For most Americans, Black Friday is the stuff of legends. It’s that one day of the year when hoards of shoppers go out looking for the best deal.
But even though there’s a massive influx of willing shoppers, Black Friday can be very stressful for retailers looking to capitalize on this shopping holiday.
The same way that consumers plan out their shopping trips to get the most out of their money, businesses also need to plan how they can profit from Black Friday.
For example, if you want your dropshipping business to compete against the big players, you need to figure out what your customers want and sell that to them at the best price point that you can offer.
Black Friday 2018 saw half a million shoppers signing up and buying from top shopping apps as new users. It’s no surprise given that many online retailers have already dropped their prices as early as Thanksgiving day, making it the fastest growing online shopping day.
Now, let’s recap on this year’s Black Friday Winners and Losers, shall we?
Black Friday 2018 Winners
This e-commerce giant knows how to set the stage for great holiday savings. With more consumers opting for the convenience of letting their fingers do the shopping, Amazon is the biggest winner of Black Friday 2018.
One reason why Amazon is raking in huge profits this year is its decision to offer free holiday shipping even to their non-Prime members.
This move not only won them new customers, but it also pushed box stores like Target and Walmart to up their game. And even though the giant retailer experienced some delays with their warehouse operations in Europe over the weekend, it still wasn’t enough to slow Amazon down this year.
As it is a tradition for many apparel brands to offer 50% off on Black Friday, Old Navy earned some serious profit from their promotions this year.
Even with their parent company’s plans to close hundreds of Gap storefronts in a couple of years, Old Navy continues to be a major driving force behind Gap Inc.’s success.
The thing that sent people buying from Old Navy this year was their One Dolla Holla sale, which was part brand promotion and part corporate social responsibility program. For every pair of cozy socks sold (which only cost $1), Old Navy donated $1 to the nonprofit Boys and Girls Club of America.
Another brand that made quite a profit from the recent Black Friday sale is Kohl’s. This department store brand’s effort to improve their stores and enter into a partnership with Amazon finally paid off when they hit online sales at an all-time high last Thursday.
Kohl’s beefed up their loyalty program this year, promoting deals that started as early as November 19 for online shoppers. This gave customers five extra days to shop around for the best bargains. What’s more, Kohl’s gave shoppers $15 back in Kohl’s cash for every $50 spent on qualifying products.
Black Friday 2018 Losers
It’s unfortunate that Lowe’s website went down for maintenance at the height of the Black Friday mania.
Technical problems with Lowe’s website not only cost corporate possibly millions in sales. It cost them something far more valuable – their consumers’ trust in their brand.
The blackout led many of Lowe’s online shoppers to turn to rival Home Depot not for the deals, but for the simple premise that their website is up.
Even though J. Crew offered 50% off all purchases made online, it wasn’t enough to keep online shoppers interested.
What potentially could have earned J.Crew huge profits this year, turned into a dud when online shoppers complained that they couldn’t access the site.
The technical difficulties lasted for most of Black Friday, which frustrated not only consumers but also the corporate office. Some online shoppers reported that even though they were able to add items to their shopping cart, there was no way to check out because of the technical glitch.
With Sears’ reputation at an all-time low, corporate failed to position the brand as a major player for the holiday shopping season this year.
Trouble started when media outlets released stories about the depressing conditions of many Sears stores across America. CNBC even went as far as declaring a Sears store as a ghost town.
Even though the folks over at Sears corporate seems optimistic about its reorganization, it’s just not enough to turn attention away from the bad publicity surrounding the brand.
As we’ve learned from this year’s winners and losers, it pays to prepare.
If anything, these incidents go to show that more prominent brands are just none the wiser. If it happened to them, it could easily happen to your business!
It may still be a year away, but now’s the perfect time to rethink your Black Friday strategy and prepare your brand for what’s to come.