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Episode 4: Black Friday & Thanksgiving Predictions




Announcer:  Welcome to this episode of “60-second Retail” - a BDO podcast keeping you in-the-know on events and trends in retail and consumer products industry impacting your bottom line, in just a few short minutes.

Natalie: Hello, my name is Natalie Kotlyar. I am the National Leader for the Retail and Consumer Products industry group at BDO USA.  Today, I would like to discuss what to expect for Black Friday and Thanksgiving weekend predictions.

The hype of this year’s Black Friday remains uncertain, especially following announcements that some of the country’s largest shopping centers and Black Friday heavy hitters—like Best Buy, Target and Walmart—are choosing to close their doors on Thanksgiving Day.

According to Morning Consult, 52% of Americans, yes that is 1 out of every 2 Americans, are planning to sit Black Friday out this year, with only 12% intending to shop in-store.

To mitigate what may be a lackluster Black Friday, many retailers are planning to start their online and in-store deals well in advance of Nov. 27.

Amazon is planning to run its Black Friday deals from Oct. 26 through Nov. 19. Retailers may also try to further entice consumers with online-only deals ahead of and after their Black Friday events.

By providing seamless curbside pickup, diligently managing foot traffic and preventing overcrowding, retailers must rethink and replace the typical Black Friday craziness, with an efficient, safe and socially distanced shopping experience—all of which will require more trained personnel for monitoring and enforcement.

From a customer service standpoint, with in-person capacity in stores more limited, chances are that lines outside the store for Black Friday deals will have longer wait times than usual.

In order to avoid consumer frustration or line bailing, retailers will need to think of ways to attract consumers and keep them engaged as they wait. Retailers that offer entertainment, perks, or the option to make a purchase in line without coming directly into the store may have better luck converting Black Friday browsers into buyers and ensuring customer satisfaction this holiday season.

Announcer:  And that concludes this episode of BDO’s “60-second Retail” podcast.  Don’t forget to tune in for the next episode!  To find more information on our hosts, guests, BDO’s services, or listen to previous episodes of “60-second Retail”, please visit www.bdo.com/60-second-retail.

 

 
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