So, another Black Friday is over. And how are you feeling about it? Hopefully delighted with the response, but maybe...
a little uneasy about the discount you’ve had to give away?
worrying in case a tsunami of returns is coming your way?
just not sure you’ve got every decision right?
Well, here’s some good news from within Datitude’s vast quantities of retail data, and it may surprise you. Customers acquired with a promotion can be significantly more valuable than those without.
Yep! Our data shows, for some retailers, new customers acquired on Black Friday 2021 using a promotion had 20% higher lifetime value than those who bought at full price. They’ve placed only a few more orders in this last year but their AOV (average order value) is almost 40% higher. And that makes them significantly more profitable!
So, how can you make sure these new customers become your 2023 loyal customers?
Another delve into the data reveals that the most likely time that a customer will place a second order is very soon after their first. Surprised? Have a look at this chart – it shows the number of weeks that customers place their 2nd order after their 1st. Half of them have placed that important 2nd order within 7 weeks of their 1st, and 80% of customers ordered again within six months.
We’d recommend your highest priority this week should be getting your new Black Friday customers back to place their next order with you. It’ll calm any worries you may have about a Black Friday hangover and reduce the risk of it being a one-hit wonder!
We do data! Datitude's managed data platforms and solutions are transforming how businesses connect, integrate and unify their data. We master the underlying technology so you can master your data and get what you need from it, when you need it - quickly, easily, reliably and securely.
Our managed data platforms - the Datitude Integration Hub and Datitude Data Lakehouse - enable businesses to automatically integrate data and analytics. We provide managed solutions for Ecommerce and Retail and custom services for systems integration, data analytics and machine learning.
Managed solutions for Ecommerce and Retail include retail and digital systems integration, a retail and customer data platform, and direct mail campaign execution and analysis.
If you need to unlock your vast data volumes and make sense of your data, give us a call today on 020 3003 5000 or email: email@example.com.