It is a testament to the monopoly that the USA holds over the world today, that most market pundits and the top tier management is talking about Thanksgiving, Black Friday and Cyber Monday, non-stop. The trends, the latest ideas, and especially the sales, are all anyone will speak about.
Thanksgiving is majorly celebrated in the United States and Canada, and yet people all over the world are using it to propel their own sales and brand image in the country of dreams- USA. The cultural connotations of Thanksgiving are similar to many other celebrations held all over the world. It is a day of giving thanks for the blessing of the harvest and of the blessings in the preceding year.
The word ‘thanksgiving,’ means just that, giving thanks. A beautiful thought, that when echoed by a whole nation, becomes not just cultural, but secular as well. But roots of the idea aside, these days, at least internationally, Thanksgiving is known for the Black Friday and Cyber Monday phenomena, which marks a gift buying frenzy, just before the start of the holiday season and Christmas.
As of this year, sales, both in stores and online, from Thanksgiving through the weekend (estimates) dropped 11 percent, to $50.9 billion, from $57.4 billion last year, according to preliminary survey results released Sunday by the National Retail Federation.
This trend seems to be continuing from last year. The average person who shopped over the weekend spent $159.55 at online retailers, down 10.2 percent from last year. Data suggests that many people may have shopped earlier this year and preferred to stay home.
Our research suggests that Black Friday is slowly becoming a thing of the past. Data analysis proves that the shopper today is evolving. Big data analysis is helping us draw parallels, especially with respect to the modern shopper.
When one is able to indulge in showrooming or webrooming, it is hardly a chore for people to decide that they will or will not be a part of the whole ‘Black Friday’ rush. The changing geographies and mindsets are a huge reason for this tactical shift in shopping tendencies.
The harsh truth is that Black Friday maybe the day of deals, but it also has an ugly side, called debt. With recession still being a major part of the world, there are many who go into debt while cashing in on deals that these days offer.
Many a times, retailers use various tricks to ensure sales. Are you, the retailer, ready to use actual insights and utilize real time, intelligent data to get results? Because, that may be the only way, in the future, to attract a consumer who is hyper aware and prone to asking questions before he shops.
At IntelligenceNODE, we deal in the business of insights. You can find out more at intelligencenode.com.