How retailers can win both days
Over the last decade, the balance between in-store shopping and e-commerce has shifted dramatically. Online shopping dominates as consumers increasingly prefer the convenience of their devices over crowded malls. Retailers who fail to adapt risk falling behind, but those who innovate have the opportunity to win big—both on Black Friday and Cyber Monday.
The Evolution of Black Friday and Cyber Monday
Black Friday, long the unofficial start of holiday shopping, has been eclipsed online by its younger sibling, Cyber Monday. Recent years have seen record-breaking digital sales: $9.8 billion was spent online on Black Friday in 2023, with Cyber Monday reaching $12.4 billion. Despite the digital dominance, in-store traffic remains an essential component for retailers who reimagine the in-person experience.
Black Friday 2023: By the Numbers (US Highlights)
- 76% of Black Friday shopping occurred online.
- 62% of spending during the Black Friday period happened on Black Friday itself.
- 54% of shoppers used Black Friday to shop early for Christmas presents.
- 41% of Black Friday spending was via Amazon, followed by Walmart at 25%.
- 51% of consumers believe Black Friday offers the best deals of the year.
- 62% of shoppers rely on Black Friday for their Christmas shopping.
Winning Both Days
Retailers that succeed embrace a hybrid model—leveraging e-commerce efficiency while enhancing physical store appeal. From seamless technology to tailored promotions, businesses must create unified customer journeys that deliver value both in-person and online.
David Bernstein, retail lead at Publicis Sapient, sums it up: “The key is getting both your customer offerings and your operations right to handle peak demand flawlessly. Anything less means missing an enormous opportunity to delight your customers and grow your business.”
5 Pillars for Retail Success in 2024
1. Smart Promotions
AI-driven insights allow retailers to optimize inventory, pricing, and personalized deals, boosting conversion rates across all channels. By leveraging predictive analytics, brands can dynamically adjust offers to meet customer demands and market trends in real time.
2. Customer Loyalty
Data-driven retention strategies are essential for fostering deeper connections, turning occasional shoppers into lifelong brand advocates. Loyalty programs powered by AI and behavioral insights ensure personalized rewards that resonate with customers and enhance their lifetime value.
3. Digital Transformation
To thrive, retailers must embrace continuous innovation. Building scalable, future-ready digital platforms ensures agility in adapting to market shifts and technology trends. Unified systems that bridge e-commerce, in-store operations, and supply chains create a seamless shopping experience.
4. Seamless Omnichannel Integration
Customers expect consistency across every touchpoint. Retailers that blend digital and physical channels—offering features like in-store pickup, cross-channel returns, and social commerce—create frictionless experiences that build trust and convenience.
5. Immersive and Experiential Retail
Stand out by delivering memorable shopping experiences. From interactive in-store displays to AR/VR-powered virtual try-ons and live shopping events, immersive retail fosters excitement, engagement, and brand loyalty.
Reimagining In-Store Experiences
Even with e-commerce growth, physical stores remain vital. By creating engaging, tech-driven environments, retailers can attract new customers while solidifying relationships with existing ones.
Take Audi City, where interactive displays allow customers to explore vehicles in urban dealerships with limited space. The result? A 70% boost in sales and a 90% rise in first-time buyers.
Dunkin’ followed suit, replacing outdated menu boards with dynamic, location-specific digital displays that adapt based on weather and time of day. This innovation streamlined operations and delighted customers with smarter, faster service.
Thriving in the Hybrid Retail Era
2024’s retail winners will master the balance between digital and physical channels. While Cyber Monday drives e-commerce innovation, Black Friday offers an opportunity to reinvigorate brick-and-mortar stores with technology and creativity.
Retailers must embrace this hybrid model to build loyalty, drive sales, and remain relevant in a constantly evolving market. Whether shoppers are at your store or on their couch, the goal remains the same: seamless experiences that meet them wherever they are.
