Black Friday: Tips For NZ Retailers

By EFTPOS NZ November 01, 2024 2 minutes read time

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As Black Friday 2024 approaches on 29 November, retailers are gearing up to finish the year strong after a challenging first three quarters. Persistent inflation, job losses, and high interest rates have kept Kiwis' spending in check for much of the year. However, there’s a silver lining on the horizon with interest rates falling and inflation in check for the first time since March 2021. Black Friday presents a key opportunity to boost sales as we head into the holiday season.

Looking back: Black Friday 2023

The economic landscape in Q4 2023 was marked by cost pressures, weak consumer spending, and mixed retail performance. Although retail spending during key sales events like Black Friday and Boxing Day experienced year-on-year declines (down 0.6% and 10%, respectively), the quarter still saw its characteristic surge in retail activity compared to earlier in the year. Notably, 28% of the year’s total online spending occurred in Q4, highlighting its continued importance in the retail calendar despite the challenges faced.

So, what can we expect for this year?

Maximising Sales This Black Friday

According to the latest eCommerce Market Sentiments Report from NZ Post, over half of Kiwi shoppers are prioritising discounts and special offers when choosing where to shop online. This reflects a growing focus on value-for-money shopping, driven by continued economic uncertainty. Retailers who focus on delivering real value now can build customer loyalty for a strong rebound in 2025.

1. Leverage a Continuous Sales Strategy
Retailers are increasingly treating Q4 as one extended sales period, with promotions flowing from Labour Weekend through Black Friday, Christmas, and New Year into January. This extended discount season aligns well with budget-conscious shoppers and keeps momentum steady. By creating a seamless promotion cycle, retailers can keep customers engaged and returning for fresh deals.

Key dates:

Singles Day – 11 November
Click Frenzy – 11 to 15 November
Black Friday – 29 November
Cyber Monday – 2 December
Boxing Day – 26 December

2. Emphasise Value with Discounts and Special Offers
Highlight compelling discounts and exclusive offers to connect with today’s value-focused shoppers. Emphasise how your products meet essential needs with quality and longevity, catering to the trend of consumers prioritising necessity over luxury. While revenue per sale may be lower this quarter, nurturing customer loyalty now will set you up for stronger growth as the economy improves.

3. Streamline Operations for Future Growth
Q4 is the perfect time to enhance operational efficiency in preparation for higher sales volumes. Focus on refining inventory management, improving customer service processes, and fine-tuning your marketing strategies. Positioning your business for greater resilience now will help you scale smoothly as consumer confidence returns in 2025.

How We Can Help

We provide comprehensive payment solutions for both online and in-store transactions. Our seamless, secure payment systems ensure that your customers have a smooth checkout experience, no matter where they shop. With detailed reporting on all your electronic transactions, you can easily track both in-store and online sales, giving you valuable insights into your business performance.

Ready to simplify your payment processing? Contact us today to explore how our payment solutions can help you optimise sales during Black Friday and beyond.