Whether you’re a storefront or an online business, chances are you’re going to be swamped with extra orders this holiday season. With increased demand comes added expenses. Inform yourself now to make empowered business decisions. Check out these 5 Black Friday and Cyber Monday facts to optimize your operations this year.
1. Millennials Do the Most Shopping During Black Friday
This year, 53% of Millennials are projected to take part in Black Friday promotional shopping. They are the demographic most inclined to shop sales the day after Thanksgiving. Next on the list are Gen-Xers, of which 49.5% are expected to shop. And an estimated 27% of Baby Boomers will shop your sale.
2. If you Live in One of These States, You’re More Likely to Experience Black Friday Success
There are five states in the US that experience more sales than any others during Black Friday. So, if you live in one of these states, you can expect more local shoppers.
- New York
Of course, doing business in one of these states is not a prerequisite for hosting a promotion. Anyone in retail should take advantage of the popular shopping holiday.
3. It’s Not Just Black Friday You Need to Prepare For
Traditionally, Thanksgiving, Black Friday, and Cyber Monday are considered three separate holidays. But, if the trend continues, which it is expected to, you may need to prepare for an entire week rather than three separate dates. The three holidays are starting to merge into a week of shopping promotions across the country.
4. The Average Shopper Spends $300 on Black Friday
On Black Friday alone, not including Thanksgiving, Cyber Monday, or any other day of the week, the average shopper spends $300. Keep in mind that this means many shoppers will spend more. Undoubtedly, a single shopper is likely to spend this amount in your store alone. Make sure you have the inventory to handle the sales influx.
5. Online Store Profits are Projected to Increase Again
Over the years, online stores have continually seen an increase in profits during Black Friday week. In 2018, Black Friday eCommerce sales campaigns generated over $5 billion. This was a 16.9% increase from 2017. The amount of revenue generated is projected to grow again this year. Make sure you get a slice of that pie!
Although it’s no secret that the day after Thanksgiving is one of the busiest days of the year for many businesses, it doesn’t have to be a stress point for yours. Use your new knowledge to power your sales! And, if you need last-minute funds to make sure your shelves are stocked, let Lendr help get you there. Apply for working capital today.