Last month, we kicked around this idea that – maybe because all good things come in threes – we’d like to hear if our readers had three key pieces of advice to share on coping with Black Friday, after all some people are predicting it will be a £1bn day.
The responses came thick and fast. This is the second collection of some of the responses we received.
Vicky Brock, CEO and co-founder of Clear Returns:
“It is vital to choose your Black Friday promotional items carefully as they will be snapped up in a frenzy and be susceptible to buyer remorse, and therefore a high returns rate, especially big ticket items. Indeed, products returned after Black Friday are unlikely to be processed until after the Christmas period so to prevent waste and margin loss, make sure they are items that can be re-sold in January and not at a massive mark down.
“Black Friday might seem like a great idea, especially with big retailers leading the way. However the true cost of acquiring customers during such promotions is likely to be very high and it’s important to factor in a dramatically higher return rate.
“Don’t forget that a sale is not a sale until the customer decides to keep the product. Indeed, at such busy periods anything between 15-50% of promotional items might be returned at a time when staff will be stretched to fulfil other more profitable orders in the run up to Christmas. So temper your desire for a rush of transactions versus the need for ensuring customers retain what they buy.“
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