We’re four weeks from Black Friday.
Whatever that means.
Obviously, the holidays look different this year. It sucks, I know. But, if you live in the retail world, the only things that matter right now are:
- Will your consumers still shop this season?
- If yes, where and how are they going to buy stuff?
Because, if you’re desperate to climb out of the red—validated insights can be a real lifeline.
So, we observed and asked the nation’s largest, highest-rated consumer panel for their plans. Then, cut their feedback into five key takeaways. Here’s what they had to say.
#1: 93% still want to shop—online.
Thank goodness.
Wait…what?
Yes, they want to shop Black Friday. But, they’d prefer to shop online? Well, while that’s not totally surprising—giving everything we’ve gone through this year—it’ll still take adjustment. So, let’s dig into the changes.
Remember, there are two retail “holidays” here: Black Friday, then Cyber Monday.
Traditionally, people go in-store after filling their bellies with turkey—taking the next day off of work to spend hours milling the malls. Once they’ve had their fill of in-person retail therapy, they hit the online sales at the start of the next week: Cyber Monday.
So, now that we’re all six feet apart, will they still want to go in-store? According to our consumers, yes: 60% plan to participate in Black Friday.
But, here’s where things took a new turn in 2020. While many people still plan to walk around stores, even more plan to participate in Cyber Monday—70% of people to be exact.
More importantly: here’s how they plan to spend their cash.
#2: 46% want an omnichannel experience.
Let’s start online.
After all, eCommerce is still king of 2020, huh?
Yup, in fact, 90% plan to buy their merch online. I’m pretty sure our parents never planned to spend more time online than in-store—on the biggest shopping day of the year. But hey, it’s your first time in a crazy pandemic, so many things are surprising right now.
Let’s dig a little deeper. To see exactly how they plan to spend. We listened as 46% said they only want to go online. Why, you ask? Well, 37% say they just feel safer that way. And right behind them are 30% who want the ease and convenience of eCommerce.
Okay, you say, but where online are they planning to buy?
Glad you asked.
- 82% will shop on Amazon.
- Followed by 64% on Walmart and 57% on Target.
Makes sense. These giants have strong delivery programs. People place a lot of confidence in Prime, Walmart+ and Target Shipt. That matters: 1 in 4 are holiday shopping that weekend. They want to know their family’s presents are going to get to them.
Now, let’s go in-store.
No, retail’s not dead. In fact, brick + mortar is still very much alive. Here’s why. 28% want to touch their items. And, they’re nostalgic: 19% like the in-store experience, and want to relive it.
Okay, so where do these 54% plan to get their in-store fix?
Here’s the scoop:
- 77% will visit Walmart.
- 67% plan to hit up Target.
- And 55% say Best Buy is where they’re headed.
Great.
Now, with one more detail, you can make a plan. Here it is, 43% plan to buy on apps. They really are omnichannel. And you need to be. Craft a strategy to capture consumers—on apps, web, and brick + mortar stores. Good news. We have a consumer panel for all three channels.
#3: 91% plan to impulse shop.
Queue the choir of angels singing! 😀
Seriously. This year’s been hard enough. Thankfully, 91% of shoppers plan to make unplanned purchases—can you do that? Plan to make an unplanned purchase 🤔 I digress…
The point is 52% of Black Friday and Cyber Monday shoppers won’t have a list of exactly what they want to buy. That means you’ve got a great chance to get them to buy your stuff. This is your chance to make a big push and advertise to the right people at the right time. Go get ‘em.
Where do you get them?
Social media. It’s the top channel for shoppers who are looking for Black Friday and Cyber Monday deals. Why? Because 55% say they’ll find out about sales through social media. So, get your social media strategy ready. Need help to test it? Run a social ad test.
Okay, now what?
Don’t miss this chance. It’s called Black Friday for a reason. This is the time to get back in the black. Yes, this year has been rough. No excuses. You can do it. Use the data here to hop back on the horse and make the best of the final quarter. After all, this is where heroes are made.
And if you’re not sure where to start, research.
Ask your target audience what they want you to discount. Where they expect to find your product. Whether they’d like to see you focus more in-store or online. That’s what a consumer panel is for. Get the data + opinions you need. In one place. We’re here to help.
