Drive retail success this Black Friday: Strategies for thriving in a dynamic market
By Josh Stromberg, Maddie Goertzen, and Caitie Santo
The evolving state of Black Friday
As Black Friday 2024 approaches, it’s time to gear up for one of the most crucial and dynamic periods in retail. Over the years, Black Friday has transformed significantly, with retailers adapting to meet the ever-evolving expectations of savvy consumers. Some, like Macy’s, have started offering early deals to accommodate shoppers eager to secure discounts before the rush. Meanwhile, REI takes a unique approach, closing its stores and encouraging customers to “Opt Outside,” promoting a message of responsible consumption during this busy shopping period.
Despite these shifts, Black Friday remains a pivotal moment for retailers. To thrive during the holidays, but especially on Black Friday, it’s essential to perfect the basics and then elevate your strategies to exceed customer expectations. Let’s dive into the foundational strategies that can help you succeed this holiday season.
Key foundations for Black Friday success
Flexible shopping options
Customers today expect the freedom to shop whenever and wherever they want, with mobile shopping now surpassing desktop in popularity. In fact, smartphones accounted for 54% of online sales last year. Is your mobile strategy robust enough to handle this demand? Ensuring a seamless mobile shopping experience can make all the difference in capturing sales during this peak period.
Compelling discounts
Informed consumers are vigilant about finding genuine discounts, often using tools like camelcamelcamel.com to verify pricing history. With the rise of such tools, it’s more important than ever to offer discounts that are both compelling and transparent. How are you using data analytics to fine-tune your pricing and make your offers stand out?
Superior customer experience
Shoppers now expect a seamless experience both online and in-store. To meet these expectations, retailers need to prepare their teams and technology to deliver flawless service across all touchpoints. The goal is to create a customer journey that feels effortless and engaging.
Enhancing personalization to build loyalty
Personalization is key to building and maintaining customer loyalty, especially during the holiday season. By offering tailored deals and experiences based on individual shopping behaviors, you can significantly boost conversions and customer satisfaction. For example, Amazon leverages personalization throughout the shopping journey by suggesting items frequently bought together and reminding customers to “Pick up where you left off.” These tactics make the shopping experience smoother and more intuitive, encouraging customers to stay engaged and complete their purchases.
Before the holiday rush, evaluate your current personalization strategies. Are you effectively identifying customer needs and curating experiences that delight and inspire? If not, this is the time to reassess and refine your approach.
In-store experiences shouldn’t be overlooked either. Innovations like indoor positioning systems (IPS) and beacon technology can enhance the in-store journey by delivering targeted messages and deals based on a customer’s location within the store. This seamless integration of online and offline personalization not only meets customer expectations but can also drive significant conversions.
Elevating customer service with AI and human touch
Exceptional customer service is the cornerstone of Black Friday success. With the high volume of inquiries during the holiday season, having robust support systems is crucial. AI can be a powerful tool here, efficiently managing routine issues and freeing up your team to focus on more complex interactions.
For instance, Best Buy has implemented AI chatbots to handle common inquiries like order tracking and product availability. These chatbots quickly address routine questions, while seamlessly transferring customers to human agents for more detailed assistance. This blend of AI efficiency and human empathy has enabled Best Buy to improve response times and enhance the overall customer experience, especially during peak shopping periods.
But the human touch remains irreplaceable. Simple measures like providing on-site meals, offering extra breaks, and recognizing outstanding efforts can keep morale high, ensuring your team is ready to deliver exceptional service during this critical time. Combining AI with the empathy and creativity of your staff will help create standout customer experiences that resonate long after the holiday season ends.
Preparing for Black Friday success with Slalom
As Black Friday approaches, it’s more important than ever to not only meet but surpass customer expectations. Keep these key focus areas in mind as you prepare:
Flexible shopping options: Is your mobile infrastructure prepared to support the growing demand for on-the-go shopping? Are you using personalization to keep mobile customers engaged, offering tailored recommendations and deals that make their shopping experience smoother and more compelling?
Compelling discounts: Are your promotions both attractive and transparent, leveraging data-driven insights to stand out in a crowded market?
Superior customer experience: How are you using AI to enhance service while empowering your team to deliver personalized, meaningful interactions?
At Slalom, we specialize in helping retailers overcome these challenges with innovative solutions tailored to your needs. As you gear up for Black Friday, let’s work together to turn these strategies into your competitive advantage. Our commitment to your success means we’re here to support you every step of the way during this peak shopping season and beyond. Reach out to explore how we can elevate your retail strategy.
Slalom is a next-generation professional services company creating value at the intersection of business, technology, and humanity. Learn more and reach out today.
