13 Black Friday 2024 statistics for your retail store

Understanding the extent of this event’s importance and the emerging trends that go along with it can give you the information you need to set your store up for success this holiday season.

You can capitalize on Black Friday retail trends by using a POS system to manage high-volume transactions efficiently and track inventory in real-time. 

A POS system also enables personalized promotions, digital receipts, and loyalty programs, helping you attract and retain customers during the busiest shopping day of the year.

How big is Black Friday?

Last year, retailers continued to rebound after the devastation that was wrought by the pandemic and its after-effects. Merchants were able to bring in an impressive $9.8 billion in sales. 

As unemployment rates remain near historic lows, and consumer spending stays robust, experts are predicting that this upsurge will continue in 2024, with sales rising to over $10 billion.

With these figures in mind, it is not surprising that sellers have come to place so much importance on Black Friday and the following few days, sometimes known as Cyber Week. 

It seems that the intelligent marketing campaigns and attention to Black Friday analytics have borne fruit, leading to a major influx of cash in just a few days. For seven out of 10 merchants, this amounts to over 20% of their annual revenue.

Key trends for Black Friday 2024.

If some or all of your business is conducted with customers via the internet, you will be glad to know that more than 60% of buyers plan to look for deals and make their purchases online. 

During these relatively slow autumn sales days, one of your smartest decisions would be to give your website a fine-tuning in preparation for flocks of Black Friday visitors. Focus on your site’s ease of navigability, compatibility with mobile devices, and transparency of language. 

The easier to use, safer, and clearer your pages are, the fewer chargebacks and dissatisfied customers you will need to appease later.

Hand in hand with your website are the various popular social media platforms that your potential customers love to visit. YouTube, TikTok, Instagram, Facebook, and others can become portals that lead buyers directly to your featured items. 

It starts when you launch and maintain your own business pages on these sites that are brimming with rich content, compelling images, and engaged customers. Wet consumer appetite on your page, and then direct interested visitors to your own site by clicking an embedded link. 

Once they land on your site, you can delight them with the full spectrum of your trending Black Friday merchandise.

This year, the mobile phone continues to assert its dominance. Customers are increasingly employing its security and efficiency in all aspects of their lives, and shopping is no different. 

Last year, seven out of 10 purchases were conducted not on desktops or laptops but with the phones that customers carry with them at all times. In 2024, experts are expecting this trend to rise even higher.

There is no time like the present to get ready for Black Friday. You have probably noticed that major retailers have begun to roll out their post-Thanksgiving discounts well in advance of Turkey Day. 

They have done this to accommodate the three out of 10 customers who want to get their holiday shopping started and completed early. There is no need to wait to start advertising and offering your best promotions.

Who will shop on Black Friday 2024?

We know that some folks will get a jump on holiday shopping, but who will be there on the day after Thanksgiving, either online or in person? The short answer is the Gen Z shoppers, people generally thought to have been born between 1996 and 2010. Seven out of 10 people in this demographic group have expressed that they will be out shopping, either virtually or in person, on Black Friday.

What can retailers do to boost Black Friday sales?

While it is important to continue to offer your customers the tried-and-true products that they ask for every year, you may want to be innovative as well. After all, it is the nimble businesses who have been able to demonstrate an ability to pivot that have thrived during and after the 2020 pandemic. 

In line with this reality, an estimated 35% of sellers are choosing to change up their offerings and marketing tactics in 2024. As you envision your own Black Friday success this year, think about how you can do a website, marketing, or merchandise makeover to make your store more appealing during this highly competitive season.

In preparation for the holidays, make sure that your inventory will meet the expected demand. Your point of sale system’s reports function can gather and interpret last year’s sales details, providing you with inventory numbers that you can use as you make your 2024 Black Friday orders. 

Augment this intelligence with updated analytics and input from your loyal customers about what they plan to buy, and you can optimize the chances that you will be prepared for the rush.

In addition to trending products and snazzy marketing campaigns, you will want to give your customers solid bargains. After all, that is what they have come to associate with Black Friday. 

Last year’s percentage discounts and price cuts were very effective, so don’t hesitate to offer them again in 2024. Additionally, coupons available on social media sites and members-only special sales can help to bring customers into your physical shop and onto your website.

Another popular incentive is discounted or free shipping, something that almost half of all retailers intend to offer. If you are existing on a very thin profit margin, this might be difficult for you. 

One option is to provide shipping incentives only after a minimum spending amount such as $99 has been reached. Alternatively, you might consider adding the shipping cost to the prices of the items themselves. Just be sure that you are not pricing yourself out of the market with this solution.

What are shoppers most likely to buy on Black Friday?

With the holiday season right around the corner, over half of shoppers are taking advantage of Black Friday promotions to buy presents for their loved ones. 

In order to pique their interest, take advantage of this motivation by coming up with gift guides that feature your top-selling products. Make several versions that enable customers to search by age, gender, and price.

These tactics will be effective regardless of what merchandise you sell. However, it might be helpful to note that clothing, appliances, branded sporting goods, and electronics are likely to be at the top of most consumers’ lists. 

If you can furnish strong discounts on toys, clothing, and electronics, chances are good that you will tap into a strong customer demand that will lead to higher profits this holiday season.

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