BFCM - Black Friday, Cyber Monday - is one of the most anticipated sales periods for both sellers and buyers worldwide. This five-day period between Thanksgiving and Cyber Monday, is arguably the busiest sales week for any merchant out there.
BCFM broke all kinds of e-commerce records last year.
According to a report by Adobe, in 2020, consumers spent $9 billion online during Black Friday alone, a 21.6% increase from the year before.
Over 44 million consumers purchased from independent and direct-to-consumer brands powered by Shopify during this period last year.
This means that despite the global pandemic, the BCFM sales witnessed a rather interesting turn of numbers. And the numbers are expected to further increase this year!
If you’re one of those businesses that got hit by COVID-19, suffered losses and have been wondering how you could jump back up, Black Friday and Cyber Monday 2021 is something you should be focussing your time and energy towards.
To aid in this process of how to appeal to the shoppers who are actively seeking discounts during that time, we have some ideas for you to lure them. Here are some Black Friday strategies you should consider this year.
Different types of discounts to offer during BFCM to make more sales
Like every marketing and sales strategy, there is no one size fits all approach to discounts either. Especially during the holiday and BFCM period.
But here’s what you can experiment with to get more BFCM sales on your Shopify store.
1. Percentage Off
The most obvious kind of discount is to provide cost reductions. Customers wait to shop during BFCM because they want these discounts.
Give your customers discounts they just can't deny. The crazier the deals, the better!
2. Bundle pricing
Present your customers with deals they simply cannot resist. And bundles are the perfect way to do this.
Strategically bundling up a few mix of products together convinces the consumer this is a bargain they cannot miss. Even if the bundle contains products they generally would not voluntarily add to cart, the offer makes it too difficult to let go of.
The idea is here to highlight the value and savings one simply cannot and should not miss. You can do this by -
- Bundling similar products - For instance, if you were a tea brand, you could create a neat bundle of Chamomile, Hibiscus, Mint tea. The products are very similar to each other and make an interesting combo!
- Bundling complementary products - Now, continuing with the example of a tea brand, if you could add in a few tea snacks in the bundle, it is going to be a great deal as well.
- Themed bundles - Create bundles that appeal to certain sections of people. If we take the tea brand example again, you could create tea combos for stress relief, weight loss and so on.
3. Strategic one-day promotions
Gone are the days when Black Friday sales were limited to just one specific day. It is a week-long extravaganza now.
Leverage this. Keep your customers excited and on their toes throughout by providing different offers on each day of this week.
For instance, on Black Friday, you could offer a 50% off on all your best-selling items. The following day you could add a valuable freebie with a minimum order, and the day after a bundle offer. You get the idea :)
Promoting these offers beforehand also helps create anticipation among your target audience. The goal is to keep the customers coming in everyday and make purchases they simply cannot resist.
Almost all companies are driven by the intent and motive of monetary profit, not moral values.
However, we are beginning to notice a slight shift in the acceptance and practice of this norm. Consumers expect brands to be more responsible today. They want the companies they trust the most to take a stand - the 'rightful' stand.
It also helps them be a part of something that is meaningful. While attracting customers with offers for themselves is the most common approach, sometimes providing these benefits of their purchases to the needy is the key.
The day after Thanksgiving, #GivingTuesday, is known for "global generosity movement unleashing the power of people and organizations to transform their communities and the world". You could also be a part of this hashtag activism.
5. Add freebies
Now, who doesn’t like freebies?
Humans are interestingly bad at withstanding the temptation and lure of anything with the ‘free’ tag attached. People seem to reason seemingly unreasonable values to items that come with no additional financial cost.
Add a freebie during this shopping fiesta and entice your customers with these unreasonable reasons!
6. Provide gifting options
Remember Black Friday sales fall during the festive season. So while most customers are here to bag the best deals for themselves, there are also a fair share of people who are on a gift-hunt for their loved ones.
Just providing a free gift wrapped packing or a personalized greeting card can also help you ace the BFCM sales game.
7. Make it fun with games
Think of all those times you ‘earned’ extra discounts from brands you love through a seemingly simple game of let’s say, Spin The Wheel.
Games help keep the excitement of the customers up too. Brainstorm about what works best for your store and go crazy!
You could add these games in your email blasts, website homepages, social media, to just name a few.
8. Free or discounted shipping rates
Did you know that 60% of customers blame unexpected costs including shipping as the reason for cart abandonment?
Give them no reason to not shop during Cyber Week this year! Just this one little addition is going to help skyrocket your sales.
Cyber Week is the biggest consumer spending weekend of the year. You definitely do not want to miss out on it. If you’re unsure about what promotions to implement for your store, try them all! Go wild. Customers will hop in to make the most of those offers!
Getting ready for the BFCM sale!
Planning a BFCM or holiday season sale is no easy feat. it is not just about the discounts!
It’s a lot about how you take those discounts to the market as well. But don’t fret, we got you covered with a few resources ready:
- Why You Need A BFCM Pre-Launch Page To Make More Sales
- The Complete Guide To Prepare Your Store For The BFCM Sale
And we know that it’s a lot to do. That’s why we’re around to help you out in preparing your Shopify storefront for the BFCM and holiday season sale.