Sashank Ravindranath
Raksna AnandJust like how the Super Bowl is a day for sports enthusiasts or the re-release of a famous franchise movie is a treat for the fans, Black Friday and Cyber Monday (BFCM) is a tailor-made event for e-commerce businesses to boost revenue, attract new customers, and build brand loyalty.
As BFCM 2024 approaches in less than two months, it’s time for you to be well-prepared to capitalize on the opportunities and stand out from the competition. To help you do that, we’ve come up with this BFCM special where we’ll explore preparation strategies and provide tips for a successful 2024 season, using insights from previous years and evolving trends.
What is BFCM and Why is it Special for E-commerce Businesses?
BFCM is a two–way street, customers have been following the tradition of shopping more than usual for Thanksgiving gifts from the brick-and-mortar days, and with the rise of e-commerce, customers who wanted to get their shopping done ASAP to prevent their favorite products from going out of stock, began shopping for Christmas right at the end of Thanksgiving. Businesses too saw this as an opportunity to spur them to spend more via sweet deals.
Technically BFCM is just Black Friday and Cyber Monday (the Friday and Monday following Thursday’s Thanksgiving). However, in the recent past, due to increased shopping sprees and businesses’ efforts to capture more sales, BFCM has become much more than just two days of deals and is now Thanksgiving, Black Friday, Small Businesses Saturday, and Cyber Monday, also dubbed as the Thanksgiving Weekend or Cyber Five.
There’s usually high demand for items such as toys, home furnishings, mattresses, and apparel on Black Friday. At the same time, Cyber Monday is known for low prices on tech-related merchandise, like smartphones, laptops, TVs, gaming consoles, and VR devices.
BFCM also marks the unofficial start of the peak holiday shopping season, where you have to come up with effective strategies to increase sales and prevent issues that might affect your goals.
Why BFCM stands out for e-commerce businesses
- Largest shopping event of the year – BFCM has evolved into the biggest shopping event, generating billions of dollars in sales over a few days. Consumers actively seek deals, and businesses see record-breaking sales, often surpassing the entire quarter.
- High customer acquisition potential – BFCM is synonymous with deep discounts and exclusive offers. Shoppers expect lucrative deals and are prepared to make more and more purchases during this time. For you, this is a prime time to reach a broader audience and acquire new customers.
- Increase sales revenue – For many e-commerce businesses, BFCM accounts for a large portion of their annual sales. Some businesses say as much as 20-30% of their annual sales volume is generated during this short period. This makes it a crucial event for you to maximize revenue and meet your sales goals.
- Boost brand awareness – With customers actively looking for deals, BFCM creates the opportunity for you to dramatically boost your brand’s visibility by running well-targeted marketing campaigns and increasing your share of voice in a competitive market.
- Increased customer retention opportunities – If your retention game is as strong as your acquisition, then BFCM is the best time to build long-term relationships (through exceptional post-purchase experiences) and convert one-time holiday shoppers into repeat customers.
In summary, BFCM is special because it is a short window of opportunity to access a large pool of potential customers and set the tone for long-term business growth. It’s a crucial moment, where you need to capitalize on consumer demand and cement your presence in a crowded marketplace.
Key Preparation Strategies for BFCM 2024
Here are some tips and tricks for you to make the best out of BFCM 2024:
1. Start early: create buzz and build anticipation
The BFCM hype doesn’t start on the day — it builds over weeks or even months. Most customers have their top pick of purchase in mind as early as July while looking for the best deal to get them. If you’d like to make the most of this, you should begin teasing deals and promotions to build excitement. For starters, you can offer early access deals to create a sense of urgency or exclusive offers for loyal customers.
64% of consumers surveyed plan to take advantage of early promotions and discounts.
2. Optimize your website for traffic surges
BFCM attracts a massive influx of visitors, so it’s essential to ensure your website can handle the increased traffic without crashing or slowing down. Test your website’s performance and optimize page speed. Also, make sure that your store offers the same level of seamless experience on both desktop and mobile, as a large portion of BFCM shopping happens on mobile devices.
In 2023, a record 79% of Cyber Week e-commerce traffic originated from mobile phones.
3. Fine-tune your inventory and delivery processes
One of the worst things that can happen during BFCM is running out of stock or delayed orders. To avoid this, plan your inventory well in advance by analyzing data such as last year’s sales data and anticipated demand or predictions based on carrier delay rates. You can also consider strengthening your supply chain by coordinating with suppliers to have an accurate inventory or shipping with multiple carriers to ensure on-time deliveries.
4. Offer competitive promotions and deals
Discounts are the main attraction during BFCM, everybody’s doing it. So, how can you do things differently to beat the competition? The answer: think beyond basic percentage cuts. Offer bundles, free shipping, and limited-time flash sales to entice customers. A good ploy is to implement tiered discounts to increase the average order value, such as “Spend $100, save 20%.”
With the checklist or ‘must-haves’ for BFCM covered, we’ll move on to the next section: the list of items that will be the ‘talk of the town’ for this year’s BFCM.
E-commerce Trends for BFCM 2024
As mentioned, for e-commerce businesses, BFCM is a golden opportunity to boost sales and acquire new customers. It’s that time of the year when people have their wallets readily open.
Over the years, there’s been a lot of innovative trends and campaigns driving sales. Let’s look at some unique strategies that e-commerce brands must incorporate to stand out during BFCM 2024.
