The shopping holidays are just around the corner. However, more than half of UK shoppers feel that Black Friday and Cyber Monday discounts are never as good as they expect them to be. In addition 58% say that the products they really want are never discounted.
Shoppers, while open to a good deal, are increasingly chaffing at discounting around peak season days. Moreover, they suggest that Black Friday rules “need rewriting to attract long term revenue”.
Discounts are not all they are cracked up to be
The retail event is in danger of leaving existing customers feeling undervalued, underappreciated and deprioritised. It is fair to say that there will no doubt be some good bargains out there. However, a worrying proportion of shoppers feel that the discounts are not all they are cracked up to be.
Over half (57%) of consumers feel that Black Friday discounts are never as good as they expect them to be. Furthermore, 58% say that products they want are not usually discounted. Ultimately, this makes the retail event less relevant to them. A significant number (58%) also felt that the discounts pressure them into making purchases they would not otherwise have made.
Consumers feel brands only care about selling more products
Even more concerning than shopper sentiment towards discounts, are the feelings towards brands peddling these reductions. 54% of UK consumers expect brands to push lower quality products during Black Friday. Additionally, 53% say that the deals and offers provided during this period impacted their trust in brands.
Just over half (56%) of the consumers feel that brands care more about selling products over supporting causes or living their values during this period. Disappointing given the rise in conscious consumerism. Furthermore, 55% feel that brands focus on winning new customers over making their existing customers feel special.
Not communicating enough post-purchase
Despite the months of planning that go into the preparation and strategy, consumers still do not feel brands have got it right. 54% feel that brands do not do enough to prepare for the rush of orders they will receive. Moreover, 50% believe that they do not communicate enough post-purchase with them. On the flip side, 54% feel that brands send too many promotional messages in the run up and during the Black Friday period.
Alternatives to discounting
Traditionally, retailers have relied on heavy discounting during the Black Friday period, but this often comes at a cost to a business. It is possible to replicate the surge of oxytocin that comes with bagging a discounted bargain and garner a feel good factor towards a brand. However, through alternative methods that will not harm profit margins.
Brands would do well to note that 61% of consumers cited that they feel positive towards those that offered the opportunity to contribute to a charity or initiative aligned with their values. While 78% said that offering free or discounted delivery would encourage positive sentiment towards a brand. As would giving out loyalty points that consumers could redeem against future purchases (73%).
Consumers say that special birthday offers (72%), promotions offering early access to sales (66%) and early access to new products (65%) are also ways to enhance sentiment.