Black Friday is not only an attractive shopping day for consumers but also a great opportunity for sellers. This is an important day of the year, expected by businesses to increase sales and attract new customers. So, what is Black Friday? Why is it important to eCommerce Retailers? And how do you prepare for Black Friday in retail?
What is Black Friday?
Black Friday is the most anticipated shopping day of the year. This is a day when stores launch a series of attractive discounts, attracting millions of shoppers around the world. Black Friday usually falls in late November, usually on the following day of Thanksgiving in the US.
The name “Black Friday” is said to come from the word merchants. On this day, business sales are high and recorded in black in the accounting books, which means they achieve success and great profits. Since then, “Black Friday” has become a popular name for this super cheap shopping day.
On Black Friday, you can find hundreds and thousands of products on sale at extremely attractive prices. Popular items such as smartphones, computers, home appliances, fashion, makeup, and toys can all be found at surprisingly low prices. Stores even open very early on Black Friday to serve the earliest shoppers.
Black Friday is an opportunity for E-Commerce Retailers to compete and attract new customers. To make sure they stand out in the price war, businesses often prepare well in advance and promote strong discounts on media and e-commerce websites.
Why Is Black Friday Important To Ecommerce Retailers
Black Friday – a super cheap and attractive shopping day, is not only a joy for consumers but also a golden opportunity for eCommerce Retailers. Here are the benefits and opportunities that Black Friday brings to retailers.
Increase Sale Revenue
Black Friday is a good opportunity for Sellers to promote sales. Strong discounts and attractive offers capture the interest of consumers and stimulate them to shop actively. With a large number of customers pouring in, businesses can increase sales and achieve high profits on Black Friday.
Attract New Customers
Black Friday is also an opportunity for eCommerce Retailers to attract new customers. Discounts and promotions will attract the attention of people who have never purchased from your website.
To reach this new customer, it is essential to use online advertising channels and optimize the website to enhance the shopping experience.
Brand Enhancement and Identity
Black Friday is an opportunity for eCommerce Retailers to strengthen their brand and identity in the minds of customers. Exclusive discounts and offers help differentiate and capture customer interest. Making sure of product quality and after-sales service will help build trust and mark the brand’s difference in the hearts of customers.
Reach Customers Online
With the strong development of online shopping, Black Friday also becomes an opportunity for sellers to reach online customers around the world.
Through online advertising campaigns and the use of social networks, businesses can reach a large number of consumers and effectively introduce their products. Online shopping also enhances the shopping experience and saves customers time.
Compete And Improve Business Efficiency
Black Friday is a fiercely competitive day, and E-Commerce Retailers must work to create compelling discounts to stand out from the crowd. This motivates businesses to improve business efficiency, optimize marketing strategies, and manage resources well to meet consumer needs.
Data Analysis And Strategic Direction
Black Friday provides a valuable source of data for Ecommerce Retailers. Analyzing data on this day’s customer shopping behavior, preferences, and trends helps businesses better understand their customers and guide business strategies for the next activities.
Global Reach
Black Friday also provides an opportunity for E-Commerce Retailers to reach international customers. With the growth of e-commerce, businesses can reach shoppers from all over the world, expand markets, and increase global business opportunities.
8 Black Friday E-commerce Tips For Boosting Sales
Preparing for Black Friday is an important and complex process that requires thorough preparation. Here are some helpful tips for E-Commerce Retailers to apply for success on this hectic shopping day:
Direct discounts on products
This traditional form of discount is always the most effective method that sellers should apply. Because Black Friday discounts are always a business opportunity that brings a great source of revenue for the store.
However, the discount policy cannot be arbitrary; it is necessary to study and closely monitor the consumption capacity as well as the cost of importing goods, and the selling price to build a suitable preferential policy for each product. At the same time, increase the ability to attract customers and absolutely avoid the risk of loss in the business process.
For product-by-product discounts, focus on picky products, inventory, or products that are exclusive to your brand. Make a clear calculation so that the cost of the discount on each product cannot exceed the profit rate, ensuring a source of profit for the store.
Offer some Best Seller products
In fact, not many stores offer discounts on Best Seller items on Black Friday because you can absolutely guarantee revenue for these products even without a discount.
However, try to take advantage of the ability to stimulate demand with incentive programs, you may not need to discount this product too much like other items. Normally, the discount for Best Seller products or new arrivals will be about 5-10%, depending on the calculation and business situation of your store.
Liquidation Of Inventory On Black Friday
Inventory is not something to be ashamed of or hide in your warehouse. With products that are out of fashion or have minor defects, you can completely liquidate them for much cheaper than the sale price at the Black Friday sale. Many customers can be completely satisfied with the money spent to buy a product that still has value for them.
This not only helps you to clean up your inventory but also minimizes storage costs or partially offsets your import costs. For products that are released from stock and liquidated, you can apply effective communication messages such as: “Sale up to 90%”, or “Same price from only $10.
Discount with Combo Offers
It’s not hard to notice messages like “Buy 3, Get 1 Free” or “Buy with a Shocking Deal for Only…” on various online retail channels or stores. These offers not only bring significant benefits to businesses but also address inventory problems while ensuring the ability to reduce the discount rate on each product.
So what’s the trick to planning Black Friday combo deals? In fact, to design suitable discount programs for each combo or product, sellers can rely on consumption capability, cost price, functionality, and customer behavior to ensure consumption feasibility.
Timeframe discounts
What is the way to get traffic for the store in the time frames that are empty on Black Friday? Time-based discounts are considered a relatively effective incentive program, increasing the awareness of your store as well as your brand during these times. This can help store owners control the number of customers as well as eliminate store vacancies while increasing sales.
With the Black Friday time frame discount program, store owners can apply attractive promotions such as “buy 1 get 1 free”, or “50% off for orders from $200”. This can help stimulate purchases and increase the number of customers coming to your store.
Cross-Sell and Upsell
Cross-selling and upselling are powerful techniques that can significantly boost revenue and customer satisfaction for eCommerce retailers during Black Friday.
- For Cross-selling: On product pages and during the checkout process, showcase related items that complement the customer’s chosen product. For example, if a customer is buying a camera, suggest camera accessories like lenses, tripods, or camera bags.
- For Upselling: During the product selection process, prominently display premium or upgraded versions of the item the customer is considering. Highlight the additional features and benefits of the higher-priced option.
Social Media Promotion
Utilize social media platforms to build anticipation, engage with customers, and promote your Black Friday offers. You can start teasing your Black Friday deals and promotions early on social media platforms to build anticipation and excitement among your followers.
Encourage customers to share their Black Friday purchases and experiences using your products by reposting their UGC on your social media channels.
Also, create countdown posts to remind your audience about the upcoming Black Friday deals. This creates a sense of urgency and encourages them to keep an eye on your social media for updates.
Offer Free Shipping
Offering free shipping is a powerful incentive that can attract more customers and boost sales for eCommerce retailers during Black Friday.
Clearly communicate the conditions for free shipping during Black Friday. Let customers know if it applies to all orders, a minimum purchase amount, specific products, or certain geographical locations. This encourages customers to add more items to their cart to reach the minimum amount, increasing their order value.
Also, you should make free shipping a time-limited offer specifically for Black Friday. This creates a sense of urgency and motivates customers to complete their purchases quickly.
How to prepare for Black Friday? - Shopify
Conclusion
On Black Friday, eCommerce Retailers have the opportunity to sow the seeds of success and sustainable development. With a tight business plan and careful preparation, Black Friday can be the day to mark the growth and reach of eCommerce Retailers in an increasingly competitive market. Let’s step foot on Black Friday and take advantage of this opportunity to reap the success of your business!
