There are several reports that try to predict what consumer behavior will be like in one of the most important consumption times of the year, Black Friday and the Christmas campaign. For this reason, we have synthesized the information from various studies to share the most outstanding trends of Black Friday 2020 taking into account the particularities of the consumer in times of COVID, the challenges that brands face, and the opportunities that may arise in this new scenario.
Importance of Online sales channels on Black Friday 2020.
27% of Spanish consumers who usually do their Black Friday purchases in physical stores say they will not do so this year. 46% of consumers say they will turn to options to buy online, pick up in store or contactless. It is the data that Google shares in its report “How the pandemic can influence Christmas shopping“.
The stores face a real challenge in one of the most important sales campaigns of the year. The digital channels already strengthened during the confinement, become the main focus to be able to reach the new consumer. Google estimates place the percentage of online purchases at 70%, made up of 50% exclusively online purchasing process and 20% omnichannel.
The remaining 30%, corresponding to purchases in physical stores, is still important and is connected to digital media, since online sales channels are also used to read information, evaluations and check availability in physical stores.
Consumer behavior on Black Friday 2020.
This year, shopping both in stores and online can be very different from what we are used to, forcing businesses to offer alternatives and reinvent themselves knowing the details of increasingly changing consumers.
Security is the new element that stars in Black Friday shopping.
These sales channels are normally chosen due to convenience and time, but this year security stands out, a factor that has gained importance for a long time and has now become a priority.
– How much do consumers spend on Black Friday?
The average cost per person is €256. The increase in sales compared to normal weeks can increase more than 220%.
– When do you start the search for products for Black Friday?
Despite being a day, ⅓ of consumers start their searches a month before, another ⅓ say they do it 2 weeks before, while the rest carry out their searches that same day.
– Greater awareness for small local businesses.
73% of consumers plan to buy more from small, local businesses.
– What product categories lead Black Friday?
The categories that stand out the most are fashion and accessories, followed by electronics. Complete this culture podium (books, music, travel...).
– What aspects do consumers highlight in their purchase decision?
The most outstanding aspect in the purchase decision continues to be the price or discount. Another aspect that is most taken into account when buying is trust. Many of the consumers look for a real guarantee that their products are authentic due to the many counterfeits.
New challenges for companies
Black Friday, Cyber Monday, days without VAT,... can become a good opportunity to overcome the sales figures of 2020.
The stores must find how to overcome the circumstances, offer the channels in the way that their consumers demand and stand out from the competition to be finally chosen.
One of the opportunities presented to businesses is offering early discounts, contactless store delivery… there are many formulas that can lead to success.
What seems certain is that these new consumer behaviors are here to stay and that they may continue for a long time.
