The UK retail sector is preparing for a significant surge in consumer spending this Black Friday, potentially setting new records.
- Retailers are innovating by blending online and offline shopping experiences to accommodate evolving consumer preferences.
- Predicted spending could increase by 15-20%, with mobile transactions expected to dominate over 60% of online sales.
- Social media influences heavily affect consumer behaviours, especially among younger demographics like Gen Z and Millennials.
- Advancements in AI and AR are enhancing shopping experiences, contributing to the dynamic retail environment.
The UK retail industry braces for an unprecedented increase in consumer spending this Black Friday, with predictions suggesting a potential record-breaking event. As retailers devise their most ambitious strategies to date, shoppers can anticipate a unique blend of online and offline experiences tailored to modern consumer habits.
With predictions of a 15-20% rise in consumer spending compared to previous years, retailers are optimising both physical stores and digital platforms. Notably, over 60% of online transactions are expected to be conducted via mobile devices, supported primarily by younger consumers heavily influenced by social media.
Retailers have elevated their online presence by investing significantly in social commerce and partnerships with influencers, creating seamless transitions from browsing to purchasing. This strategy highlights the profound impact of peer recommendations and online influence on purchasing decisions, especially for Gen Z and Millennials.
The use of cutting-edge technology is transforming retail, with significant investments in AI and augmented reality. Major retailers have introduced AI assistants, effectively serving as personal shoppers, and augmented reality tools that provide virtual ‘try before you buy’ options, revolutionising the customer shopping journey.
Behind the scenes, technological advancements in warehouse and distribution systems ensure efficiency and accessibility of products, minimising out-of-stock occurrences. Enhanced customer service technology, including AI chatbots and virtual assistants, aims to provide a smooth, hassle-free shopping experience.
The retail sector’s innovative approach to Black Friday 2024 is set to redefine shopping experiences, blending technology with traditional consumer needs.
