The word was on the street this Thanksgiving weekend: Black Friday and Cyber Monday aren’t all they’re cracked up to be. Sure, shopping was intense, but some consumers seem to have become more cynical about promotions in the period and more selective in their purchasing, and a study by ECRM Analytics demonstrates that the skeptics are correct.
In its study, the market research firm found that retailers offered better deals on many products earlier in the year than was the case on Black Friday. Still, Black Friday offered better bargains that its web-centric alter ego. Advertised prices on 87% of products reviewed came in less expensive on Black Friday than on Cyber Monday.
In a comparison of identical products promoted by the big two discounters, Walmart beat Target by about $10 in a nine-item shopping basket that cost $319.51 at Walmart.
ECRM Analytics noted that retailers are developing new, more sophisticated strategies to maximize the potential of Thanksgiving weekend promotions. Among them, Amazon.com used convenience and early deals to draw customers away from other retailers. The effort included offering new deals each hour starting on November 19 to Black Friday.