Ingenico research: Consumers think dodgy discounts rule Black Friday
Over Black Friday 2017, despite thinking that it’s rife with dodgy discounts, consumers couldn’t help themselves and spent a whopping 515% more online than the average Friday, according to Ingenico’s payment data, with the Wednesday through to Monday recorded as the six busiest shopping days of the year.
But despite its evident popularity revealed a deep-rooted scepticism of how much shoppers really save according to a survey of 600+ UK consumers. 55% believe the discounts are false and even among those who actively shop on Black Friday, 40% believe they are being misled. Why such a disconnect between attitudes and behaviours?
“Although many consumers may vocalise their concerns on the discounts, they’re not totally convinced and fear of missing out tends to kick in. We’ve seen that Black Friday checkout abandonment is a third lower than the average day as customers rush to snap up the deals. Dispelling the ‘dodgy discount’ myth will be key to taking Black Friday campaigns up a gear. While the savviest of shoppers may be able to find comparable deals at other times in the year, the Black Friday week is a great option for those seeking value, choice and sound timing ahead of Christmas. For retailers, clear and open communication on the discount value needs to be a top priority in 2018.”
– Marc Birkner, Managing Director of Small & Medium Businesses, Ingenico
While some act on impulse, almost two-thirds of Black Friday customers report actively researching prices before the seasonal sales. The majority prefer to shop via their laptops, suggesting a systematic, calculated process, rather than idle mobile browsing.
How to maximise on seasonal sales
The seasonal sales also present an opportunity to establish an online presence and build a customer base. While brand loyalty to high street retailers remains high, 38% of consumers will buy anywhere they see an enticing deal; this presents a good opportunity for small businesses to establish brand presence this coming Christmas.
Here at Tamebay we suspect the same will be true on Amazon Prime Day – stick an enticing deal in front of consumers and forget about the two-thirds of shoppers who carefully research prices. We’re interested in the remaining one-third of shoppers who will buy pretty much anything if the price is right and the discount looks good.
Ingenico’s number one tip for Black Friday success is to consider offering exclusive items rather than short-lived discounts. That eliminates prior price checking and gives you the best opportunity to tempt all shoppers to buy, especially if you pre-advertise the deal.