Black Friday is the name given to the Friday following Thanksgiving in the US. However, it’s made its way too many other countries, including the UK, where it’s also become prevalent.
Typically, it is held on Thursday 4th November.
However, it can fall between the 23rd and 29th. Either over one day, a couple of days, or even for an entire week.
Black Friday may seem like a new phenomenon. However, it’s been around since the 50s.
Some people took sick days from work to get ahead of Christmas shopping. The word refers to the fact that more traffic accidents occur, as a result of the traffic congestion produced.
Many stores promote various types of sales on Black Friday and may open very early or close very late. The event is significant for real stores, as they increasingly struggle to compete against online competition.
The term may also originate from the phrase ‘in the black’. A term sometimes used by accountants to describe periods when higher profits are being made.
It’s not just retailers and ecommerce stores who benefit from Black Friday. Entertainment venues like cinemas, theatres and online casinos, have been known to introduce their own types of offers and promotions.
This has also been the case for the travel industry, charities and online video games providers.
Stats Show that Black Friday is Big Business
Stats clearly show that retailers and ecommerce businesses benefit immensely from Black Friday. Statista released a report that showcased the rapid growth in online sales from 2008-2017, an increase of $1.826 billion.
Between 2013 and 2019, the US alone, generated over $5 billion in online sales. The UK has seen a slower rise, although year on year, sales are increasing.
Looking at sales data obtained on Friday 27th November, it’s visible that the UK benefited the most. With a 39% increase in orders, and a 28% increase in revenue.
This was followed by Europe, which experienced 15% more orders, and 13% more revenue. North America achieved 10% more orders and 2% extra revenue.
Stats for Saturday were similarly impressive.
With the UK taking the lead once more, achieving an increase in orders by 37% with additional revenue of 23%. This is followed by Europe, with 14% more orders and 14% more revenue.
Then finally, North America, which achieved 13% more orders and 9% more revenue.
Home and garden were the category that benefited the most, followed by food and beverage. Health and beauty followed this, with sporting goods and hobbies, and fashion and accessories retailers proving least popular.
Black Friday is now proving more successful than Cyber Monday. Experiencing 3.74% more traffic and 14.26% more sales last year alone.
It appears that more and more of us are ordering on our mobiles. However, the conversion rate remains the strongest for desktops.
Online Casinos use Black Friday to Attract More Players
As already mentioned, it’s not just retailers who are offering Black Friday deals. Customers are taking advantage of discounts over many different industries, including internet gambling sites like 888 casino.
These establishments are offering free spins on slot games, which are awarded either randomly or when a deposit is made. As such, players are recommended to keep an eye on the promotions page at this time of the year.
Bonuses have also been known for being up for grabs, including reload bonuses for those unable to make deposits.
This is an excellent way for existing players also to boost their existing bonus funds. Look out for promotions on specific games, such as free cash.
It’s Not Just Retailers Benefiting from Black Friday
It is mostly retailers who are benefiting from Black Friday. However, other industries are unknowingly taking advantage as well.
In particular, social platforms, like Facebook and Twitter, which are being used for promotion, or to use paid ads there.
In terms of Facebook ads, $6.85 million was spent alone last Black Friday.
Facebook profits massively because online retailers recognise that ads are a powerful way to draw more customers into their stores. They bid for paid ads, and if several other retailers are competing for them, can sell for a high price.
So much so that paid ads can cost double, compared to a regular time of the year. However with regulations on social media platforms becoming stricter in Europe, it is unknown if this legislation will affect how businesses can advertise on said platforms.
Paid ads are big business. In fact, some retailers leave their ad spend with specialist agencies who manage it more effectively, achieving the most profit possible.
Twitter is used similarly. Retailers use it for advertising exclusive discounts and offers, using the power of hashtags. They also use it to promote special offers or to encourage customers to buy products where the proceeds go to charity.
Twitter can also be used to encourage brand humour through video or animated GIFs, helping brands to stand out against competition.
Black Friday Benefits Many Different Industries
There’s no doubt that Black Friday has helped retailers to improve sales and profits. Nevertheless, they aren’t the only business who is profiting.
Charities and entertainment venues are also taking advantage of this lucrative period. Casinos, in particular, are known for introducing free spins, bonuses, special promotions and cashback over many different games.
Black Friday is also having a positive, knock-on effect for other industries who wouldn’t usually be considered to benefit from it. For example, retailers realise the enormous benefits of paid ads on Facebook, and the opportunities to promote products on Twitter.