Study: Prices not lowest on Black Friday and Cyber Monday
Solon, Ohio -- Black Friday and Cyber Monday does not always mean lower prices, according to a study by ECRM Analytics that examines Black Friday and Cyber Monday promotions. The analysis exposes many common misconceptions around these two important shopping days.
ECRM found that when comparing Black Friday deals to other times throughout the year, it is apparent that holiday prices are not always the lowest, with leading retailers promoting higher prices than previously advertised on toys and consumer electronics.
In other findings, overall, promotional trade spend for Black Friday was down 15% for 2012 compared with 2011, with many retailers strategically shifting their focus to social and mobile. A substantial growth in mobile applications from both retailers and third parties tries to bring some clarity, but inaccurate data and tedious functionality frustrate the consumer resulting in lost opportunities. With social media, the conversation can easily lose focus and the intended message becomes unclear.
This hyper competitive environment is confusing the consumer and impacting sales negatively, according to ECRM. For a more in-depth look at ECRM’s findings, as well as other category and seasonal reviews, click here.