The good news is that Black Friday 2020 has definitely not been cancelled but so much in the retail sector has been impacted by Coronavirus and the uncertain economic situation that only time will tell whether this year's Black Friday will still be as relevant and provide canny shoppers with the deals and savings they have come to expect at this time of year.
Pricing is king because nothing else will define your business and products more – or, have such a vital impact on the success of your business. Your prices influence how many customers actually make a purchase, how your products are perceived, the types of customers you attract and the amount you collect in sales revenue.
Now that the non-essential high street shops have finally been opened, will we be making a beeline for the tills loaded down with purchases?
As an ecommerce leader, you need to understand your market in order to grow.
Running your BigCommerce store leaves you with little time. Between product management, optimising your online store, and supporting your customers, you must not neglect your pricing.
Consumers predictably resent being taken advantage of during pandemics. They may display some sympathy for the unprecedented situation that traders now find themselves in, and understand some supply-chain issues, but they definitely don't want to be fleeced.
The global pandemic is producing "extreme market dynamics". In some markets, demand is skyrocketing and companies are struggling to keep up. At the same time, demand for many other goods has all but dried up: who wants to buy the latest summer fashion if you've nowhere to show them off?
We are going through tough economic times. You may believe that the easiest strategy to get customers flocking back would be to lower your prices. Alternatively, you could consider raising your prices to bring in some much-needed revenue. If you take the latter path there’s bound to be trepidation that this could be the final nail in your retail coffin, that your customers will abandon you for those other retailers offering cheaper products.
Boost sales in retail: If you are a retailer, it's an unfortunate fact of life that sales will slump from time to time. Don't feel too disheartened though: read on to get some good ideas about how to successfully increase sales and push your sales statistics upwards.
The new year provides us all with an opportunity for a fresh start. Most people's personal new year resolutions tend to revolve around getting healthier or to get better organised. In retail it's also a good idea to think about starting afresh after the Christmas rush and making some positive new year resolutions around your pricing strategy. To make it more fit for purpose, because a reinvigorated pricing structure will drive revenue and profit growth for the whole year.