Euclid Analytics: Black Friday May Never Be The Same
The Black Friday Retail Benchmarks report from Euclid Analytics asserts Black Friday 2015 was a turning point in the struggle between online and brick-and-mortar stores: they’re starting to “co-exist nicely.”
According to the report, brick-and-mortar stores showed a 1.1 percent increase in engagement rate (the number of shoppers who stayed in the store for more than 20 minutes) from 52.2 percent in 2014 to 53.3 percent in 2015. The authors of the report conclude the increase shows retailers’ efforts to keep shoppers in their stores long enough to make a purchase are working.
The report, adds, however, that according to Deloitte research, 80 percent of in-store transactions are influenced by consumers browsing online via mobile or digital devices. The fact that consumers were using multiple channels was obvious this Black Friday, as online activity and shopping in stores occurred over several days, not just one. Euclid’s data shows “the distribution of shopper footfall continues to increase, as the single day to browse-and-buy on Black Friday has lost its appeal. The percentage of shoppers on Black Friday has decreased almost 1.5 percent year over year, while Thanksgiving Day and the Saturday after Black Friday have seen a 0.5 percent and 1.1 percent increase year over year, respectively.”
The report concludes with recommendations for retailers — and each is an opportunity for you to provide solutions that can address them. Euclid recommends linking online and offline businesses, and using data and analytics to understand their brick-and-mortar locations as well as their online businesses, taking analytics into account for decision-making.
You can access the full Black Friday Retail Benchmarks report here.