Black Friday sales skyrocketed in 2023 and in 2024, this largest shopping event of the year is going to see even a bigger transformation. As consumers shift their buying behavior, fashion retailers must adapt to new trends that cater to the evolving demands of a tech-savvy, eco-conscious, and deal-hunting audience. In this blog, we will explore the top trends shaping Black Friday 2024, and how fashion brands can strategically align their operations to meet the growing expectations of their customers.
Trend 1: Omnichannel Shopping
In 2023, Black Friday online sales around the globe grew to $70.9 billion. In-store sales grew by 1.1% while E-commerce sales grew by 8.5%. There’s a clear trend towards e-commerce sales but ignoring your in-store experience can be fatal. The integration of online and in-store experiences can become a focal point for retail strategies in 2024. Omnichannel shopping, where consumers expect to transition seamlessly between digital and physical stores, is no longer optional – it’s essential.
According to Forbes, trends show that 58.4% shoppers mix online and offline shopping, with the online-only shoppers accounting for 34.6% bracket. Consumers increasingly demand flexibility in how they shop. They want to browse online, purchase in-store, or make an online purchase and pick up the item at a nearby location (click-and-collect). This year, brands need to integrate mobile and website channels with physical store experiences, providing real-time inventory updates and personalized offers.
- Creating dedicated spaces online and in-store for Black Friday sales can help brands gain more visibility and be better discovered by consumers.
- Retailers also need to make sure that consumers can easily navigate, make purchases, and track shipments across channels.
- In addition, brick-and-mortar stores must be ready to serve customers who may arrive to pick up online purchases.
- To maintain smooth operations, fashion retailers need a sophisticated inventory management system and fulfillment strategies.
- They also need to make use of solutions that support real-time data synchronization.
For fashion brands, high-demand events like Black Friday are a playing ground to capitalize on consumer demand for convenience and speed.
Trend 2: Sustainability Focus
Sustainability continues to be a major theme in retail, with consumers becoming increasingly aware of the environmental impact of their purchases. The Green Friday movement of 2015 is still relevant in the minds of shoppers, with many closely watching a brand’s performance around the chaotic and easily unsustainable holiday season. For 64.4% of the Gen-Z audience, sustainability is an important factor driving their purchase decisions.
Shoppers are actively seeking brands that align with their values, environment-conscious brands, and looking closely at brand reputations. Ethical sourcing practices and minimal environmental impact stand high in their consideration list. This trend is amplified during Black Friday, where many consumers are looking for deals but are also mindful of the broader implications of their purchases.
According to a Deloitte report, sustainability has been a huge priority for over half of the younger population. Fashion brands can take this opportunity to showcase their commitment to sustainability by promoting eco-friendly products and practices. This can include highlighting sustainable sourcing, offering upcycled or recycled materials, and ensuring transparency in their supply chain.
Moreover, retailers can leverage Black Friday as a platform to introduce special sustainable collections or offer discounts on eco-conscious products. Providing consumers with the option to make more sustainable choices can enhance brand loyalty and attract new customers who prioritize ethical shopping.
Trend 3: Data-Driven Retailing
In 2023, we saw the influence of targeted offers, personalized product recommendations and intuitive chatbots on over $51 billion global online sales. Customers are clearly swaying towards personalized experiences, and brands leveraging data analytics and insights from customer data to create personalized shopping experiences stand a higher chance to win record sales.
Consumers are expected to spend more on experiences this year, with the percentage increasing by 16% year-on-year. It’s a great time to build personalized, in-store experiences and demarcate online spaces for Black Friday sales tailored to consumer expectations. 79% of retail buyers are expecting customers to prefer price over brand loyalty this season, so brands offering high-targeted offers, promotions, and dirt-cheap prices stand to gain more from Black Friday sales. Personalization is a key expectation for modern shoppers.
