Black Friday is the year's biggest shopping event, and success hinges on understanding your customers. One approach you can take is to study shopping centers where your brand or competitors are located, then gather insights to inform your store strategy at that center. As a Buxton client, you can use Buxton's Mobilytics reports to gather these insights to tailor your strategy to increase foot traffic and boost sales during Black Friday.
In this blog, we'll explore how you can use Buxton's Mobilytics reports to optimize your retail strategy using data from Black Friday 2023 as an example.
By understanding households visiting specific centers, you can tailor your promotions this year to match expected shopper profiles. For instance, if you have a store at the Mall of America and your customer profile includes the 'Balance and Harmony' segment, you could specifically target that segment in pre-Black Friday promotions, as they were 3.68X more likely to visit on Black Friday. This alignment ensures that your marketing efforts resonate more effectively with a segment already inclined to visit the center where you are located, maximizing your promotional impact.
Let's dive into the data and see how you can apply these insights to your own retail strategy.
Methodology
We used Buxton's Mobilytics reports to analyze shopper behavior at three major malls—Mall of America in Bloomington, MN; King of Prussia Mall in Prussia, PA; and The Galleria in Houston, TX—uncovering insights during the shopping period from November 24–27, 2023.
Below you may view each Mobilytics report:
Don’t have locations at these malls? You can apply the same process to study shopping centers that are relevant to your brand.
Key Insights and Shopping Behaviors from Major Malls
Mobilytics insights reveal that different visitor segments not only have varying shopping behaviors but also preferred specific shopping experiences:
Mall of America:
- Top Mosiac Segments: I33 Balance and Harmony (3.68X), D18 Suburban Nightlife (2.03X)
- Shopping Behaviors: Visitors were also frequently found at Twin Cities Premium Outlets and Eden Prairie Center, indicating a preference for value shopping.
- Actionable Insight: To capture these shoppers, consider offering promotions for practical buys, ensuring you meet the needs of your audience.
King of Prussia Mall:
- Top Mosiac Segments: B10 Cosmopolitan Achievers (3.13X), G25 Urban Edge (1.63X)
- Shopping Behaviors: Visitors were also frequently found at Valley Forge Center and Providence Town Center, seeking a blend of high-end brands and unique products.
- Actionable Insight: To attract these shoppers, focus on stocking unique offerings. Aligning your inventory with the preferences of these segments can increase engagement and sales.
The Galleria:
- Top Mosiac Segments: G24 Ambitious Singles (1.78X), A04 Picture Perfect Families (1.74X)
- Shopping Behaviors: Visitors were also frequently found at Centre at Post Oak and Memorial City Mall, showing a preference for both trendy and high-quality items.
- Actionable Insight: To attract these shoppers, promote exclusive products and high-quality items. Combining appeal with convenience can draw in shoppers from nearby malls.
Why You Should Use Mobilytics
By leveraging Mobilytics, you can tailor your marketing and inventory strategies to match the specific needs of your most valuable customer segments at each store. This not only enhances customer engagement but also can drive higher conversion rates.
Ready to Transform Your Retail Strategy?
Don't miss out on the opportunity to optimize your next big sales event. Learn more about how Mobilytics can help you achieve success by joining our upcoming virtual office session.
