Cyber Monday could be one of the most profitable days of the year for you – that is if your eCommerce shop is prepared! Last year, Cyber Monday raked in a new record of more than $9 billion in sales, the US alone. While in South Africa, Cyber Monday saw a 42% growth in online transactions in 2019. And with the COVID-19 pandemic driving more customers online than ever before, this year’s Black Friday and Cyber Monday are expected to generate record sales. Payflex outlines 7 tips to ensure your eCommerce store generates more sales on Black Friday and Cyber Monday.
1.Start creating buzz now
If you haven’t started already, it’s vital that you start building a buzz around your special deals for both Black Friday and Cyber Monday to create momentum and excitement among your audience via your website and various social media platforms. Consider partnering with well-known influencers in your specific industry to communicate your deals to their respective audiences. This will help ensure you get the message across to as wide an audience as possible.
2.Reward your existing customers
Did you know it costs five times more to acquire new customers than it does to retain current customers? Existing customers are also 50% more likely to try new products and spend 31% more, when compared to new customers. So while attracting new shoppers is always very rewarding, it is vital to look after your existing audience. Reward your audience by offering them exclusive Cyber Monday deals and discounts. This will be sure to make them feel valued and important.
3.Highlight different deals often
With so many retailers vying for the attention of shoppers, it is important to make sure your store is kept top of mind. Instead of offering a site-wide sale, cut through the noise by offering different deals either daily or every few hours on the actual day.
4. Create a sense of FOMO
The fear of missing out is a real phenomenon, and Cyber Monday is an optimal time to use it to your advantage.You’ve done all the hard work by getting users to your site to check out your Cyber Monday deals. But it can be a challenge to make sure they actually follow through and hit the checkout button. Creating a sense of FOMO and urgency is a brilliant way to encourage shoppers to actually make a purchase. Creating a sense of urgency via mechanisms such as limited time offers or displaying available quantities, will help turn even the most indecisive Cyber Monday shoppers into customers.
5. Prevent abandoned carts
How many of us mindlessly add to cart, only to forget about the item? ECommerce retailers lose $18 billion in sales revenue each year due to cart abandonment. While research from Statista found , 88.05% of online shopping orders were abandoned in March 2020. This issue is further magnified on days like Black Friday and Cyber Monday when it can be difficult for shoppers to navigate the various discounts and promotions available. Prevent cart abandonment by sending a reminder email to users to encourage them to complete their checkout. Omnisend found that sending out 3 abandonment emails can result in 69% more orders.You should even consider throwing in an additional discount as a further incentive.
6.Don’t limit Cyber Monday to just Monday
As with Black Friday, don’t limit your Cyber Monday deals to just one day. Many retailers now view Cyber Monday as Cyber Week. This means they offer extended specials throughout that week. This tactic is ideal to ensure you maximise you chances of reaching as many potential shoppers as possible.
7.Think about offering free shipping
In today’s highly crowded eCommerce landscape, offering free shipping is no longer a nice to have, but an absolute must. Not only have consumers grown to expect free shipping to be available, but it’s a useful tool for enhancing customer service and loyalty, as well as increasing sales. In fact, 79% of consumers said that free shipping would make them more likely to shop online. Free shipping is therefore an especially important incentive for shoppers on Black Friday and Cyber Monday who are expecting a good deal from retailers.
It is clear Cyber Monday is here to stay. Those eCommerce retailers who fail to properly prepare their websites for this hugely significant day in the global shopping calendar will find themselves lagging behind. But, with the right strategy in place, you’ll be in the best position to make the most of the opportunities offered by Cyber Monday 2020.