The Future State Podcast
The Future State Of Saving & Discounts - Black Friday Special Podcast With Danny Denhard & Nick Walter
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Episode notes
This week Danny Denhard and Nick Walter return with another instalment of the future state of podcast.
We discuss the future state of savings and discounts not just the craziness of Black Friday and cyber Monday.
The Good
- General savings for consumers
- Often makes expensive seasonal gifts more affordable
The Bad
- The strain it places on logistics
- The work environment in many businesses becomes more stressful, creates more issues with internal teams and many businesses actually lose money rather the traditional Black Friday where businesses started to make money
The Ugly
- Consumerism crisis
- The cost of delivery on the environment
- Material gifts at Xmas
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Important Topics Discussed:
- Black Friday has been undone in the UK - The biggest retailers are all doing it differently. It’s causing confusion and chaos for consumers
We saw ‘fake Black Friday’ a week early (19th) in the U.K. - devaluing what Black Friday and Cyber Monday was designed for
Many are pushing Black Friday week and Black Friday month.
We have seen huge year on year growth of sales for Black Friday - Singles Day
The West has adopted Single Day, which is traditionally an unoffical Chinese singles holiday. Singles Day in the UK is actually in March - Amazon’s Influence
Prime Day - The day(s) where Amazon drives savings across the marketplace - the biggest brands can drive attention and savings to their customers as part of their brand moat
Amazon are reportedly planning to open 260+ stores over the next few years aka they truly know UK are hybrid shoppers 80% in store - 20% online so shopping in the U.K. has to be considered to have retail presence + online.
We now have Prime expectations, subscription enables us to have: fair prices, quick delivery, free returns. - Brands using biases against us: Cashless Effect (contactless transactions drive 8% more spend as seem like you are not spending as much money, this is why casino's use chips... seems less than cash),
- Brands that don’t discount might actually win the long game, brands include - Apple, Peloton, Chanel, Louis Vuitton, Tiffany & Co, Lululemon
- Unsung Heroes - Forums and groups
Many saving related forums are super popular
Thousands of Facebook groups dedicated to it
The science behind why Aldi and Lidl surprise aisle
Many groups dedicated to how to gain an extra saving, use certain points schemes, leverage the best deals
Watch the Decarbonising The Art World Video Nick mentions.
Tell Us What You Think: Let's us know what you think of the future state of saving on twitter... @dannydenhard or @nickwalter23
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