As 2023 wraps up, it’s time to turn our attention to the exciting opportunities that 2024 brings. One of the key calendar dates that looms for online brands and retailers is Black Friday. The day after Thanksgiving has traditionally marked the start of the holiday shopping season and continues to be a significant event for the retail industry.
Previously known as an in-store retail holiday, the hard shift towards online shopping in recent years has made Black Friday an extremely important day for online retailers as well. Retailers and brands must have a solid strategy in place to capitalize on Black Friday sales. That’s where Wiser Solutions comes in.
With Wiser Solutions’ category data, brands can better monitor price movements, product assortment, search performance, and content compliance. We found pricing, presence, and promotion insights leading up to Black Friday in the US.
Key Insights From Wiser’s 2023 Black Friday Data
An analysis of Wiser’s 2023 Black Friday data has surfaced several key insights that can steer online brands and retailers toward success. Understanding these trends and patterns can be instrumental in crafting strategies that resonate with shoppers and impact sales during future holiday seasons. Boosting sales involves identifying competitors, tracking market newcomers, and monitoring partner pricing and discounts.
Wiser Insights: Within the TV category, Walmart leads with a sizable 25.65 percent average discount, closely followed by Best Buy and Amazon.
Wiser Insights: Rockstar had the highest number of discounted offers followed by 2K Games. 27.6 percent is the average discount in the Video Games category.
Product availability is crucial for sales success. If unavailable, shoppers choose competitors. Tracking retailer out-of-stocks is vital.
Wiser Insights: Within the Toys category, Squishmallows displayed the highest out-of-stock rate, whereas Marvel stands out with one of the lowest rates by a large margin.
How These Insights Can Inform Black Friday 2024
Used intelligently, the insights gained from Wiser’s data can form the backbone of a robust strategy for Black Friday 2024. The ability to identify key competitors is paramount. By understanding who leads in discount offerings across various categories, such as Walmart in the TV category, brands can strategically position their own discounts to remain competitive. Keeping pace with the leaders of the pack enables brands to seize a greater share of the Black Friday traffic and sales.
In addition to tracking established competitors, Wiser’s insights allow brands to keep a close eye on market newcomers. Just as Rockstar led with the highest number of discounted offers in the video games category, emerging brands could also come in strong with compelling discounts. Being aware of such potential disruptors can help brands adjust their strategies to protect their market share and customer base.
Looking to the findings in the Toys category, it is clear that maintaining a low out-of-stock rate during Black Friday is integral to maximizing sales. When consumers encounter unavailable items, they are likely to pivot to competitor offerings, resulting in lost opportunities for sales and customer acquisition. Therefore, efficient inventory management and comprehensive visibility of stock levels are crucial. By leveraging Wiser’s insights, brands can avoid out-of-stock scenarios, and know what other brands they need to watch out for during the sales.
Monitoring pricing and discounts is also an essential part of the process. With Wiser’s data, brands can follow the price movements of different products, like the average discounts seen in the video games category. This allows for dynamic pricing strategies that can maximize profitability while still attracting customers with competitive prices. Understanding these pricing trends and leveraging them effectively can make the difference between an average Black Friday performance and a record-breaking sales day.
Maximizing Your Black Friday Profit with Wiser Solutions
Wiser Solutions’ data-driven insights offer brands and retailers unparalleled advantages, enabling them to thrive amidst the competitive landscape of Black Friday sales. By leveraging these insights, brands can craft targeted strategies, monitor competitor movements, and adjust their tactics in real-time for optimal profitability. A proactive approach allows brands to stay ahead of the game, turning potential threats into opportunities for growth and revenue generation.
Inventory management is another key area where Wiser Solutions’ insights prove invaluable. By providing comprehensive visibility of stock levels, brands can achieve seamless inventory control to prevent out-of-stock scenarios during the crucial Black Friday period. This allows for the elimination of potential sales loss and ensures a satisfying shopping experience for customers. With an efficient inventory management strategy informed by Wiser Solutions, brands can capitalize on every sales opportunity and maximize customer acquisition.
Finally, Wiser Solutions enables dynamic pricing strategies that balance profitability and customer appeal. By tracking price movements and average discounts across various categories, brands can make informed pricing decisions that attract customers while optimizing revenue. Such a pricing strategy, backed by robust data, can significantly elevate a brand’s Black Friday performance, turning it into a record-breaking sales event. With Wiser Solutions, brands are not just surviving the Black Friday sales rush, they are leading the pack.