Black Friday in stats: retailers’ approach to discounting
By Marjorie van Elven
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Retail
Black Friday has definitely made its way across the pond and, even though it may not be as advantageous for some retailers as one would like to believe, the bargaining event is most probably not going anywhere. These are the main stats and figures of this year’s Black Friday in the UK, as assessed by retail data analytics firm Edited:
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- How much discount did UK retailers offer? 40 percent of discounted products feel within the 20-30 percent off bracket.
- Does Black Friday help products to sell out? 11 percent of fashion products retailing during the period between Black Friday and Cyber Monday have sold out. Tops had the most sellouts (27 percent), followed by bottoms (17 percent) and footwear (14 percent).
- Is it true that retailers use Black Friday to get rid of unsold goods? Apparently yes, as only 5 percent of products retailing over the period received their first discount.
- Is it true that Black Friday started earlier this year? Yes. No less than 67 percent of all discounts were offered between the Monday and Thursday before Black Friday, up from 50 percent in 2017. Connecting the dots, Edited suggests those extra days were used to push older stock. Over the entire week, there were over five times more products receiving at least its second discount than those receiving a price cut for the first time.
- Is Friday the best day for discounts? Those looking to buy prime or trendy pieces better wait until Friday, as that’s when most new discounts were registered: 26 percent of first time reductions happened on that day. If you guessed Cyber Monday would come second, you’re wrong. The second place actually belongs to Thanksgiving Thursday, with 18 percent. Only 3 percent of first time reductions were offered on Monday.
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