Black Friday shoppers who stand in line at physical stores may be getting better deals than those who shop online from the comfort of home, industry experts say.
“Black Friday offers better deals in terms of in-store doorbusters for limited-quantity items,” Meaghan Brophy, senior analyst and staff writer at Fit Small Business told Go Banking Rates recently.
It’s no surprise retailers want you to come out to their brick-and-mortar stores given research showing consumers spend more in-person than online.
A report shows 71% of buyers spend more than $50 in a single physical-store visit, as compared to 54% for online shopping. Impulse purchases are also more common in person.
Many retailers rely on the psychology behind what makes Black Friday a success, according to two marketing professors who study consumer behavior. They say three elements spur sales at big physical sales events: Doorbusters, well-managed scarcity and an engaging buying experience.
Doorbusters, like half-price flat-screen TVs, are often “loss leaders” for retailers, the experts say, but bring people through the doors. It’s the perceived scarcity that gets them to load up their carts.
“Physical stores are able to find a sweet spot of scarcity because the brick-and-mortar environment is rich with cues that allow customers to form realistic expectations about whether they will be able to find the product they’re looking for,” they wrote in a recent Harvard Business Review article.
They add that the traditional Black Friday experience “begins with a long queue: Customers can literally see where they stand and adjust their expectations accordingly.”
Black Friday is also a tradition for a lot of families, and many will be eager to go out and shop this holiday season following last year’s more restricted shopping experience due to the pandemic and before vaccines were available.
While there was a drop in physical shopping volumes on Black Friday last year, as more people purchased items online, consumers are more ready than ever to spend.
A BlackFriday.com report says 77% of people surveyed recently plan to do their shopping in stores this year. The survey also shows most plan to shop in big box stores like Target and Walmart.