deals that highlight discounts on products along with promotions that our shops are offering with an inclusion on our homepage, social media promotion and inclusion in our newsletter. This placement draws in Stylight users, ensuring that our shops get plenty of visibility for their Black Friday and Cyber Monday offers.
Another way to increase visibility in this highly competitive time of year is by drawing consumers in via banners and landing pages specifically dedicated to the holiday shopping event. We offer an exclusive Black Friday/Cyber Monday landing page, including a homepage banner, dedicated to bringing more visibility to our partners along with social media promotion and inclusion in our newsletter. This placement gives a spotlight to our partners, their products and special holiday promotions, raising consumer awareness and increasing the chances that they will purchase these products.
Though holiday shopping will be different this year, as we see increasing numbers of consumers moving towards online shopping, forcing retailers to address this rapid global shift towards e-commerce in order to survive, one thing is clear: Black Friday is not dead.
To discover all of Stylight’s holiday shopping opportunities, click here.