Silvia Rindone, EY UK & Ireland Retail Partner, says:
“Once a big event for the retail industry, the reality is that Black Friday’s significance has diminished. This year, retailers have brought offers forward due to the national restrictions put in place in earlier this month so it’s unlikely there will be significant new discounts this week. The most recent EY Future Consumer Index found that only 38% of UK consumers were planning to participate in big shopping or sales events like Black Friday this year.
“Now, retailers need to look beyond festive deals in order to aim for recovery and a positive start to 2021. What would have been a 10-year transition from physical to online sales has happened in less than a year, and retailers need to understand and adapt to likely permanent shifts in consumer behaviour. They will need to reinforce the technological and fulfilment infrastructure necessary to meet demand in ways that best suit the customer. This will not only maximise trading in the run-up to Christmas, but also position retailers for long-term growth.”