1. Personalization will be at the forefront
In 2024, customers expect more personalized shopping experiences. AI-powered personalization tools have become more accessible, allowing e-commerce businesses to tailor product recommendations and promotions based on individual customer behavior. By using data from previous interactions based on customer preferences or shopping history, you can create highly targeted email campaigns, show personalized offers on their website, and offer custom discount codes.
2. Omnichannel shopping experience
With shoppers engaging across multiple platforms (websites, apps, social media, and even physical stores), providing a seamless omnichannel experience is paramount. You need to leverage tools that unify customer data across channels and allow you to offer consistent and personalized experiences, regardless of how customers engage. For instance, promotions or items added to a cart on social media should sync with the e-commerce website or app for a smoother shopping journey.
3. Video commerce and live-streaming shopping
Video commerce has been on the rise, with platforms like TikTok, Instagram, and YouTube enabling brands to showcase their products through short-form videos or live shopping events. Integrating shoppable video content or hosting livestream events with exclusive BFCM deals and real-time discounts can help create a sense of urgency.
4. Social commerce
Social commerce has continued to grow in 2024, with platforms like Instagram, TikTok, and Facebook offering native shopping features. Brands should focus on creating direct shopping experiences within social platforms, making it easier for customers to purchase products without leaving the app. Using BFCM-specific hashtags, promoting exclusive deals, and leveraging user-generated content are some strategies that can enhance your reach and boost conversions.
Over 73% of people actively shop on social media for Black Friday in 2024.
5. Influencer and affiliate partnerships
In 2024, influencer and affiliate marketing remain powerful channels for BFCM promotions. Partnering with influencers who align with your brand allows you to tap into their engaged audiences, while affiliate programs can amplify your reach. Both approaches can help you reach new customers who might not have discovered your brand through traditional advertising.
Most businesses who give their all to implement the aforementioned strategies miss out on putting the same effort to optimize their post-purchase. One of the primary reasons behind this disparity is that businesses often assume that a BFCM sale ends with the customer’s purchase. While that’s partly true, your after-sale efforts such as offering a seamless post-purchase experience can improve repeat purchases and turn one-time BFCM shoppers into regular customers.
Here are some strategies to optimize your post-purchase right on time for this year’s BFCM.
Post-Purchase Strategies for BFCM 2024 Success
1.Handle WISMO (Where Is My Order) inquiries in advance
The surge in orders during BFCM inevitably leads to an increase in customer inquiries around order status. Implementing proactive communication with customers about their order status can drastically reduce these WISMO inquiries and improve customer satisfaction. For starters, you can automate shipping updates through email or SMS by using real-time tracking tools to keep customers informed of their orders at all times.
2. Automate post-purchase customer service for delivery issues
Delivery issues are frequent during times like BFCM due to high shipping volumes. In order to minimize their effect, you need to stay on top of them instead of relying on the carrier to take action. You can make use of automation to enable proactive customer service — such as notifying customers of potential delays. This can help prevent your support reps from getting overwhelmed while reducing frustrations by providing your customers with immediate assistance.
3. Ensure a seamless returns process
With higher order volumes comes the likelihood of more returns. Offering a clear, easy-to-navigate returns process can encourage hesitant customers to buy with confidence, knowing they can return or exchange items if necessary. Also, customers might already feel frustrated having to return their holiday purchases. So, make returns as easy as possible to mitigate their dissonance. Here’s how you can do it — provide a self-service returns portal that automates the entire process to streamline the experience.
4. Create loyalty programs and VIP access
Customer loyalty has become a top priority in 2024, and leveraging exclusive VIP programs or early access for your most loyal customers can significantly boost sales during BFCM. Offering special deals to existing customers before BFCM begins, along with reward points or exclusive perks, helps strengthen customer relationships and encourages repeat purchases. Additionally, VIP access can create a sense of exclusivity, driving early sales.
Think you’ve got it all figured out? We’ve got more. Here are some last-minute tips and tricks that can help you with your whole BFCM strategy.
Last-Minute Tips to Maximize BFCM 2024 Sales
- Leverage Social Proof: Showcase customer reviews, testimonials, and user-generated content across your website and social platforms to build trust with new shoppers.
- Ramp Up Customer Support: Prepare your customer support team for increased inquiries by adding extra hands or using automated tools to handle common questions. Ensure live chat options are readily available for quick assistance.
- Abandoned Cart Recovery: Set up email reminders or retargeting ads for customers who leave items in their carts. Use incentives like free shipping or additional discounts to encourage them to complete their purchase.
- Use Countdown Timers: Add urgency to your offers with countdown timers for flash sales, limited-time deals, or when stock is running low. This drives conversions and reduces cart abandonment.
BFCM can be one of the most profitable weekends you can have if you have the proper strategies in place. If the customer is impressed with your BFCM, if the customer is comfortable with the BFCM experience, they might revisit your website to buy something else for the holidays.
In the moments leading up to BFCM 2024, take a deep breath and trust in your thorough preparation. The potential for growth and success is significant, and your dedication to serving your customers and delivering value will be the foundation of your achievements.
Here’s to a successful Black Friday and Cyber Monday, filled with joy, growth, and memorable customer experiences.
Happy Holidays!
Add comment