Black Friday: What Retailers Need to Know
The retail industry diligently prepares for one of the most chaotic days of the year: Black Friday. Through relentless sales offers to numerous advertising strategies, business is the name of the game and retailers along with manufacturers are well aware of what’s to come once the Thanksgiving holiday simmers down. In tandem with Cyber Monday, retail sales demands would skyrocket, leaving companies and businesses jumping for joy at the sight of another chaotic, but successful year.
But Cyber Monday comes at a price for traditional retailers, placing the control in the hands of customers. According to AlixPartners, “Convenience and putting the customer in charge of decisions is the new retail mantra.”
Black Friday is not completely a thing of the past, but AlixPartners recommends that the extreme promotional offers are reconsidered before promised to customers in an effort to implement a stronger, more reliable, and profitable strategy.
Below are three tips AlixPartners recommends for future Black Friday strategies within the supply chain, manufacturing and retail sectors:
-Own your distribution.
-Build the customer relationship.
-Optimize brick and mortar efforts instead of dismissing them.
Why do these strategies matter? The answer is clear. Save on third party distribution fees, remain an ongoing, personalized retail relationship with customers and create a rapport. More than a product value is the consumer value. Ensure your business relationships are strong and reliable. And don’t dismiss the traditional Black Friday platform of in-store efforts, carefully evaluate how the business model can be optimized for your benefit.
To read more, visit: AlixPartners
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