This weekend will truly test how well retailers have adapted to the new realities of 2021. After a difficult 18 months, retailers need to make consumers spend like never before. But challenges stand in the way – not least the ongoing supply chain disruption, with product shortages and empty shelves setting consumer confidence back.
That being said, there’s a lot of promise high consumer spend – ‘revenge shopping’ is back with 80% of consumers expecting to hand over more cash than Black Friday 2020.
Leveraging omni-channel capabilities will be key to broadening customer appeal while also allaying fears customers have about super crowded stores. Retailers should offer incentives for customers to order online and collect in store, but also increase mobile app appeal – for example, by offering a higher level of Black Friday discount here. Brand loyalty can also be increased through invitation-only slots for high value customers, with especially curated merchandise to convert footfall into high sales.
Focus on superior inventory management will be critical to keep up with demand. Retailers need to think how best they can optimise the physical space – for example, using store space as a backend mini warehouse for online orders. Retailers needed to plan ahead and iron out current supply chain issues early. This means those who sat down with their suppliers and network partners to plan the inventory ahead, especially for hot items, will come out on top.