Remember retailers and ecommerce manager, it is not too late! Cyber Monday is quickly approaching and it is either an online retailer’s new best friend or worst nightmare. Why? It’s that one day out of the entire year where online retail is in the spotlight on the mainstage and has to perform. Sink or swim.
In 2022, Cyber Monday sales figures reached $11.3 billion—a 23.9% increase compared to Black Friday of that same year. Cyber Monday is quickly becoming the holiday for ecommerce companies to plan for.
As all retailers know, there is a ton of prep that goes into Cyber Monday—from staffing and logistics to technology and merchandising. So instead of providing a list of the 850 things that you need to make decisions on and execute for a successful Cyber Monday, I am going to skip ahead and just give you four simple things to look at once you are ready to go.
1. Keep it simple, stupid
Simple sales. That’s right. DO NOT MAKE COMPLICATED PROMOTIONS. This means no fancy coupons, different discounting on different items, or extensive rules. You need to be remembered quickly and easily for what you are offering. Why? Your goal should be that anyone who sees even one ad can rattle off your Cyber Monday promotion, therefore you make the list of sites to visit on that frantic day.
Cyber Monday is not a browsing holiday. People shop with a plan to get the things on their list, and you want to make that list. The best way to do this is to keep your offers clear, simple, and memorable. Once you get someone on your site, then you can start the other offers and the add-ons.
Here are some great examples of doing this well:
2. Leak your deals
Why are Black Friday and Cyber Monday such a big thing? Some people might say it is tradition, or just a stir-crazy way to get out of holiday family time. The one thing that is not in question is that it is a “holiday” created by hype.
So with that said, do not promote your deals too early. You need a “leaking” strategy. This could be done by emailing your customers with a sneak peek, viral videos, or more traditional ways. You can also have outsiders “leak” it for you as the big box stores do by sending their ads two days before to well-known Cyber Monday and Black Friday websites.
Get creative, think outside the box.
3. Offer Flexible Ways to Pay
Holidays are an expensive time and many customers rely on credit to make it through until holiday bonuses kick in. Leverage buy-now-pay-later solutions as a flexible option for customers looking to buy big-ticket items and pay them off in smaller chunks. BNPL options enhance the customer shopping experience by offering flexibility and convenience, allowing shoppers to make immediate purchases without the immediate financial burden. This increased purchasing power often leads to higher conversion rates and larger average transaction values. Reduced cart abandonment rates and streamlined checkout processes are common outcomes, as buyers find it easier to complete transactions when they have the flexibility to spread payments over time.
4. Set Up Automatic Retention Marketing
So Cyber Monday is all about acquisition. Getting new folks in the door and making their first purchase. That is why you see many places marking their TVs down even sometimes to a loss, just to get people in and then hopefully keep them coming back.
Tracking and setting up retention programs are extremely important for this time of year. Integrating your ecommerce customer data with CRM software like Salesforce or Hubspot CRM will enable you to track purchases that take place during these heavy acquisition times. Then you can automate retention programs that are relevant to the individual customer's preferences directly through your email marketing provider. This gives retailers the ability to get the most out of the holiday traffic and makeup margins on heavily discounted Cyber Sale products by offering related accessories, similar products, and automatic replenishment.
It is not too late to get this up and running. If you cannot fathom getting this done before Cyber Monday, many of the programs can be implemented using past data so you get them working for you even after the holiday rush. Focus on your customers, and you can re-market later.
There is no shortage of things to do and manage this time of year for retailers. Instead of giving you a huge list, this just sheds some light on four key things that can help take some of the stress out of the season. Good luck and happy selling!
Related Read: Proven Ecommerce Marketing Strategies And Best Practices