• Ofer Zeevy

Crypto draws the most feedback online as Black Friday sales dip

Updated: Jul 7

For the first time ever, Black Friday deals dipped, going from $9 to $8.9 billion year-to-year. Such a change was explained somewhat due to people buying earlier this year and not necessarily on the day itself. As tracked by Affogata, online conversations by customers were mostly devoted to the deals and savings, with mentions of cryptocurrencies purchases standing out in terms of volume.

Since 2005, Black Friday has consistently been the busiest American shopping day of the year. Already an American tradition since many years before, the annual Friday after Thanksgiving served as a very lucrative day for many retailers mainly at their physical stores. In 2015, Amazon took this shopping day one step further and tagged it for even better deals and low prices online. As a result, the whole e-commerce world took notice and started offering Black Friday huge discounts on its own.

Black board with a lot of "sales" tags.

Then there is Cyber Monday, created by the National Retail Federation also in 2005, offering shoppers who could not find items in the physical stores an opportunity to continue shopping online and receive exceptional price offers. Cyber Monday has since become a huge success, enabling smaller retail websites to compete with the big chains. In 2020, it became the biggest online shopping day in USA history with a total of $10.7 billion worth of online spending. This day has joined Black Friday to be recognized internationally and has since been used by online retailers across the world.

Tagging a day for a commercial purpose is nothing new. Most famously, the commercial American television network ABC tagged Monday starting in 1970 for the Monday Night Football game. Since all of the other weekly games took place over the weekend, it was a new experience for fans to watch a game on Monday nights. Was the game special? No. Did the 2 best teams of the week play against each other? Also no, since the schedule was determined a few months from before the season started. However, Monday Night Football became a staple in American television and is still one of the highest-rated programs, particularly among male viewers. This show draws many viewers and therefore lots of income from commercials.

And so is Black Friday.

Despite the slight decrease in sales, customers were conversing online over the special discounts and savings. Amazon, Walmart, and Target were the top three most talked-about brands, as per Affogata’s tracking and monitoring over the web.

Most noticeably, customers’ conversations were devoted to cryptocurrencies in relation to Black Friday. Cryptocurrency customer comments over Black Friday revolved mainly over sales, with some calling the special deals better than other discounts. Out of 3,959 mentions of cryptocurrencies, 32.08% mentioned Bitcoin and only 7.1% mentioned Ethereum.

In general, positive mentions from customers included greetings, happy wishes, and satisfaction over purchases. On the negative side, customers complained about spending too much or not having enough to spend on. Some mentioned companies not offering any special Black Friday sales. Finally, other customers bragged about having to work on Friday instead of joining the deals.

Affogata’s customer feedback analysis platform tracks and monitors real-time comments and conversations from all over the web. The information gathered from such feedback is then analyzed and offered to companies that can learn what their customers are thinking about their brands. The structured Affogata’s analysis enables companies to engage with their customers from the “All-in-one-platform” and respond to their needs and wants.

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