Data shows retailers are discounting early to clear 2020 stock
By Don-Alvin Adegeest
Nov 6, 2020
With a second wave of Covid-19 lockdown restrictions to contend with, retailers must navigate the holiday and discounting season with data to be able to respond as quickly as possible.
According to retail data intelligence experts Edited, Black Friday reductions are being offered early. In Europe Italy is aligning the number of products reduced with the proportions noted in the first wave while the US and Spain are discounting deeper.
The US has implemented the most aggressive discounting strategy with the steepest average reduction and highest discount proportion at 40 and 59 percent. Germany offered the shallowest average reduction at 34 percent and Italy the lowest proportion at 42 percent.
Products associated with the “pandemic wardrobe” during the first outbreak continue to sell through in October with loungewear, slippers, sneakers and sleepwear achieving various levels of success across most regions.
With UK Black Friday spending predicted to increase online by 40 percent as stores shutter according to Internet Retailing, discounts are starting to align with US levels with 55 perfect of products reduced at an average of 39 percent.
As the temperature drops, hats are seeing success while pandemic dressing essential items such as sneakers and nighties are still sought after.
Edited data also shows gloves are seeing growth as these items provide a sense of hygiene, comfort and personal safety.
A majority of retailers will be looking to clear stock, as September provided a much-needed boost to arrivals, but newness in October fell both MoM and YoY.
For further information and access to Edited’s Covid-19 Retail Dashboard go to www.edited.com.
Article source and image courtesy of Edited