How to make the most of Black Friday and Cyber Monday
Black Friday and Cyber Monday are fast approaching, presenting retailers with the opportunity to sell big, but also the danger of becoming yet another retailer trying to break through the noise of these massive online sales.
With retail sales decreasing in Australia, and discount fatigue being cited as one of the main struggles faced by many retailers – including Myer – it is critical for retailers to view sales, discounts and coupons strategically.
Merely having a sale on Black Friday or Cyber Monday is no longer enough, but luckily there are some simple ways retailers can not only create buzz around their brand on these peak shopping days, but also drive significant sales.
- Go BIG
On major sales days, retailers will be competing with offers as high as 20 per cent or 30 per cent off site-wide, or even as drastic as 90 per cent off selected items. Discounts above 40 per cent will usually only be seen on product specific promotions, so if you’re going to offer a discount on specific items, make sure you’re accurately highlighting the products that can be offered at the most significantly slashed prices.
Site-wide codes are often considered rare catches and are likely to attract both the ‘die-hard’ fans and new customers as there is less limitation on the offer. Create a sense of urgency for shoppers by having a countdown timer or by having the discount drop by every hour, to drive more timely traffic and increase your chance of more sales.
- Lose the T&Cs
Australia is already suffering from the world’s highest cart abandonment stats, highlighting the absolute lack of hesitation Aussie shoppers have to leave retailers empty-handed at the last stage of the buying process. Lengthy and complicated terms and conditions can force shoppers to put their purchases in the ‘too hard basket’ and leave their cart altogether.
Considering this weekend offers more potential brand exposure than any other time in the year, it’s worth reviewing the T&Cs associated with online purchases to ensure they don’t impact sales, consciously or subconsciously.
- Stretch and extend
Internationally, the craze has already extended beyond the traditional Black Friday, to Cyber Monday, and now even Cyber Weekend. So rather than taking the concept of Black Friday as is, turn it into something special designed around your most prized customers. Start by taking a look at your existing stats and data; for example, if you know that most of your customers prefer shopping on a Wednesday between certain hours of the day, extend your Black Friday sales and discounts to that time period for members. This way, you’re treating your biggest fans in a way that will drive more sales, while attracting new shoppers to become members and extend your database.
Another way to view your data is from product cost. For example, if the average price of a product is $80, offer a further discount for purchases of $100 and over. This will increase the average purchase per customer, resulting in higher satisfaction for the buyer due to additional discounts, as well as higher sales for the retailer.
The time is ripe to kick-start a sales strategy for what should be your busiest period of the year. Plan ahead, and you’ll be able to delight your regular customers as well attract a whole new crowd of followers. Standing out is key, so think carefully about your discounts and promotions to ensure they not only compare well to your competitors but also prioritise superb customer experience and personalisation.
Isabella Marco is marketing manager of MyDiscountDeals.com.