This year will be a Black Friday like no other: Rising consumer prices as well as the political situation will affect the purchasing power of online shoppers. But what does this mean for this year’s end-of-year business and especially the most popular online shopping events Black Friday & Cyber Monday?
Prices and real savings will come into focus, price comparisons will be used more often. With a good marketing mix and solid product feed management software, you can still get through the “winter” Peak Season successfully.
SUMMARY
- Consumers make more conscious purchasing decisions
- Price is king
- Expand the assortment and reach more customers
- Find your customers where they are
Black Friday 2023 date: Friday November 24
1. Consumers make more conscious purchasing decisions
According to an idealo online shopper survey, 89 percent of consumers in Germany are making increasingly conscious purchasing decisions: Spontaneous purchases and products that are part of a personal luxury will decrease, especially in the colder seasons due to rising heating costs.
Consumers also fear that the Ukraine situation will not only increase any cost of living, but that there will also be availability problems and delivery bottlenecks in e-commerce.
So, to be best prepared for Black Friday and the end-of-year business, make sure your stocks are always up to date, check them at regular intervals and plan ahead.
2. Price is king
While availability of products was a big topic in e-commerce during the Corona crisis, online shoppers are paying more attention to price savings this winter.
This is also evident on price comparison platforms such as idealo: an additional 39 percent of users opt for the cheapest offers – even if delivery times, shop ratings or other criteria are less optimal.
This means that online shoppers are primarily interested in one thing in the second half of the year: finding a good deal! To this end, they will also be hoping in particular for the offers of the Black Friday season and the Christmas sales.
One thing is certain: millions of bargain hunters will be waiting on price comparison platforms like idealo for the perfect offer on their desired product. Of course, consumers are also aware that, in view of the economic situation, running costs for shops will also become more expensive; as many as 62 percent say they understand this.
Nevertheless, try to offer competitive and fair prices. As a product feed manager, BeezUP supports you in adjusting your prices quickly and easily.
3. Expand the assortment and reach more customers
More than half of online shoppers are now more likely to buy second-hand and B-goods. Maybe now is the right time for you to offer these products as well – not only in terms of sustainability, but also to continue selling products successfully.
Do you have popular brands in your range? That’s great! But also think about including less branded goods in your inventory. A full 86 percent of online shoppers in Germany are increasingly buying alternatives to brand-name products.
Constantly expand your inventory and make sure that you can offer trendy products. BeezUP’s middleware enables a quick connection to idealo – so you can easily list and sell your offers on idealo with just 3 clicks.
4. Find your customers where they are
More than 80 percent of consumers are comparing prices more often this year in order to save money. To do this, use price comparisons.
Use them as a multiplier for your reach and secure customers who are ready to buy. Because these users are often already in the buying phase, in which they have decided on a specific product and are only looking for the best possible price. Profit from this and tap into this qualified traffic!
Janine Pretschner
Janine Pretschner has been working at idealo since 2017 and, as B2B Marketing Manager, is responsible for email communication with online shops and content creation.
About idealo
idealo internet GmbH is one of Europe’s leading price comparisons with over one million visitors per month in the UK Market, and more than 70 million site visits per month in all idealo countries, making us the price expert in online commerce. On idealo in Germany, Austria, France, Italy, Spain and UK, consumers can compare up to 400 million offers from over 50,000 merchants. As one of the biggest brands in e-commerce in Europe, we stand for transparency and fair competition in online shoppinge.