Black Friday could be your store’s best sales day of the year. Let’s learn what to do and not do to make your business’s biggest shopping day a success together!
This shopping event generates billions of dollars each year, making it an unmissable opportunity for ecommerce stores. That’s why it’s essential to be well-prepared and ready to seize the day.
In this blog post, we’ll share actionable strategies for boosting revenue and how to get your online store ready for Black Friday 2024.
Prepare in advance for your pricing
To succeed on Black Friday, preparation is key. According to the National Retail Federation, a record 200.4 million shoppers participated in Black Friday and Cyber Monday sales last year, looking for the best deals. By setting your pricing strategies well in advance, you’ll be in a better position to offer competitive deals. Consider that, on average, shoppers expect a discount of at least 20% during the Black Friday weekend. Therefore, early research and analysis of your competitors, coupled with a deep dive into your historical sales data, will help you establish attractive pricing that aligns with customer expectations.
Historical sales data can help you predict the best price to set for your products based on what worked or didn’t work in previous years. Some retailers like to look at the products they’ve struggled to sell and offload that inventory by rapidly reducing prices. Others decide to undercut their competitors’ prices to grab a bigger piece of the ecommerce pie. Starting this research several months before Black Friday will provide you with the insights needed to plan your pricing strategy effectively and secure your share of this significant shopping event.
Optimize your website
Your website is your digital storefront, and during Black Friday, it needs to perform flawlessly to capture the attention of millions of online shoppers. Consider that a one-second delay in page loading time can result in a 7% reduction in conversions. Therefore, ensure that your website is responsive and loads quickly, even during high-traffic periods. Implement a clean and intuitive design, streamline navigation, and optimize images and content for a seamless user experience.
According to a study by Google, 53% of mobile visitors leave a site that takes longer than three seconds to load. To retain potential customers, prioritize mobile optimization. Make sure your site is fully responsive. It should be easy to navigate on smartphones and offers a smooth shopping experience to mobile users. During Black Friday, when mobile shopping is at its peak, a mobile-friendly site can significantly boost your sales.
Exclusive Black Friday discounts and promotions
Creating exclusive deals and promotions is a crucial aspect of a successful Black Friday strategy. A recent survey found that 85% of Black Friday shoppers actively seek out exclusive offers and discounts during the event. By offering limited-time deals, Black Friday early sales discounts, and special bundles, you can create a sense of urgency and excitement around your products.
In fact, 58% of Black Friday shoppers are motivated to buy based on the urgency of a limited-time offer. Offering exclusive discounts can significantly impact your Black Friday sales. These promotions cater to the shopper’s desire for bargains and special deals. By building anticipation and promoting these exclusive offers across your marketing channels. You’ll increase the chances of drawing in more customers and achieving higher sales volumes.
Be mobile-friendly
The importance of mobile-friendliness cannot be overstated for Black Friday success. In recent years, mobile shopping has seen substantial growth, with mobile sales accounting for over 40% of all online sales during the holiday season. During Black Friday, many shoppers turn to their smartphones for convenience.
Make sure your website is fully responsive and offers a seamless experience for mobile users. Studies have shown that nearly 60% of mobile users will abandon a site that is not mobile-friendly. And 85% of adults believe that a mobile site must be as good as, if not better than, a desktop site. Ensuring your website is mobile-friendly will not only cater to this large segment of shoppers. It’s also helpful for avoiding potential revenue loss due to poor mobile experiences.
Easy checkout process
The checkout process is the final hurdle for customers before they complete a purchase. Streamlining this process can significantly reduce cart abandonment rates. During Black Friday, when time is of the essence, even a minor inconvenience can lead to lost sales. According to Statista, the average global cart abandonment rate is around 75.6%, and during Black Friday, this rate can increase. To counter this, consider offering guest checkout options, multiple payment methods, and clear displays of shipping costs and delivery times.
According to a survey by Baymard Institute, 28% of users abandon their carts due to a long or complicated checkout process. By simplifying and optimizing your checkout, you can ensure a hassle-free experience for your customers and boost your conversion rates during Black Friday.
Inventory tracking
Accurate inventory tracking is essential to prevent overselling and manage customer expectations during Black Friday. According to a study by IHL Group, retailers lose nearly $1.75 trillion in sales due to out-of-stock items. To avoid this, implement a robust inventory tracking system that provides real-time updates on stock levels. By doing so, you can automatically update product availability on your website, reducing the likelihood of selling items that are out of stock.
Transparency in this regard is key. 68% of consumers are more likely to shop with a retailer that provides real-time inventory information. If you do find that your stocks are running low, it can be helpful to add a countdown timer letting customers know stocks are running low and driving a sense of urgency. Proper inventory tracking ensures that you maintain customer trust and satisfaction during Black Friday. This will ultimately drive your sales and positive customer experiences.
MAC Cosmetics let their customers know that there is very limited stock available for the skin & eye essential kits. Doing this adds a sense of urgency for shoppers who are perhaps on the fence about whether to make a purchase. What’s more, if they do decide too late and there’s no stock left, you’ve already pre-warned your customers.
So, when you do increase your inventory this Black Friday, do think about ways you can let your customers know when stocks are running low.
Live customer support
Providing live customer support during Black Friday is essential, as quick responses can turn potential issues into successful sales. According to a report by Zendesk, 92% of customers feel satisfied when they use live chat for customer support, making it a highly effective communication channel.
Black Friday shoppers often have questions or concerns about products, shipping, and returns, and they expect fast and reliable assistance. By offering live chat or other instant customer support options, you can address customer queries in real-time and significantly improve the overall shopping experience. This can lead to higher conversion rates, increased customer loyalty, and positive word-of-mouth marketing, all contributing to Black Friday’s success.
Data Analysis and Feedback
After Black Friday, your work is far from over. It’s essential to analyze the data from your sales, website traffic, and customer feedback to make informed decisions for future Black Fridays. A survey by BigCommerce found that 96% of Americans shop online, and 51% prefer to shop online for convenience. This data can provide valuable insights into customer preferences and behaviors, which you can use to fine-tune your strategies.
By analyzing the results of your Black Friday efforts, you can identify trends, successful tactics, and areas for improvement. This data-driven approach will help you plan for the next year and make well-informed decisions to further improve your online store’s performance. Data analysis and feedback are the keys to continued success in the highly competitive world of online retail.
Black Friday gives you a chance to increase the number of sales your store makes. In order to do that, though, you need to put the right marketing tactics in play so that people know your deals exist. Further to that, you need to make sure your store is ready to handle the increase in traffic and sales. Black Friday is ready for you, but are you ready for it?
