Last year saw a record rise in Black Friday and Cyber Monday sales.
Cyber Monday alone raked in a record $3.45 billion in sales, while Black Friday and the Thanksgiving weekend brought in $3.34 billion.
This marked a 16.8% increase from a year ago – a humongous boost for the
Before you dismiss the Cyber Weekend opportunity as something reserved for the big players, let us show you how you can make it rain this year and win the biggest holiday shopping event in 2018.
Cyber Monday and Black Friday are Cyber Weekend now
First, there was Black Friday and Cyber Monday – two major but mostly unconnected shopping events. Black Friday was initially focused on consumer electronics, whilst Cyber Monday was dedicated to things like
Distinction between Black Friday and Cyber Monday is long gone
Once merchants got a glimpse of the size of the sales opportunity that comes with merging Black Friday and Cyber Monday into a long week of non-stop shopping in-store and online, a new kind of commerce Frankenstein was brought to life – and it could be best described as Black Friday And Cyber Monday And A Few Days Before And After And A Bit More If You’re A Trendy Brand. But that’s an awfully long name, so let’s stick with Cyber Weekend.
In short, Black Friday and Cyber Monday have evolved into a single mega sales event that lasts an entire week (or even longer). You can surely feel that Christmas is coming!
However, last year’s sales figures have demonstrated that while orders are coming in all week, Cyber Monday stands out as the biggest holiday shopping day on the calendar. More than 122 million people shopped online on Cyber Monday last year, generating nearly $2.7 billion in online sales – that’s more than double what online shoppers spent on Thanksgiving ($1.3 billion), Black Friday ($1.97 billion) and both the Saturday and Sunday of Thanksgiving weekend combined ($2.5 billion).
So, if there is one day you should circle in red on your calendar this year, it’s Monday, 26th of November.
How to Win The Thanksgiving Weekend?
If you haven’t started yet, you should really double-down on preparing for the busiest shopping time of the year. Here are the four building blocks of an effective Cyber Weekend sales strategy:
1. Plan Black Friday & Cyber Weekend Sales
You can’t expect people to just stumble onto your shop on Black Friday… You have to get creative and grab their attention.
Planning is a cornerstone of a successful Cyber Weekend sales strategy. Think about your promotion plan – who are you going to target? Which channels will you use to reach that audience? What irresistible offers will you make? When will your promotional campaigns go live?
What’s Your Goal?
Your ultimate goal is to sell, and answering these questions will help you construct a clear, step-by-step action plan that will lead you to that goal. Just winging it is never a good plan, by the way.
Researching your competition is also part of the planning stage. The last thing you want is launching an offer that’s less appealing than your main competitor’s – say, you’re offering ‘$10 off
Think about other ways of
Research shows that shoppers respond particularly well to the following incentives:
- 64% of shoppers say that free shipping convinced them to make a purchase
- 50% say that limited-time offers help them decide when/where to buy
- 25% say that a free gift with their purchase is an appealing incentive
Determining which deals and discounts would appeal most to your target audience is incredibly important. Pulling the right triggers and tapping into the most powerful emotions will help you generate more sales.
2. Prepare Tactics
There are certain merchandising tactics that
Be sure to set up the countdown timers in a prominent spot on your store to elicit a sense of urgency and prompt your prospects to buy now (or regret when the sale ends).
Loss leader pricing is another interesting concept to explore
It basically means you select one or more popular items and sell them below their market cost (at your own loss) in order to get customers to come to your shop rather than go to your competition. That’s in the hopes that once you get the prospects browsing around your store, they’ll be tempted to add additional items to their basket. And the profits you make from those other items will compensate for your loss on the leader.
Since 64% of last year’s Cyber Weekend sales were attributed to mobile and overtook desktop for the first time, it would make sense to prepare for a similar scenario this year. Ensure that your mobile shopping experience is smooth like Jagger to prevent shoppers from bouncing and you from losing sales.
Lastly, consider how you’ll drive customers to your store.
A trusted and
Similarly, set aside time for your social content calendar. Before the promotional campaign goes live, sort out your social posts and emails that have potential to help you generate traffic and create buzz. Scheduling teaser posts, last-chance notifications
3. Take Actions
Be sure to orchestrate all your assets to go live at the same time for the maximum impact and exposure. And even if you’ve automated most of these efforts (social posts, emails, sitewide discounts, PPC ads, etc.), allow yourself some time to check that everything deploys as planned and without major mess-ups.
At this point, leveraging the leader loss pricing strategy could be your best bet to increase sales almost instantly. For instance, some
Keeping the big picture in mind, you should also focus on getting your upselling and add-ons right. You could be making tons more money just by getting your customers to slightly increase their order. Amazon is renowned for its upselling powers and makes the most out of the “Frequently bought together” and “Customers who viewed this item also viewed” suggestions.
And last but not least
While there are some helpful, general trends out there that can inform your decision
Once the Cyber Week shopping craze dies down, remember to gather and analyze your sales and marketing data. This is the only way to figure out what went well and
The most successful shops begin preparing for the next year’s biggest shopping event soon after the New Year to give themselves plenty of thinking and implementation time and avoid last-minute chaos.
So, reflect for a bit, and then move on to data-driven action.
Smash those targets!
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