Are you ready to explode your Online Store Sales this Holiday Season?
Traditionally, Black Friday was the weekend where businesses would make the bulk of their fourth-quarter sales—or even the sales for the whole year. This weekend was and still is a huge opportunity for stores to move a lot of inventory.
However, after campaigning for Black Friday or Cyber Monday sales, businesses might wonder what to do next when those events are over.
Black Friday in 2020
This year has been different in just about every way. The pandemic and the recent election have thrown a lot of businesses into disarray.
Black Friday and Cyber Monday this year remain important events even with the pandemic and the election’s social unrest. The way businesses look at these sales has changed though, and the way consumers are shopping has been different for some time now.
In 2020 and beyond, we know Black Friday and Cyber Monday are not the only opportunities that online stores should prepare for. Ecommerce businesses have to develop strategies for the opportunities that go beyond these mega sales dates.
The Holiday Season
We have to look at Black Friday and Cyber Monday as a small part of the larger holiday season.
After these sales, there are still big opportunities in the coming months for businesses to move products. These include Christmas, New Years’, and even the weeks before Valentine’s day.
Shoppers are still going to be on the lookout for good deals even after Black Friday weekend.
Advertising does not stop when Black Friday is over. With the pandemic going on, shoppers are aware that shipping takes longer—so they’re going to begin their Christmas shopping in the days and weeks after Black Friday, so gifts arrive in time for Christmas.
The Cyber 4th Quarter
This year, Amazon launched Prime Day in October. As the mothership of online shopping, this event effectively began the holiday shopping season.
Online stores can think of Cyber Monday as part of a Cyber 4th Quarter. The days in between holidays are also great opportunities for your online store. People go shopping on the days after Christmas or even just after the New Year.
Consumers know that businesses need to move inventory that didn’t sell during the holidays in the days after Christmas and New Year’s. So, a business can capitalize on consumers who now have gift cards and Christmas money ready to spend on surplus products.
These opportunities come from understanding that the Black Friday weekend is part of a larger season. There’s no reason we should stop running advertisements just because these big sales are over.
With the pandemic and the recent election, a lot of media says that this coming season will be rough for businesses. E-commerce stores might feel discouraged about spending more on advertisements because CPM is so high nowadays.
The best thing businesses can do is to trust the data. Despite the word online, we have to go with our gut and trust the numbers we have now going into this important quarter.
Pushing advertisements and developing a strategy around the numbers that we have is our best bet for making the most of the days after Black Friday and Cyber Monday.
Remember, the brand that can spend the most will always win. Look at your Lifetime Value of a Customer when crunching numbers and look for ways to increase Average Order Value with bundles, gifts, and other incentives like free shipping.
The truth is, people are still shopping online. With the holiday season in full swing, the entire 4th quarter becomes a huge opportunity for our online stores. The pandemic may change the way consumers are shopping, but that just means businesses have to pivot.
There is a mindset that business owners must have to capitalize on the coming months. Breakthroughs often don’t come from easy times; they come from times of struggle. The coming months could be the season where a business can skyrocket to set the stage for success in the first quarter of 2021.
The days following Black Friday and Cyber Monday are huge opportunities for all businesses. Online shopping conditions in 2020 are not from the pandemic alone; this Cyber 4th quarter has been here for years and will be here for the foreseeable future. Customers will continue to buy online, and businesses have so much to gain by preparing well for the long-term, and not just the Black Friday weekend.
If you’re spinning your wheels trying to figure out a strategy for your Online Store Sales this Holiday Season and Q1 2021…