How these dates affect our shopping behaviour

‘The “Fear Of Missing Out”, or FOMO, is a huge factor in Black Friday and Cyber Monday sales,’ Lisa explains. ‘Companies exploit this feeling and create artificial exclusivity by setting impulse limitations on stock to make their products appear to be selling out quickly. This creates a huge sense of urgency and makes you feel that you need to act immediately before it’s too late.’

The FOMO feeling can also be heightened by the increased media attention leading up to Black Friday and Cyber Monday. With more social media use and even the events’ timing (at the end of the week and on payday for many), Lisa says both can work to make us feel like we’re missing out if we don’t buy anything.

‘Even your method of payment can change how your mind processes shopping,’ Lisa says. ‘We’re all guilty of paying by card and Lisa tells us why cashless spending feels so easy (and dangerous). Nine times out of 10, paying by card, especially using credit, fools your brain into thinking you haven’t spent a penny. Whereas when you hand over your hard-earned cash, you feel a sense of physical loss and your brain registers what’s happening. Paying by cash is also known to increase your emotional attachment to your purchase, instead of paying by card.’

Lisa points out that lockdown has likely changed our shopping behaviours forever, too. ‘Being unable to go to the shops to browse and purchase in lockdown meant we have had to adopt new habits and embrace digital shopping,’ she says. ‘Although some of us will return to old habits, many will retain this new way of shopping. Especially as cases begin to rise again, shoppers may worry about being in crowded spaces.’

Last year, sales were up by 61% in the first week of November, compared to the same period the year before due to lockdown restrictions and Covid. So, we can expect to see an even bigger jump this year, with record-breaking numbers recorded via online sales.

That’s why Lisa would recommend that business owners encourage their consumers to shop early, spread demand before their competitors and create excitement around their offer. ‘Ensure you allow for increased orders, stock backlogs and processing orders and make sure your website is geared up to manage increased traffic and purchases – the last thing you want is a site crash on the busiest day of the year!’ Lisa advises. ‘Finally, as Covid is still present, be clear about how you’re controlling your space and ensure all your customers’ health and safety.

What to take away

Thanks to Fabric, we now understand the psychology behind Black Friday and how the use of colours and words like sale’, ‘deal’ or ‘discount’ can draw customers in, not forgetting how card payments lead your customers to buy more without realising, and how creating a sense of urgency and FOMO can lead to more sales.

With the numbers of consumers set to be recording-breaking this year, any business owners would be foolish to miss out – otherwise, they’re the ones who’ll be experiencing FOMO! Good job Lisa and the Fabric team were here to keep us in hand, eh?

Want to know more?

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