Spot the difference: Black Friday 2021 vs Black Friday 2020
Black Friday may not be an official holiday. But, for better or worse, it’s become one of the most important days of the year. This is especially true if you are a small business owner!
As an owner of a small business, you can’t afford to miss out on the potential windfall of profits that could come from Black Friday. But what should you expect from this year’s annual shopping bonanza?
Black Friday 2021 appears to be setting up as one of the biggest, perhaps the biggest, spending days and weekends of all time. And it’s not just massive big-box chains with advanced websites that are looking to rake in the cash, as small businesses can certainly profit from this spending extravaganza.
What to Expect from Black Friday 2021?
Last year (2020), people with a lot of knowledge and scores of industry experience were predicting a Black Friday decline in 2020. But they were, fortunately, quite wrong, as 2020 turned out to be a massive event for retailers and business of many different types.
This year, a continued rise is expected by virtually everyone, as shoppers are hungry for deals and retails are looking to score big on the expected demand.
Adobe Digital Insights 2021 provides one of the most comprehensive predictions for the upcoming shopping holiday. Their 22-page report is full of information, but there are a few important findings, such as the fact that online shopping, they predict, will reach $207 billion for the entire holiday season. This will come even as shortages are expected to continue, despite that fact that demand will likely increase.
However, there may be fewer seasonal discounts for consumers. This is because with a shortage of products, along with higher demand, retailers simply don’t need to lower prices to make the sale. To borrow a term from real estate, it’s a “seller’s market.”
One of the most important trends for Black Friday is a general lengthening of the seasonal spending spree. What used to be a single-day event crept into Thanksgiving. Then it spread forward, encompassing the weekend and even “Cyber Monday.” With supply chain issues, and people purchasing earlier to avoid missing out, it’s likely that Black Friday will become a month-long marathon, not a rapid sprint.
How to Get the Most from Black Friday 2021
Social Media and E-commerce is Essential
Bricks and mortar still matter to businesses, especially small businesses. But online marketing, as well as online sales, can make a big difference. Even if you have not fully embraced online commerce, you should make a real effort to increase your social media marketing, as this will be essential for gaining attention over the major retailers.
Inventory will Need Sharp Attention and Planning
There will be little need to drum up demand for your products. There will, however, be a need to have products available. For Black Friday 2021, this means overcoming the challenges of limited supply and an unpredictable supply chain. Make sure you are planning well in advance so you have the inventory your customers desire.
Deep Price Cuts May Not Be Needed
Demand is just as high, if not higher. Supply is low. According to basic economic theory, this means prices will inevitably rise. As a retailer, you may not need to make the deep reductions that were required for previous years, as shoppers are eager to spend regardless of discounts.
Everything is Starting Early this Year…
Shoppers are starting early, you need to start early too. To take advantage of Black Friday, have all of your marketing and inventory needs in place long before the week of Thanksgiving.
…But it Also Goes Longer
Not only is Black Friday starting earlier, it’s also going longer. Be prepared for a longer week, and have the staff in place to serve your customers throughout the Black Friday weekend and beyond. This may require more staff members to ensure your team is prepared, and not over burdened, for the 2021 holiday season.
Prepare for Black Friday 2021 and Beyond with Snagajob!
People are going to spend money on Black Friday, the following weekend, and throughout the month of December. The only question is, where will they spend it? Make sure you bring in customers with an active approach, and make sure you’re ready when they come to your business by hiring top-quality team members with snagajob.com!