Recent data from IMRG – a UK-based online retail association – indicates that 2019’s Black Friday (November 29) will be the worst on record, with only 2-3% growth in sales for some sectors. However, new analysis shows that the week and weeks surrounding ‘Peak Week’ still represent an opportunity for retailers to secure new, loyal customers, according to Conversant.
In fact, almost 20% (19.4%) of new customers during this period will return to buy again.
Comparing trends from last year, Conversant found that the average order value from a new customer on Black Friday of 2018 sat at around £75, fluctuating between £70 and £85 across the week – almost identical to that of a ‘regular’ customer.
“’Peek Week’ has historically been seen as a time for bargain hunters, but over the past few years retailers have seen a gradual plateauing of sales in favour of higher orders throughout the surrounding month,” said Elliott Clayton, SVP at Conversant; “While the sales peak in ‘Peak Week’ will be less pronounced, retailers will see an increase in sales over a longer period, plus gain new customers who will come back for more over the following 12 months. It’s a valuable, long-term opportunity, rather than the short, sharp sales rush it’s normally considered as.”
“We’re increasingly seeing Black Friday evolve into a mature, accepted shopping period, where retailers can secure returning shoppers who will deliver genuine value,” concluded Clayton. “It has not historically been seen as a good time for long-term lead generation, but this has clearly shifted in recent years. Marketers who adjust their strategies, understand and adapt to consumer preferences can significantly boost their long-term pipeline and make a real, revenue-driving difference to their brands.”