Did You Know?
According to Adobe Analytics, "U.S. online retail consumers spent a record $9.2 billion on Black Friday 2022, up 2.3% year over year."
In the heart of the bustling digital marketplace, where ordinary days blur into one another, there exists a moment that electrifies the online retail world: Welcome to the saga of Black Friday Cyber Monday (BFCM), where online retailers ascend to legendary heights, turning mere sales into a symphony of success.
Imagine stepping onto the main stage of a grand festival, the spotlight casting its glow upon you, and the world waiting in anticipation. How do you seize this moment? How do you turn this digital shopping storm to your advantage? Let's unveil the mystery and embark on a journey that promises not just growth, but a symphony of revenue soaring to unprecedented heights.
7 BFCM Best Practices for Soaring eCommerce Sale
Before we jump into the nitty-gritty of boosting your sales, let’s know a bit about - "Black Friday Cyber Monday". The term "Black Friday" originated in the 1960s, signifying the day when retailers' profits turned from red to black, marking the beginning of the holiday shopping season. Fast forward to the digital age and Cyber Monday, coined in 2005, takes the shopping spree online, creating a seamless extension of the Black Friday madness.
It’s the pulse of the retail world, where brands and consumers meet in a whirlwind of discounts and excitement. Imagine it as a grand festival, and your e-commerce store is the main stage. The spotlight’s on you, and the world is your audience. How do you make the most of this moment? Let’s find out!
1. Strategize Your Discounts:
In the enchanted land of BFCM, discounts aren’t just numbers; they are lures that captivate the audience. Craft your discounts with the finesse of a master storyteller, entwining them with exclusivity. Imagine offering a limited-time 50% off on bestsellers, a gesture that makes your customers feel like cherished VIPs. Additionally, there are flash sales where selected products are offered at jaw-dropping prices for a short period, creating a frenzy of excitement. Bundle discounts, where customers save more by purchasing related items together, can also enhance their shopping experience.
Take, for instance, Amazon, which offers exclusive early access deals and discounts to its Prime members during BFCM. They create a sense of urgency by having limited-time lightning deals that encourage customers to make quick purchases.
2. Leverage the Power of Social Media:
Social media platforms are not just for sharing cat videos and selfies. They are powerful tools for marketing and customer engagement. Create buzz around your BFCM deals through engaging content, eye-catching visuals, and interactive polls. Encourage your followers to share their wishlist items, creating a sense of community and anticipation.
Example: Nike harnesses the power of social media during BFCM by showcasing exclusive sneakers and sportswear collections on Instagram, Twitter, and Facebook. They engage followers with interactive polls, and live Q&A sessions, fostering a sense of community. By responding to comments and encouraging user-generated content, Nike creates a buzz that maximizes sales and enhances brand loyalty during the BFCM frenzy.
3. Master the art of Email Marketing:
“77% of marketers have seen an increase in email engagement over the last 12 months.”
Email marketing is still one of the most effective ways to reach your audience directly. Design eye-catching, mobile-friendly emails that showcase your best deals. Personalize your emails based on customer preferences and past purchases. A well-crafted email can make all the difference between a sale and a missed opportunity.
Example: Consider Apple, the tech giant known for its innovation. During the previous Black Friday Cyber Monday extravaganza, Apple's email marketing strategy was finely tuned. Customers who owned older iPhone models received emails highlighting exclusive trade-in offers for the latest iPhone releases.
Simultaneously, MacBook users were targeted with promotions for upgraded models and accessories. This targeted approach resulted in a remarkable increase in online sales, demonstrating the power of personalized email campaigns.
4. Prepare your inventory and logistics:
Imagine the frustration of customers who discover that the product they want is “out of stock.” To avoid this, plan your inventory carefully. Analyze past sales data to predict demand. Collaborate closely with suppliers to ensure a steady supply of products.
Additionally, pay close attention to your logistics. Timely deliveries are crucial during BFCM. Partner with reliable shipping companies to ensure your products reach customers on time. Hassle-free returns are equally important – make the process easy and customer-friendly. A seamless experience from order placement to delivery enhances customer satisfaction and encourages repeat business.
Example: Walmart, a pioneer in ecommerce, excels during Black Friday Cyber Monday by mastering inventory management and logistics. They use advanced inventory systems to predict customer demand accurately. Their strategic partnerships with logistics giants ensure timely deliveries, and their seamless experience sets the industry standard for others to follow.
5. Leverage influencer marketing:
In the age of social media, influencers hold significant power. Partner with influencers whose audience aligns with your target market. Their genuine recommendations can create a buzz around your products, driving traffic and sales. Make sure the influencers you choose resonate with your brand's values and image. Authenticity is key to building trust.
Example: Sephora, a leading beauty retailer, maximizes the power of influencer marketing during BFCM. They strategically partner with a mix of beauty influencers, makeup artists, and skincare experts who align with their brand ethos. Sephora collaborates with influencers known for their expertise in various beauty niches, such as clean beauty, diverse makeup styles, and skincare routines.
During the BFCM season, Sephora works with these influencers to create engaging content showcasing their wide range of beauty products, exclusive holiday sets, and limited-time offers. These influencers create tutorials, reviews, and live sessions demonstrating how to use Sephora's products to achieve specific looks or address common skincare concerns.
6. Monitor competitor strategies:
Keep an eye on your competitors. Analyze their promotions, products, and customer engagement strategies. This insight can help you identify gaps in the market or opportunities to differentiate your brand. But remember, inspiration is good; imitation is not. Use your competitors' strategies as a springboard for your creativity.
Example: Consider two competing tech giants, Apple and Samsung, during BFCM. Both companies decide to offer a similar deal: a discount of 30% on their flagship smartphones. The differentiation here isn’t in the price but in the quality and unique features of their products. Apple emphasizes its seamless ecosystem and design finesse, while Samsung highlights its innovation in display technology and customization options.
By focusing on the quality and distinctiveness of their offerings, both companies attract different segments of customers, proving that in the competitive landscape of BFCM, product quality and uniqueness often outshine price wars.
7. Harness the Power of Retargeting:
Not all visitors make a purchase on their first visit. Retargeting allows you to re-engage potential customers who visited your site but didn’t buy. Use retargeting ads on social media platforms and other websites they visit, reminding them of the products they showed interest in. Personalize these ads based on their browsing history to increase the chances of conversion.
Example: Shopify, an ecommerce platform, uses retargeting ads effectively. If a visitor explores specific features of their platform but doesn’t sign up, Shopify displays retargeting ads on Facebook and Google, showcasing those exact features. This personalized approach reminds potential customers of their initial interest, increasing the chances of conversion.
By adopting strategic pre-planning and incorporating proven best practices, you will not only unlock the full potential of this shopping frenzy but also create a memorable shopping experience for your customers. Remember, BFCM is not just about making quick sales; it’s about building relationships and establishing your brand as a reliable and customer-centric entity in the competitive world of ecommerce. So, gear up, implement these strategies, and get ready to make this BFCM season your most successful one yet!