Reflecting on historical trends for the Telco & Media industry
Black Friday 2022 is just around the corner and retailers are busy getting ready for one of the biggest events of the year. In this blog, we draw on over 10 years of experience working with the Telecommunications and Media industry to bring you the biggest trends from recent years and to help you get the most out of the upcoming season.
Year over Year trends
How have Telco ecommerce sites performed over this period in previous years? Using data from our Telco partner guided selling engines across 2020 and 2021, we identified 4 recurring trends:
Black Friday waiting game
Although consumers tend to make their purchases on the official day, our data shows a trend for the ‘Black Friday waiting game’. Data from previous years shows that customers are generally more considered in their buying behaviour around the Black Friday season, visiting websites twice as often as usual before making a purchase. With the current financial pressures, we predict this trend will be even more significant this year. Our guided selling engines are already seeing an increase in the % of consumers shopping around to find the best deal.
With consumers visiting your site more regularly on the run up to the main day, there will be plenty of chances to re-engage them with personalised offers and recommendations. A personalised approach will help cut through the noise and keep your brand top of mind.
At 15gifts, we give our partners the unique ability to understand their customers. We share information on things such as decision drivers, product most likely to buy and budget. Our partners are able to use these profiles to transform on-site personalisation, off-site retargeting, and live chat performance and ultimately drive an increase in online conversion.
Consumer spending remains steady
Despite the money saving deals often available to consumers on Black Friday, we were surprised to learn that customers actually spend a similar amount on Black Friday as they do across the rest of the year. Consumers have been drawn to getting more value for their money, rather than reducing what they spend. For example, consumers may look to spend the same amount if they are offered more data on their plan for the same cost.
This year, with the current cost of living crisis across the US and Europe, many consumers face a strain on finances. Yet a recently-published Emarsys study found that more than a third of consumers are actually planning on increasing their 2021 spending and will use Black Friday to get the best deals for their Christmas shopping. So what will this mean for retailers?
Regardless of whether they are planning on spending more or less than usual, they will be looking to get more for their money.
Website traffic spikes by 1.5x
With the Black Friday period extending beyond the official day of 25 November, and offers being available throughout the month, you might expect website traffic to remain consistent throughout November. But in both 2020 and 2021, customers still clustered more specifically to the key event itself. Traffic spiked to 1.5x the size of an average day on Black Friday 2021 and, heavily influenced by national lockdowns, more than 3x in 2020.
This year, the World Cup coincides with Black Friday, with England playing the US on 25 November. With two big events coinciding with each other for the first time, we don’t have any historical data on the impact this will have. But World Cup fans might be distracted on game day.
With attention being split and shoppers being inundated with seasonal promotions and product options, consumers may feel overwhelmed trying to find the best deal on the day. We know that too many choices can leave a consumer struggling to find the product or service they need, which reduces the likelihood of a decision being made. Highlight products that best suit their needs and use personalised product descriptors that explains why a product or offer is the best option for them. Understanding why a product is right for them will build confidence in their purchasing decisions, meaning you’re more likely to make the sale.
Buying intent soars on Black Friday
Over the past 2 years consumers have shown a higher intent to buy on Black Friday. On average customers converted 30% higher compared to the average day, with these levels staying steady over the past 2 years.
These are just a few of the trends we have seen over the years that will help you prepare for a successful season. Keep an eye out for our post Black Friday briefing to see how organisations in the Telco industry performed in 2022.
If you’re interested in learning more about the data insights we collect through our guided selling engines, and how we can drive performance for your organisation, get in touch.