Retailers can gain a competitive edge by thinking like a consumer! People are feeling the pinch this year with the escalating cost of living, it’s easy to entice buyers with bogus deals. Consumer watchdogs are urging people to tread carefully.
Which? has sampled 214 Black Friday deals from seven major home and tech retailers, analysing prices over the past 6 months. Here’s what they found…
86% were cheaper or the same price in the 6 months before Black Friday
98% were cheaper or the same price at another point during the same year
0% were cheaper on Black Friday alone
Which? gives tips to consumers during Black Friday and Cyber Monday – retailers, it’s worth taking note. Ask yourself how genuine your deals are, and how to ensure your prices stack-up against competitors. Can your transparency and ethics gain you not only Black Friday sales, but a loyal customer base going forward?
Do your research
When you’re planning your pricing, check your ‘special offer’ prices against your own price history to be sure they truly are special offers. Now, also check them against your competitors pricing history using tools such as Pricerunner and PriceSpy. Your Black Friday deals might be lower than your standard pricing, but if they don’t fall inline with your competitors for the same items, then you’re going to look disingenuous to potential buyers who will make the assumption that you’re offering bogus deals. It’s simple to solve, be sure to do your checks, just as your potential customers might!
Stay away from ‘was’
Be wary of using ‘was’ price labels. Consumers are getting wise to this flimsy word, and Which? found that a ‘was’ price might only have been relevant for a matter of days in the lead up to Black Friday. Try other promotional, attention grabbing methods, but not ‘was £100, now £50’ as you will instantly lose trust, reputability and that valuable sale during a competitive time.
Get some help with increased call volume
We’re hoping you put some of the above tips into practice, and see a boost to your sales during the lead up to Christmas and the busy gift buying period. If you’re in need of extra support, remember that at CSnotepad we have over 15 years experience supporting businesses just like yours. Never miss a call, and get a extra pair of hands (or many!) just when you need it. To find out more visit our website here.
