The retail landscape is changing, and so is its approach to Black Friday and Cyber Monday. Shifting consumer behavior and economic factors, coupled with technological advancements, call for new and more sophisticated strategies. The era of single-day sales frenzies is diminishing; shopping periods are getting longer, while customers are becoming discerning, leading to growing demand for trust and authenticity.
Let’s explore Cloudflight experts’ key predictions for Black Friday and Cyber Monday 2024 and highlight emerging trends and strategies that retailers can embrace to thrive in this competitive season. Discover how your brand can stand out and succeed in the hectic time of holiday shopping by leveraging tech-driven insights, capitalizing on trends, and delivering seamless shopping experiences.
1. Sales will start earlier and last longer
The novelty of single-day shopping frenzies seems to be wearing off. Consumers now anticipate extended deal periods that will allow them to do their holiday shopping at their own pace, even if this means that they’ll get a slightly worse deal financially.
This makes it crucial for brands to offer consistent value throughout the holiday shopping season, not just on specific dates. As a result, some retailers have already started Black Friday sales as early as late October and are expected to stretch promotions well beyond Cyber Monday.
2. Shoppers will demand genuine deals
Skepticism surrounding Black Friday discounts persists. Customers will be more discerning, seeking proof that advertised discounts truly represent value. The market is on their side too: a conscious customer has plenty of options to verify if they’re actually getting a good deal via various price tracking websites and browser extensions.
In response to this demand, eCommerce businesses must deliver authentic price reductions and communicate them transparently to build trust and stand out.
3. User experience will be a dealbreaker
As competition intensifies, a seamless and personalized user experience (UX) and shopping journey will play critical roles in driving conversions. Retailers will need to:
- Optimize their mobile shopping experience. In 2023, as much as 70% of all sales took place via mobile channels, and we can only expect this number to grow this year.
- Personalize and hyper-personalize recommendations using customer data. This will make customers feel understood by the business while also providing ample opportunities for upsells and cross-sells.
- Streamline their checkouts to reduce cart abandonment rates.
- Ensure that their eCommerce infrastructure can withstand the increased traffic without slowing down and crashing.
4. Changing focus to self-gifting
The self-gifting trend will remain strong, particularly among Millennials and Gen Z shoppers. Highlighting deals on personal items like apparel, beauty, and wellness products can help capture this audience. You can also offer loyalty rewards, freebies, or exclusive discounts for returning customers to further boost engagement.
5. Economic factors will shape spending
What does economic uncertainty mean for retailers? It often translates into the need for bigger discounts. When consumers are cautious about spending due to concerns about inflation, potential recessions, or financial instability, they tend to prioritize value over luxury.
To attract these budget-conscious shoppers, retailers are compelled to offer deeper and more competitive price cuts to ensure that their deals stand out in a crowded marketplace.
This doesn’t have to translate into thinner profits for you, but it does mean that you need to be smart about your discounts. This year, make sure to put thought behind your pricing strategy. Create deliberate, well-planned promotions to drive sales while maintaining consumer trust during challenging economic times.
6. Tech-driven insights will power marketing
Retailers that leverage AI-driven insights for dynamic pricing and personalized marketing will outperform their competitors. It’s as simple as that. According to Salesforce’s calculations, during 2023 Cyber Week, $51 billion worth of online sales were influenced by AI.
If you haven’t done it already, this is the last call to implement predictive analytics to understand customer behavior and optimize campaigns. In modern eCommerce, AI is the key to delivering an engaging shopping experience on the one hand and making a healthy profit on the other.
7. Trust as a critical factor to success
With shoppers counting each dollar very carefully, building customers’ trust will be more important than ever in 2024. Successful retailers will need to focus on three key areas to strengthen their relationships:
- Shoppers expect deals that truly live up to the hype, so delivering on promises of “best prices” is essential.
- Transparency about discounts, product availability, and savings will go a long way in building confidence.
- From answering questions before purchase to resolving issues after, providing reliable and attentive customer service will set brands apart.
Remember that trust isn’t just about the transaction itself. It’s about creating a positive, consistent experience that keeps customers coming back.
8. Sustainability will have a role to play
There’s no question that price is still the top factor influencing purchasing decisions, but over the past few years, others have been steadily becoming more and more relevant. Sustainability is one of them, especially among younger customers. According to Akeneo’s study, “59% of millennials and 50% of U.S. consumers overall are willing to pay a premium for sustainably produced products.” Simply put, your customers are paying attention, and so should you.
How do you fit sustainability into the broader Balck Week puzzle, though? Detailed information about where and how your products are made is the first step, but you can go further than that. If you sell items that aren’t single-use, such as electronics, think about sustainable warranty and repair conditions. You can also encourage environmentally friendly delivery options, or experiment with unorthodox promotions that tap into this sentiment, for instance, by pledging to donate a part of Black Week profits to charity.
9. Buy now, pay later: a game-changer for Gen Z and a major opportunity for retailers
The buy now, pay later (BNPL) trend continues to soar, especially among Gen Z shoppers. During Cyber Monday 2023 alone, BNPL purchases amounted to $940 million. For young shoppers, BNPL is more than just a payment method; it’s a way to manage budgets while still snagging the deals they love.
This flexible option is reshaping how Gen Z approaches holiday shopping, but it’s also a massive benefit to the business. Crucially, a customer who takes advantage of a BNPL model spends, on average, 48% more than one who pays in the traditional way.
Adapt to thrive in 2024
Black Friday 2024 is set to break away from traditional trends. It’s not about just slapping attractive discounts on a few products anymore. 2024 customers expect much more: they demand creativity, authenticity, and a seamless shopping experience that only proactive and strategic retailers can provide.
To match these expectations, businesses will need to look into longer and authentic deal periods, enhanced user experiences, and strategic consumer engagement, just to name a few of the most significant trends.