The countdown to Black Friday 2023 has already begun, and with it, the opportunity to boost your business! As every retailer knows, this is a date that generates excitement and also involves a lot of work. If you haven't started planning your strategies yet or are undecided about diving headfirst into this journey, this article is for you!
Every year, Google commissions research to analyze and predict consumer behavior on Black Friday. In this article, we highlight the key insights to keep you updated and that will make a difference in your sales strategy.
Consumers are more mature and willing to spend more.
Google has already given us some clues about what to expect for this major shopping event. As consumer confidence recovers after the pandemic, searches related to Black Friday are already 24% higher compared to last year. This signals that Brazilians are more willing to shop during this period, which means that retailers have a unique opportunity to diversify their campaigns to boost sales conversions.
“We are finally seeing positive signs. Inflation is under control, the dollar is trading below R$ 5, and even the most recent cut in the Selic rate. On the consumer side, half of them believe in an improvement in the economy and 70% believe in an improvement in their purchasing power. And this opens doors to all the opportunities that retail will have this season,” Garcia highlighted.
- 67% plan to shop on Black Friday in 2023, an increase compared to 48% in 2022.
- The consumer journey has matured. Today, they research more and for longer before making a purchase on Black Friday.
- Featured Categories: Clothing and Accessories, Beauty and Perfume, Home Appliances and Cell Phones.
Advance Research
Another interesting fact is that, according to Google, consumers are already starting to search for deals earlier than ever before. This means that pre-Black Friday marketing strategies, which work to build anticipation such as previews of offers and... Awareness campaigns targeting young people can be extremely powerful.
Here's a statistic you can't ignore: 91% of shoppers do online research before diving into Black Friday shopping. And guess what? Some products are purchased more decisively than others. For example, clothing and accessories are bought somewhat hesitantly 43% of the time, while cell phones, on the other hand, are a clearer choice in 79% of cases.
Based on their searches, consumers have already chosen the brand and place where they intend to buy. Understanding this online browsing behavior is what makes a smart investment in advertising campaigns invaluable on Black Friday.
Main desired categories
Although saving money is always welcome, It's interesting to note that consumer behavior on Black Friday is evolving. While low prices are still important, research indicates that other factors are gaining prominence in purchasing decisions.
Secondly, product quality has become an important criterion, followed by the reliability of the store, website, and app, as well as delivery time and shipping costs. Fábio Garcia, leader of the retail segment at Google Brazil, shared his vision: "It's no longer just about buying cheap; it's about choosing quality and trust. "
Personalization and Customer Experience: "For every consumer, there's a Black Friday."
Gleidys Salvanha, Business Director for Retail at Google Brazil, highlights the importance of recognizing that, in a highly competitive market, retailers must adjust their focus from mass promotions to targeting offers to the right audience. She also emphasizes that purchase journeys no longer follow a linear path, but are composed of multiple touchpoints, a concept she calls "full journey".
Since its creation in 1924 by William W. Townsend, the sales funnel has been a widely adopted model. However, after almost a century, this format can no longer encompass the full complexity of consumer behavior. Today, the buying journey has become more intentional, unpredictable, and far from following a linear trajectory.
Instead of resembling a funnel, consumer interactions more closely resemble the image shown below, revealed in the study " Decoding the Confusing Middle Path ," conducted by Google in collaboration with The Behavioural Architects:
Artificial intelligence and Black Friday
Artificial Intelligence (AI) will also play a key role in Black Friday 2023. Many retailers are turning to AI-based solutions to enhance their campaigns. AI can help suggest relevant content, improve search algorithms, and deliver more accurate search results. Google is also launching a new feature in Google Shopping starting in October that will allow consumers to identify products with free shipping, fast delivery, and free returns. This could be a significant advantage for retailers looking to highlight their promotions. Shipping cost is one of the main factors consumers consider when deciding where to buy a product.
With this information and the latest news, you can strategically prepare for Black Friday 2023, ensuring your strategies align with consumer expectations and behavior. Use these valuable insights and make your Black Friday a success!