Black Friday: The Psychology Behind The Success
Have you ever wondered about why Black Friday has the success it does? This post looks at key points such as FOMO, brain chemistry and social proof to gain a deeper understanding.
Updated November 19, 2024.
Black Friday is the biggest eCommerce event of the year. For consumers all over the globe, it’s a chance to buy their favorite products for discounted prices. The popularity of the occasion has only grown over the years. Since Black Friday falls so late in November this year, lots of brands have instead adopted Black November, whereby the whole month offers discounted products. But why is the holiday so successful? Let's take a look at the psychology behind Black Friday and the success.
Timing
The timing of Black Friday is one of the main reasons that it is so successful. Traditionally Black Friday marks the end of Thanksgiving celebrations, and marks the beginning of the Christmas period. For many people then, Black Friday is the perfect opportunity to buy Christmas gifts at discounted prices. This is one of the ways that consumers decide to engage with their spending at this time. But there is still more to examine.
People Love Bargains
Feeling satisfied and joyful at finding a bargain is a naturally human experience. The brain has a structure called the ‘reward system’ which connects to our pleasure center. When this is stimulated, a feeling of pleasure is created. Words such as ‘sale’, ‘deal’, or ‘discount’ all contribute to this pleasure. Therefore, you can understand why Black Friday has such a big effect on this. People's pleasure centers are being triggered continuously.
Seeing these words repeated can send shoppers into overdrive. Our brains struggle to remain objective as to whether a purchase is necessary when so much pleasure is being triggered. Color psychology is also relevant here. If you add in the colors that are used, such as red, which also triggers the pleasure center, we can understand why people can’t escape the draw. This is important to understanding the psychology behind Black Friday.
FOMO
FOMO, or the ‘fear of missing out’ plays a big part in consumer behavior when it comes to Black Friday and Cyber Monday. Merchants use the ‘scarcity principle’ to take advantage of this. If there are limited products, and the sale is only possible for a certain time period, people are more likely to buy. They don’t want to miss the opportunity for such a good deal. This sense of urgency is a great sales motivator.
When it comes to Black Friday, since the sales are only for one day, or 24 hours, it makes sense that shoppers feel the need to make their sale now. The increased media attention to Black Friday helps push this sense of urgency, and social proof also makes a difference. Seeing peers posting on social media about their Black Friday steals is a strong motivator to make other shoppers want to get involved. As we know how much of an impact social media has on shoppers’ life anyway, it makes sense that it plays an integrated role in understanding the psychology behind Black Friday.
Covid-19
The Covid-19 virus was a huge factor in increasing the visibility and popularity of eCommerce shopping. Since the pandemic, more people have become aware of the benefits of eCommerce shopping. People love having products delivered to their home, and love being able to connect with brands via their online (often omnichannel) presence.
What This Means For Your Business
Understanding these motivators can help you put together an even better eCommerce experience for your users. Some of the ways you can help this are:
Fostering a strong omnichannel strategy: since you know the importance of social media and social proof in terms of being a motivator, make sure you are helping this. Share User Generated Content, optimize your social media strategy, and make sure shoppers are engaged.
Create a sense of urgency: let shoppers know that these discounts are for a limited time only, with limited products only. They should act fast so they don't miss out.
Personalized recommendations: show people deals that they don’t want to miss! Even if there are sales that are triggering pleasure centers, the products do need to be desirable for the shoppers. Make sure the shoppers are seeing the right things at the right time.
Conclusion
Understanding the psychology behind Black Friday can help you understand why your shoppers make this day so special for you. It can help you boost sales, make the most of the day, and ensure that your users have the best experience possible. When done well, this holiday is a win-win for everyone. Why not make the most of it?