Dive Brief:

  • Following a recent marketplace acquisition, Goat, the sneaker, apparel and accessories marketplace, is launching its Black Friday promotions with exclusive sneaker and apparel releases, raffles, auctions and other perks for customers, the company announced on Tuesday. The event will take place between Nov. 18 and Nov. 25.
  • As part of the event, the company will release exclusive sneakers, clothing and accessories every day, host 12 raffles per day and auction between three and four times per day with rare items with noteworthy histories.
  • The company said it is also allowing participants to create digital alter egos of themselves tailored to their style using the collections within the company’s virtual Alter Ego Spaces. 

Dive Insight:

Unlike its major retail peers, Goat is trying to entice Black Friday shoppers with raffles and rare items. 

Leading up to its Black Friday event, the marketplace has been diversifying its product assortment to attract customers. In 2019, the company transitioned from its initial sneaker focus to offering apparel and accessories. Last month, Goat Group agreed to buy Grailed, a streetwear resale marketplace, for an undisclosed sum. The merged entity will have more than 50 million users spread across 170 countries. 

“Every year, we get a chance to thank and celebrate our community through our highly anticipated Black Friday event,” Eddy Lu, co-founder and CEO of Goat Group, said in a statement. “This year, through our immersive Spaces technology as well as our new Auctions platform, we look forward to creating an engaging and memorable experience for our members around the world.”

As GOAT and other retailers gear up for the holidays, it’s not exactly clear how many shoppers will participate during Black Friday this year. PwC’s survey of 4,000 people found that only 20% are shopping on Black Friday, and only 17% will wait until after Thanksgiving to buy their holiday purchases. 

This year’s discounts don’t appear to be as deep as they were in the past, a sign that consumers could pay more for fewer items this holiday season. A Signifyd report released this month projects that Cyber Week sales will rise 5% year over year, but product volume will drop by 13%. However, the report also found a 23% and 43% bump in discount code use in sales in September and October, respectively.

Read More: Goat to offer rare items, exclusive sneakers during Black Friday event

2022-11-21 11:00:00

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