Holidays are full of traditions. Pumpkin lattes, turkeys, Christmas carols, tree decor, gingerbread cookies, and... shopping!
Yep, shopping is a part of holiday traditions! Especially for Black Friday and Cyber Monday, where millions of people physically and digitally go shopping.
And this also makes Black Friday and Cyber Monday important for business owners! Why? That's what we'll discuss today...
- What is Black Friday?
- What is Cyber Monday?
- The importance of Black Friday and Cyber Monday for businesses
- 3 Ideas to implement for Black Friday and Cyber Monday
Let's get started!
What is Black Friday?
Black Friday is the day after Thanksgiving, which is every fourth Thursday of November. It's a term for Friday after Thanksgiving.
And this is the start of holiday shopping for the Christmas season in the United States. This is a widely celebrated day because stores offer many discounts, and some even open their stores early.
At first, Black Friday is for retailers or businesses with physical stores. But some online businesses still participate on Black Friday.
But there is a dedicated day for online shopping: Cyber Monday! Let's dive deep.
What is Cyber Monday?
Cyber Monday is Monday following the Thanksgiving 4-day weekend. Ellen Davis of the National Retail Federation coined this term in 2005.
So, what's Cyber Monday? Since eCommerce is booming, they dedicated an online shopping day for shoppers. This is the same as Black Friday shopping, but for online retailers.
It's the second biggest shopping day in the US. And the biggest one online. That's why a lot of eCommerce businesses participate by offering exciting deals.
But what makes these two important for businesses?
The importance of Black Friday and Cyber Monday for businesses
Cyber Monday and Black Friday sales benefit your business because you can...
1. Increase traffic
Having a Cyber Monday and Black Friday sale can increase your site's traffic. Why? Since people are shopping, they're browsing for online stores with the best deals.
And because of that, they might come across your website. But of course, you need to have Cyber Monday and Black Friday marketing campaigns to help drive traffic to your website.
The next benefit is you can...
2. Boost sales
Did you know that online spending in the US reached a total of $10.7 billion for Cyber Monday? Imagine how many people spend money on shopping, right?
As I said, Black Friday and Cyber Monday are the biggest shopping days for the holiday season. So, you can boost your online sales if you participate and offer the best deals.
Another benefit of having Black Friday deals is...
3. Clear inventory
You may have excess products you need to sell before you can stock up for Christmas... well, this is the perfect day to clear your inventory.
You can have flash sales of these products on your eCommerce site. Or, you can sell them or give them as freebies in your brick-and-mortar stores. It depends on your business strategy!
And with more sales, you can...
4. Increase average order value
If you want to increase your AOV or average order value... this holiday shopping season can be a great opportunity.
First, what is AOV? AOV, or average order value, is a vital eCommerce metric you need to track. It's the average amount of how much a customer spends on your eCommerce site/business.
But wait... AOV computes value per order and not per customer. Here's how to calculate your AOV.
The more exciting your deals are... more new, and loyal customers will be happy to shop for your products.
And last but not least...
5. Acquire new customers
Customer acquisition is one of the most challenging parts of the sales funnel. Why? Because you need to convince them to buy from your eCommerce store.
But more customers will buy from you for the first time through Black Friday and Cyber Monday deals. And to acquire more customers, you need the best campaigns!
So, here are...
3 Quick tips to increase Black Friday and Cyber Monday sales
1. Have exciting offers
Since many businesses are already offering different promos... your offers should grab their attention. You need to have offers they can't ignore.
For example, you can offer a significant discount on certain products. You can upsell and cross-sell to boost your sales and get them to buy more products.
The key here is having offers they can't turn down. They need to feel like they need to grab this now. So, think of the best deals you can offer. But make sure to consider your business' financial situation.
Another Black Friday - Cyber Monday marketing tip is to...
2. Spread the word
Ensure your followers and target customers know you'll have a sale before the Thanksgiving holiday. You can also tell how great your discounts will be.
You can do this by sending email blasts, posting on social media, boosting your posts, creating ads, and more. Anything that will let them know beforehand.
The reason is that some customers might plan where to shop for the holiday. They might add products to the cart prior and check them out during your promos.
Or they might go to your website to anticipate the sale. So, it's essential to spread the word, so they know what to look forward to.
But your online store needs to live up to the customers' anticipation...
3. Check your website features
Imagine this... you did all the great marketing strategies and offered fantastic promos. But during shopping, your customers experience some hurdles on your website.
They can't properly check out... the site is loading slowly... and more. This is a nightmare for your business and holiday shoppers.
But the good thing is... it's totally preventable! You can avoid this by ensuring your website is in excellent condition before the sale.
Since it's one of the biggest holiday sales, your website might have more traffic than usual. So, you must ensure your website can handle thousands of traffic without sacrificing the loading speed.
Also, check if the images are not broken. Test the links, landing pages, and buttons. Ensure everything is working, including the discount codes and checkout process.
In doing so, you can provide your customers with a great online shopping experience on your eCommerce website!
Let me ask you...
Is your business ready for Black Friday and Cyber Monday?
Now that you know what is Black Friday and Cyber Monday... it's time to plan your strategies and increase your sales!
So... don't miss out and be prepared.
You need a foolproof plan to help your eCommerce business stand out during this holiday sale. And no worries, because here are...