As part of the Ipsos Views series, our Director of Retail Intelligence, Dr Tim Denison, looks at the history of the Black Friday phenomenon. From its humble beginnings 50 years ago in Philadelphia to the global retail event that it has become today, we look back at the successes and failures of Black Friday and discuss what the future holds for retailers and consumers around the world.
Five steps to a successful Black Friday
Every year there are new lessons to be learnt from Black Friday. Getting it wrong can have serious consequences for a retailer, given its size and its profile with the media.
Our top five steps to a successful campaign are as follows:
- When it comes to Black Friday, there is no such thing as over-planning
- Agility is key
- Manage shopper numbers entering stores
- Stress-test logistics’ capacity and end-to-end execution
- Prepare to put crisis management into practice