Black Friday and B2B. A new, promising relationship.
Ah, Black Friday. A special kind of holiday. A pre-Christmas period of hot deals and knocking sales that fuel demand and have a positive effect for retailers, importers and manufacturers alike.
With the increased and prominent use of online marketplaces in 2020, a greater emphasis was placed on personalization and order fulfillment during a shopper’s journey and Black Friday sales had soared in the digital world. This year, as B2C companies are preparing themselves for Black Friday, could B2B companies do the same thing?
Words like discount, sale and free have always hit a specific sweet spot in the human brain. Black Friday is therefore a holiday that triggers all these fundamental instincts and increases impulse shopping, affecting the buyer’s brain just as much as it affects the consumer’s. As buyer behaviour has shifted towards a self-service and fast-service mentality after the Covid-19 pandemic, this has affected B2B behaviours and B2B portals can start benefiting directly from these behaviours.
It’s time to shed some light on the ways B2B businesses can generate leads, benefit and increase their sales on Black Friday.
1. Launch or expand.
Black Friday can be the perfect timing for retailers to launch something new, like a new product for consumers. Similarly, it could also be a great time to expand to somewhere new. A retailer can conquer a new market with a tempting offer to other retailers, having higher chances that that product will be sold to consumers on a day like Black Friday. Just as they can promote products that will bring joy to consumers, they can do the same to their business customers in the form of new opportunities and growth. Black Friday could be a great season to advance their businesses and consider forming or investing in new partnerships.
2. Increase inventory.
Businesses lower their prices and retailers increase their inventories. It’s that simple. Brands can also relieve themselves of old inventory and retailers can sell that stock with sustainable margins. Vice versa, retailers can sell increased stock during Black Friday and get rid of clearance stocks. Seizing the Black Friday opportunity and acquiring products that competitors do not know about can further give retailers the competitive advantage they need, and in turn, increase revenues by utilizing inventory margins.
3. Increase revenue.
A retailer can decide that a sale could be a good way to increase revenue either by purchasing products, delivering products or trading with other businesses. Through Kingpin, you could simply create a unique Black Friday Collection and launch it for Middle Eastern Retailers, thus eliminating the need of sending linesheets and crowding buyers’ emails. Focusing deals on low-cost B2B items can quickly generate revenue.
B2B companies can thus benefit in the same way as B2C on Black Friday. A day like this could be an opportunity to diversify, expand and enhance the business and its relationships. If you were looking for the best time to invest in a B2B portal, this might be it.