How to Win This Black Friday
Sale season started early this year.
In March, when COVID hit and storefronts closed their doors, companies immediately began offering reduced prices in an attempt to recuperate some of those retail losses.
When workplaces and restaurants stayed closed through the summer, and people were stuck at home with nothing to do and little to spend their money on, ecommerce went into overdrive, with online businesses extending their sales as they tried to strategically undercut their competitors.
This unprecedented span of sales saw margins get slimmer and revenues get smaller.
The bad news? Traditional sale season is just around the corner.
The good news? Even if you do cut your prices again, you can increase your revenue. (But you’ll have to read to the end to find out how.)
Black Friday in October?
No rest for the weary.
With this shortened offseason, companies are already preparing to jump back into another stretch of sales, and this year is shaping up to be bigger and longer than ever before.
There are loud rumours going around that Black Friday deals are going to start popping up as early as October. Then of course consumers will expect the usual savings that come around Thanksgiving. And then it’s into Christmas sales, with Super Saturday trumping them all.
Are you and your team ready for this onslaught? From inventory to marketing to fulfillment, you’ve got to have your ducks in a row.
The Biggest Black Friday Ever
In 2019, American Black Friday shoppers spent $7.4 billion online.
$7.4 billion in ecommerce transactions. In one day.
Big and impressive as that number is, the more captivating stat for ecommerce retailers is this:
In 2019, 93.2 million people shopped online on Black Friday,
compared to the 65.2 million in 2018.
That’s a 43% increase.
Unsurprisingly—with the global pandemic and all—that trend looks to continue this year, as Mashable is predicting that brick-and-mortar stores will keep their doors closed on Black Friday, and that “online shopping will reign supreme.” Big retailers like Walmart, Best Buy, Target, and Kohl’s have already cancelled their in-store Black Friday sales.
SpendMeNot agrees. The finance website reports that the number of online Black Friday shoppers could increase by another 61% in 2020.
That’s 150 million people surfing the web looking for deals.
So How Do You Cash In?
Simply slashing your prices isn’t enough. Sure, it might get your foot in the door, but if everyone else is also offering discounted prices, why should any consumer choose you?
This is what you have to be asking yourself. Today, not tomorrow or next week.
You and your ecommerce site need to set yourselves apart. And it’s your ecommerce ecosystem and website experience that will do it.
With 150 million shoppers zipping around the internet, you need to show them that you’re different, that you’re listening to them and giving them what they crave.
The answer lies in replicating the in-store experience.
Make your would-be customers feel welcome, make them feel heard, and make them feel special. The easiest way to do that is to upgrade your ecommerce site with AI.
Before COVID-19 threw us all for a loop, amika, an up-and-coming haircare brand out of Brooklyn, partnered with Automat to increase personalization across their DTC online business.
Amidst the disastrous new economic reality the brand faced—not least of which was the fact that salons, where most of their sales came from, were all closing—the two teams came up with a plan: instead of laying down, they decided to adjust and innovate in the face of adversity, pivoting to an approach that supported their immediate sales and marketing objectives.
What they came up with was a flash sale that would enlist Automat’s technology, ACE… and the results were incredible: the largest single month in the history of the online business, with 31% of sales revenue attributed to ACE.
The best part is that the initiative is also driving ongoing growth. Those who spoke to ACE during the sale are 50% more likely to come back and buy again than those who didn’t.
This is the power of AI.
Reach out to Automat to learn how we can help you thrive during this longest of sale seasons.