The possibility of two Black Fridays in 2023
Black Friday falls very late this year, on Friday the 24th of November, meaning that we’ll be seeing those exciting Black Friday sales six days before payday. That means it’s likely retailers could see a decline in the volume of sales, with customers not wanting to open their wallets until they’ve got a paycheck in the bank.
And with the cost of living crisis continuing to impact Black Friday, it's possible we’re not out of the woods just yet when it comes to economic shrinkage. With retailers looking for ways to counteract this decline, two Black Fridays, or extended and delayed Black Friday deals, could be the best way for retailers to offer their best deals to paying customers.
If we do end up having two Black Fridays in 2023, it could mean more opportunities for shoppers to save money on the items they want. It could also mean more competition among retailers, which could lead to even better deals. However, it's important to note that not all retailers are likely to participate in two Black Fridays, or late Black Friday deals. And even those that do may not offer the same level of discounts on both days.
For example, in recent years, prolonged Black Friday sale periods have seen retailers offering staged discount levels, or a staged release of products included in the deals as they progress through the month of November.
How to manage a late Black Friday
Whether or not there are two Black Fridays in 2023, retailers who are planning to offer late deals need to be prepared to manage the unique challenges that come with a late Black Friday sale. Read on to discover tips for managing peak shipping season.
Planning ahead
The first step in managing a late Black Friday sale is to carefully plan your sale. A few questions you could ask yourself include:
- Do you have goals in place for this year? (i.e. increase sales or boost brand awareness)
- Do you have a marketing strategy in place?
- Are your sales staff fully trained, and prepared to ask customer questions?
- Do you have enough stock in your inventory to cope with the increased sales?
- Are your warehouse staff fully trained on e-commerce warehousing?
And finally, are you able to sell at an increased capacity until the late date your sale ends? You need to make sure your warehouse operations are fully effective to adapt to consumer buying habits this year.
Seamless inventory management
Seamless inventory management is essential for retailers who want to make the most of a late Black Friday. You need to ensure you have an efficient Inventory Management System in place to help you track inventory levels in real time, and identify where stock is low. In turn, you’ll avoid stockouts and meet customer demand at one of the busiest times of the year.
You may also want to diversify your supply chain, and consider implementing a multi-carrier shipping strategy to ensure a steady supply of inventory. Even with the best warehouse management system, it's important to have a Black Friday backup plan for if you run out of stock, or encounter other inventory issues.
Attentive customer service
Attentive customer service is essential for any retailer, but it's especially important on a late Black Friday. Customers are more likely to be stressed and frustrated if they're shopping on a late Black Friday. It is more difficult to budget and an increased pressure to get their holiday shopping done, so it's important to provide them with the best possible customer service experience.
Prepare for the increased demand with considerate, dedicated staff. Make sure you're responding to customer questions and resolving issues quickly and efficiently. And look for ways to go the extra mile for your customers that are purchasing after payday this Black Friday, such as offering them a free coupon in their shipment.
For more advice, follow our checklist for managing the peak season smoothly.
The future of Black Friday for retailers
As we look ahead to Black Friday and peak season 2023, it’s important to reflect on the previous buying trends and how this might affect this year's performance. Some believe that the event will eventually die out, as consumers become more savvy and less likely to fall for Black Friday hype, with the rise in cost of living adding to this uncertainty.
It’s difficult to say what the future of Black Friday holds, but it’s crucial that retailers have streamlined stock management to meet demand and not disappoint eager customers. Book a call with one of Mintsoft’s Consultants to see how our solutions could help automate and streamline your operations this Black Friday.
Looking for more helpful advice? Download one of our ebooks:
