There are two things we all love to do in our spare time: browse the net and spend money. In fact our love for online shopping has driven UK annual internet sales over £100bn for the first year ever1! Meaning that roughly £1 retail in every £42 spent by consumers is now online, and this figure is set to grow by another 12% in 20153.
In the UK, Black Friday in particular was credited with boosting online spending last year, with sales up 22%4 on 2013, the busiest online shopping day ever, with £810m spent on the day. But is heavy discounting on Black Friday a good idea?
The US-influenced sales day continues to divide online retailer’s opinions with some reporting strong sales whilst others have been scarred from their own heavy discounting. The adoption of Black Friday has given shoppers a ‘discount mentality’ that is significantly shaping trade both before and after the busy Friday. Some retailers, such as Argos saw sales jump as much as 45% on Black Friday as more then 13.5m people logged on to its websites, but like-for-like sales ended up flat over the 18 weeks to 3 January compared with expectations of a 2% rise. Is this proof that Black Friday is after-all just a gimmick and should retailers be doing more to increase online sales throughout the entire year?
So on that note, at Jumio we reckon what would really boost sales throughout the year is a streamlined, better-designed and simple to use online checkout process. As much as we love online shopping, nothing annoys us more than a checkout which is complicated, long winded and demands lots of data entered into fiddly fields! It’s one of the reasons why Jumio created BAM Checkout – to give customers the easiest and most friction-free way to make a purchase in a matter of clicks.