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This weekend we will spend £9.2 billion between Black Friday and Cyber Monday, this is up 15% from last year. But is the effect of this massive spending spree, good, bad, or indifferent for retailers?
Whilst it might appear obvious that every retailer wants to sell more, we must be recognise that some sales have more value than others. It all depends on the type of retailer you are, for example, in low-price businesses, sales transaction volumes really matter as margins are low, so achieving lots of sales is vital. But if you are more premium brand, its quality over quantity that counts.
Whether or not to participate in Black Friday events should be an informed decision for retailers. Margin management, customer experience and brand protection are all things that retailers must think carefully about. Whilst sales will obviously rise significantly over the Black Friday weekend, some important business metrics could take a really big hit, and some of these might be in the areas highlighted to generate future business growth. Whilst retail is often considered a ‘here and now’ business, sustainability, and long termism are becoming increasingly important.
We believe that the answers to the “should we or shouldn’t we” or maybe the “how we could do things better” questions are buried in the data that every retailer has at their disposal. We are working with business to unlock this so that every decision made is supported by facts and not left to chance. The Clekt Enterprise Data Hub provides the visibility and insight needed to make every retail decision the right one.
We hope that every customer enjoys Black Friday and that every retailer gets out of it what they are hoping for.
Get in touch if you would like to know how we can use your data to help you.
Email: email@example.com or visit www.clekt.co.uk to find out more.