Consumer and market trends

BFCM Demystified: four letters, two dates, one crazy weekend

Get ready for BFCM 2024: two key dates, one big opportunity to boost sales and overcome supply chain challenges with the right strategy.

On November 22, 2024

Black Friday is almost here: are you ready for the holiday season

Two key dates on the retail calendar are rapidly approaching: Black Friday (29 November) and Cyber Monday (2 December).

BFCM. It means so much more than two days. What was once a hectic long weekend of sales is steadily morphing into a peak period that begins earlier and lasts into the holiday season.

How did you cope with BCFM last year?

Are you ready for it this year?

A little history

Black Friday refers to the day after Thanksgiving Day in the United States. The name was first coined in the 1960s by the police in Philadelphia to describe the chaos caused by suburbanites flooding the city after Thanksgiving¹to start their holiday shopping.

Today, it refers to a period of peak sales that kicks off the busy season. And it has spread around the world.

Cyber Monday was added in the early 2000s to capitalise on the growing popularity of online shopping. Today, every day is an online shopping day. But Cyber Monday is the day for online sales.

BFCM advice for customers: How can shoppers make the most out of Black Friday/Cyber Monday?

‘Know thy customer.’ Sun Tzu, the author of The Art of War, would have written that had his area of expertise been the Art of Retail.

If you know what your customers are looking for during the BFCM period, then you can tailor your offering to their expectations. You will know your customers better than anybody else, so you will likely already have a plan in place.

But it is instructive to know what general advice is being given to consumers so they can get the most out of BCFM. Below are some of the tips given by AwarenessDays.com and The Times Money Mentor.

Make a shopping list. Know your budget: This is sound advice at any time of year, but it is extra important at a time when there are so many discounts.

Plan ahead. Do your research: Compare prices. Look for stores that offer extra discounts for new customers. Have the prices truly been discounted?

Shop online. Set up online accounts in advance: If you don’t like shops, there will still be good online deals throughout the BCFM period, not just on Cyber Monday. Plan your online shopping. Enter payment and delivery details before the rush.

Prepare your online wishlist ahead of time: That way, as soon as the sales begin, the items you want will be ready to be put in your shopping cart.

Check return policies. Ask for gift receipts: A free returns policy is very convenient. Gift receipts allow the recipients of your gifts to return or exchange the items themselves.

BFCM advice for retailers

There are significant upsides to BFCM for retailers: a whole lot of motivated shoppers; a kick start to the shopping season; a chance to get rid of your old stock; and the opportunity to attract new customers.

However, there are also challenges. Can your bottom line afford significant discounts? Can you afford not to offer free shipping? Customers love it. And BFCM sales suffer from higher return rates.

Many of the tips for shoppers translate into tips for retailers:

Identify the products you’ll promote. Order them early: Don’t get caught short. Beat the rush.

Plan for a longer sales period: The trend is towards a longer lead-up to BFCM weekend and a longer tail. (Not a bad trend. It can take the pressure off and spread out your sales.)

Get your online offering ready well in advance: Make it extra easy for those who want to do their shopping from home. Get your staff and your supply chain ready for online as well as in-store sales.

Free shipping will often clinch the sale: Free shipping will boost your sales. Be clear about expected delivery times, and keep your customers informed.

Be generous with your return policy: Easy returns. Gift receipts. Generosity in this area will likely win you more sales. Gear up your supply chain to be ready for the extra flow of items going ‘the wrong way’.

Prepare your order and fulfilment processes: The smoother you can make your work flows, the better. Make sure this area of your business is well stocked and well staffed. (These principles flow into your supply chain, too.)

Have a contingency plan: Things don’t always go to plan. What will you do if there is a supply chain hiccup (– and it’s too late to switch to FM Logistic)?

Are you ready for the challenge of BFCM 2024?

BFCM challenges for the supply chain

To achieve success, you will need your logistics provider to be on board, fighting fit, and ready to tackle the surge in sales that BFCM will bring.

BFCM is now a global phenomenon. And it is during times like this that global supply chain experts come into their own.

Here at FM Logistic, we stand ready to help our customers through peak periods. We’re ready for the increased volumes. Our inventory management systems are robust and continually improving. We learn from previous years. We keep track of trends.

We are ready for the challenges. Pressure on delivery schedules and extra-busy warehouses. We work with suppliers and retailers to minimise the likelihood of stock shortages.

Help us help you

You will need to let your prospective customers know what you’re planning to offer them, but first you must communicate your strategy to your suppliers and your logistics provider.

Let FM Logistic know your projected volumes and when you’ll be needing them. We’ll ensure that your goods flow as smoothly as possible during this very busy time of year.

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