Data is essential for every business. In fact, those who have a better grip over data can win the market. Collecting relevant data, updating and analyzing them to get future insights will have a key role in developing marketing strategies. Data collection reduces risk when unprecedented events like a virus outbreak or a natural calamity can occur at any time. It does not end there. It has to do many more on the greatest economic festival day of Black Friday coming soon.
Black Friday and Consumer Spending
The term 'black Friday' actually originated to refer to the hectic traffic and shopping needs starting the Christmas weekend purchase. It was first used by the police in Philadelphia to refer to the heavy and pedestrian traffic that would occur after thanksgiving day. Even though it has cultural and religious roots, Black Friday is essentially an economic weekend day that consumers and retailers will never want to miss. But after the pandemic period, the buying patterns have seen a lot of variations.
Web research shows that in October 2020, over 6.6k people Googled 'Is Black Friday canceled?' Also, consumers started relying upon digital stores like never been before. 2020 has witnessed a record high of 7.4 Billion Dollars in online spending, indicating that the future of shopping depends hugely upon digital channels. No wonder it will be on a hike this year too. All of these create opportunities and challenges for retailers at the same time. Consequently, that developed the need to make data-driven strategies to confront it.
Use of Data on Black Friday
Reports say that the 'buy online' searches have doubled during the pandemic period. Also, some authentic sources suggest analyzing data that consumers need their purchases to be more 'green' or sustainable nowadays. When comparing year-on-year global searches 2019 VS 2020, there is a 14% growth of interest for the discount period. Where do all these suggestions come from? Data collection will only make you aware of the rigorously updating consumer trends and have better market insights, especially when welcoming the most anticipated economic weekend of the year.
Techniques to Collect Data on Black Friday
Business entrepreneurs can have many ways to collect data on black Friday since consumers will respond to your queries more frequently. But the challenge is there to get the most valid data from the right audience you target. Let us see some of the popular techniques for data collection.
1- Flash Contests with Coupons
You can offer a register to consumers who are interested in your product or services offering them a purchase coupon. When you give them a coupon with purchase codes, you get valid consumer data for further analysis. The offer ends when the coupon runs over. It creates a feeling of urgency, and consumers will respond to it more intensely.
2- Gift Guides
A gift guide helps consumers to get the best gifts for their loved ones. On a festival weekend, it attracts buyers more. You can have a track of the participants and can have retargeting campaigns with outsourcing services. You can effectively place your products among them too, which acts as a marketing campaign along with a study of consumer trends in purchases. It can bring more traffic to your eCommerce store.
3- Offer VIP Contest to Regular Customers
Trusted regular customers are more likely to respond to rebate offers and contests. Making them involved in attractive contests will help you analyze consumer patterns and behaviors. You can make this more effective with creative captions and attractive offers for winning persons. The more you get the involvements, the more you get the data.
4 -Web Research
Internet becomes the source of an enormous amount of data. From blog posts, digital platforms, emails, and many others, we can extract data. For instance, it is the best source for collecting valid data. But spending more time monitoring digital data may consume more time and energy than you wish to invest in this regard. In fact, outsourcing services can bring help.
This year's Black Friday is special in many ways. It is the first consumer weekend that we wish to celebrate with crowds in full fledge after the pandemic. But in any case, the business cannot rely upon mere guesses. To avoid further setbacks, we need to get prepared with authentic data-driven insights and be confident with them.
As an offshore BPO company with excellent experience in web research and data collection services, Allianze BPO International can help you with cost-effective data collection services. You can reach us by dropping a mail at [email protected] and get the best experience of outsourcing.