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PRODUCTIVITY FRIDAY ON OUR MINDS: THE SHOPPING SEASON SPRINGBOARD Black Friday is upon the retail industry, presenting an opportunity for retailers to reset what has been a challenging year. BWy Vend Vice President APAC Gordana Redzovski hile we’re still battling with a level of uncertainty and varying degrees of restrictions, the retail sector is in a stronger position than it was a few months ago. Retailers big and small have demonstrated resilience, innovation and creativity like never before, and with the peak shopping season now here, it’s time to convert that effort into strong sales performance. In the face of unprecedented challenge, many retailers have evolved and seized any opportunity presented to them. Maintaining that momentum is crucial, with Black Friday (27 November) and Cyber Monday (30 November) representing the latest opportunity in their continued recovery. With Black Friday marking the start of perhaps the most important shopping season in a generation, here’s how your retail business can capitalise. A thriving phenomenon Once considered a North America-only event, Black Friday is now a lucrative day in the Australian retail calendar. Vend data from thousands of retailers nationwide shows the number of Black Friday transactions increased by 22 per cent from 2016 to 2018, while revenue rose by 36 per cent. What’s more, 63 per cent of surveyed Aussie shoppers in 2019 said they intended to shop at a local retailer on Black Friday. With Australians strong supporters of local businesses and potentially looking to grab a pre-Christmas bargain, we expect Black Friday 2020 to be significant. Start early, think smart, shop local Black Friday has long been predicated on incentivising as many shoppers as possible to visit your store, but crucial health and safety restrictions must be adhered to this year. To assure shoppers, many of whom remain conscious of health and safety, that it’s safe to visit your store, you’ll need to communicate in advance the measures you’re implementing. Then determine what products might be popular or any surplus stock that you want to shift, and promote them along with any discounts to grab shoppers’ attention well ahead of time. Black Friday has gained notoriety for heavily discounted items, but success isn’t about competing with the likes of Amazon at its own game. Matching its eye-watering discounts is financially unsustainable and undervalues your bespoke products. So, instead of offering discounts that don’t even cover your costs, consider playing to your strengths by promoting your bespoke products and the ‘support local’ sentiment. Talk about the quality of your stock and why it makes for beautiful gifts, share glowing reviews and the story behind your business, the materials you use and where they’re from. Be proud about your business, what it stands for and why, and you may notice your customers’ affinity to it grow. Embrace omnichannel Black Friday is no longer an in-store-only event, especially in 2020. Today, the savviest operations are omnichannel, in which physical stores and e-commerce seamlessly align, to cater to every shopper, however they shop. While omnichannel may sound like a strategy for the future, it’s a strategy for the present, through which an effective, targeted e-commerce presence enhances and extends the delightful experiences and beautiful products on your shop floor. For example, list your in-store inventory online, implement loyalty schemes, introduce click and collect and use targeted marketing to promote your products, shipping options, returns policies and everything else your customers need to know ahead of Black Friday. While many retailers will look back on 2020 as a year of immense disruption and unprecedented challenge, Black Friday and the peak shopping season that follows it looms as an opportunity to close the chapter on this year and focus on the next. So, embrace your strengths and prioritise entertaining, meaningful experiences, and you may find that 27 November represents a springboard into a bright retail dawn. About Gordana Redzovski Gordana Redzovski is Vice President for APAC at Vend, leading the cloud retail productivity and intelligence platform’s presence across the region, including in New Zealand, where the company was founded, and Australia, its largest market. About Vend Vend lets retailers run their business in-store, online and on the go. Used in more than 25,000 stores in 140 countries, Vend integrates with business applications including Afterpay, Square, Shopify, Commonwealth Bank of Australia, MYOB, BigCommerce and WooCommerce. For more information, visit vendhq.com/au. 106 RETAIL WORLD NOV, 2020