75% of shoppers are expected to buy during a promotional event this year. Brands can garner more sales if they understand consumer preferences and offer tailored recommendations, discounts, and promotional offers that match their shopping behavior. This can be achieved by analyzing purchase history, browsing habits, and customer profiles to provide highly targeted Black Friday promotions.
Retailers are also making use of data to streamline their inventory management processes, making sure that high-demand items are well-stocked and ready to be shipped to customers.
| Pro Tip: By integrating advanced inventory and demand forecasting tools, brands can minimize stockouts and avoid excess inventory, improving their profitability during the Black Friday rush. |
Data-driven retailing allows fashion brands to stay agile, anticipate trends, and deliver a customer-centric experience that meets the needs of a competitive market. This results in higher conversion rates and more satisfied customers, which is crucial during such a high-stakes event as Black Friday.
Trend 4: Early Black Friday Deals
In recent years, retailers have begun offering Black Friday deals earlier in the season to capture consumer attention before the actual day of sales. This trend is expected to continue in 2024, with many fashion brands launching their promotions days or even weeks before Black Friday itself.
38% of consumers are planning to shop during the early sales period when the promotional events start way before the holiday season begins. This is a clear indication for brands to offer early deals and extend the shopping period, alleviating congestion on the day itself and preventing site crashes due to high traffic volumes. This also helps spread out demand across multiple days, allowing brands to focus on customer service and ensure that inventory is better managed.
The strategic advantage of offering early Black Friday deals includes attracting shoppers who are eager to start their holiday shopping early, as well as capturing those who prefer to shop at a more relaxed pace, away from the frenzy of last-minute purchasing.
Paid search drove 29.4% of online sales in 2023 and over 55% of shoppers shopped during early holiday sales and promotions. This trend is likely to continue. Fashion brands can plan ahead by curating exclusive deals for early shoppers and targeting them with personalized ads across digital platforms. A well-executed early sales campaign can generate buzz and increase brand visibility, ensuring that fashion brands stay top-of-mind during the entire Black Friday period.
Trend 5: Mobile Shopping Growth
Mobile shopping is on the rise, and Black Friday 2024 will see even more consumers using their smartphones to browse, shop, and make purchases. In fact, Deloitte reports that 48% consumers are planning to shop on their smartphones, and around 13% interested in shopping on social media. Retailers need to respond to this by creating mobile-optimized websites, offering exclusive mobile deals, and enhancing app functionality to cater to this growing segment of shoppers.
Around 81% of shoppers say that their buying decisions will be informed by social media this holiday season. With social commerce on a steady rise, an interesting way to leverage sales would be to include:
- social media promotions
- influencer-led content
- leveraging channels like TikTok, and
- buying strategies like BNPL on apps and websites that can help brands stay true to the consumer demands this season.
Fashion brands can capitalize on consumer behavior by offering mobile-specific promotions and making sure their mobile app experiences are seamless, fast, and intuitive.
To capture the mobile-first shopper, fashion retailers must optimize their online stores for smartphones, ensuring easy navigation, fast load times, and secure payment options. Additionally, mobile-exclusive offers, such as limited-time discounts or flash sales, can create a sense of urgency and drive conversions.
Conclusion: What does a business need to do to meet holiday demands?
As we approach Black Friday 2024, fashion retailers must stay ahead of the curve by embracing the latest trends shaping the retail landscape. From omnichannel shopping and sustainability to data-driven retail strategies and early deals, the key to success lies in aligning with evolving consumer behaviors and expectations.
In addition to keeping tabs on customer expectations with predictive analytics and demand forecasting, businesses also need to ensure they build proactive supply chain strategies. They need to have inventory optimization in place for all channels for hybrid sales, crisis planning in case a stockout situation (or worse) arises, and end-to-end supply chain visibility to catch onto excess or low-running stock beforehand.Â
Increff’s suite of solutions can help fashion brands optimize their inventory management, personalize customer experiences, and make data-driven decisions that maximize sales potential during Black Friday. By integrating these innovative solutions into their strategies, retailers can ensure a seamless, efficient, and profitable Black Friday experience for their customers.
