With Black Friday around the corner, retailers will be busy preparing for the inevitable surge in sales as customers look to bag themselves a pre-Christmas Bargain. However, Black Friday is much more than just a day, and retailers need to plan for the longer-term effects of this particular promotion. Here, retail tech experts reveal their top tips for retailers ahead of the shopping event of the year.
1. Don’t forget the product returns
A surge in sales as a result of Black Friday will inevitably bring with it a higher level of returns. “Buyer’s remorse coupled with relaxed return policies means that retailers can expect to see up to 40 per cent of Black Friday sales coming back into the business as returns and often most of this stock can’t be put back on the shelves. It’s a growing problem and many retailers will be forced to rethink their logistics processes to better manage the rising number of product returns in the coming months,” warns Ben Whitaker, director EMEA for B-Stock Solutions.