Ben Warren, Retail Business Manager at Sagacity:
“With retailers facing continued upheaval and challenging economic conditions, it may be time to call closing time on Black Friday deals. Traditionally, discounts have been a way for retailers to build loyalty, as a stake in the ground for driving sales or to get rid of excess stock. However, with many retailers struggling to maintain already tight profits; offering blanket discounts just isn’t sustainable. In fact, broad discounts do little to nurture long-term customer loyalty, particularly with bots harming previous quality sign-ups with thousands of fake emails, creating a huge loss for retailers and impacting marketing efforts. It is no longer enough to just do deals because everyone else is – in fact, retailers will be throwing good money after bad.
Since UK customers are already shopping heavily at this time of year in the run-up to the festive season, more dynamic and bespoke discounting for targeting new customers and building a robust loyalty strategy can be the golden ticket to long-term growth. By targeting discounts, giving exclusive offers such as early access, and even gamification for loyal customer segments who are likely to shop year-round; retailers can build lasting relationships, rather than just attracting one-time bargain hunters. Using the data they already hold on customers, they can grow their lifetime value and engender loyalty for the long run.”
Tim Ayling, VP EMEA for Imperva, a Thales Company:
“Black Friday and Cyber Monday are a critical time for online retailers. However, the surge in online traffic also attracts cybercriminals looking to exploit eCommerce platforms. And, with the rise of Artificial Intelligence (AI) and Large Language Models (LLMs), cyberattacks have become more sophisticated and are set to disrupt holiday shopping like we have never seen before.
Account takeover (ATO) attacks , where cybercriminals gain unauthorised access to a user’s account, increased by 85 per cent during Black Friday last year. In 2024, retailers should have even more reason for concern, as cybercriminals are now using use AI to quickly test huge batches of stolen login details and send increasingly realistic phishing messages to gain access to their accounts. Once inside, cybercriminals make purchases through stolen payment methods and steal sensitive data, eroding customer trust and loyalty. To filter out unwanted traffic, retailers should implement account takeover protection solutions that spot suspicious login attempts and stolen login details.”
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