Black Friday and Cyber Monday are established worldwide as the most popular sales periods in the retail calendar for brick-and-mortar stores and online shops. Since the beginning of the Covid-19 pandemic, companies focus more on digital platforms.
In this context, online shops and retailers have an excellent opportunity to prepare for Black Friday and CM shoppers to cater to the needs of consumers. Likewise, competition for customers online is intense during the Covid-19 pandemic than in the pre-pandemic era.
If you have an online shop, you must prepare for this event. That way, you won't miss out on increased sales. Like you perform price management practices and focus on repricing from time to time, it is essential to prepare for Black Friday and Cyber Monday. Read on!
Business Strategy
When reviewing your business strategy, focus on aligning your distribution, customer service, and IT teams. Inter-team alignment is important for Black Friday and Cyber Monday. Everyone in your company must know and understand who does what in the process.
The purpose is to ensure everyone is on the same page. That way, you can streamline the sales process and optimize your contingency plans. So, make sure all your company's team collaborate and work in harmony to ensure the events go smoothly.
In addition, consider hiring temporary staff for additional tasks. For example, whether the team answers customers' messages or packages and ships the items you have sold, ensure they are well-trained and ready to meet the requirements of extra orders.
Make sure you avoid launching on new marketplaces without due preparation. Due to added complications, things can and will go wrong with any launch because the stakes are usually higher during Black Friday and Cyber Monday periods. However, if you still want to launch on new marketplaces, hire eCommerce professionals to ensure everything goes smoothly.
Stock Management
Research and source new stock in advance. You can use different stock management tools to gain insights to ensure how product categories perform on marketplaces. Using a tool gives you an overview of the most popular items, and some tools even provide you with top-performing keywords. Anyway, it is crucial to have adequate stock for sales you plan for Black Friday and Cyber Monday.
Moreover, we recommend getting new stock listed quickly because the earlier you list your items, your listings will have enough time to generate sales. On the other hand, if you have poor-performing listings, you can set up new, fresh, optimized, or sized variation listings. For instance, a green cap may help a yellow cap sell.
Optimize Your Current Listings
Review your listings and ensure they are up to the mark, compelling, and attractive. Ensure the titles are descriptive enough and include keywords that consumers use to find products similar to yours.
Add high-quality images to your listings to grab the customers' attention. Remember, you have to focus on quality and clear photos of your products, especially if you are in a competitive marketplace.
Focus on detailed descriptions, highlight essential features, and mention the product's benefits to improve performance, attract more customers, increase sales, and earn higher profits.
Be Competitive With Pricing
Price management is essential for Black Friday and Cyber Monday preparation. These events are massive on discounts, meaning consumers will compare your prices with your competitors. That's why you must set reasonable prices to attract customers.
So, research your competitors' offerings and ensure you are still competitive. For example, if you are on Amazon, consider Amazon repricing software. Likewise, if you are eBay, focus on using eBay Strikethrough Pricing.
That way, you can identify the previously listed price and view items currently on sale. Take your time to review your prices, especially before peak trading times. Avoid repricing your products during Black Friday and Cyber Monday to avoid complications.
Focus on Customer Service
If you want to prepare for Black Friday, focus on improving your performance, which you can achieve through enhanced customer services. Remember, your performance is an essential component of your company's success.
Working on your performance before peak trading makes a massive difference to your sales. For example, if you sell on eBay and have an "Above Standard" rating, make efforts to achieve "Top-Rated" seller status.
Likewise, if you are a top-rated seller, get your listings qualified for premium services on the marketplace. When you become a premium service seller on eBay, you will get a 10% discount on your final value fees that positively impact your bottom line.
Rethink Your Returns Policy
Many sellers on Amazon, eBay, and other platforms underestimate the significance of their return policies. Extend your returns in preparation for important events like Black Friday and Cyber Monday.
Bear in mind that longer return periods can increase your chances of boosting sales and earning higher profits. In addition, analyze your competition in the market and see what they do, and adjust accordingly. Avoid giving your competitors any advantage to staying on top in the marketplace.
eBay, Amazon, and other online platforms improve their promotion activity in the run-up to Cyber Monday or Black Friday. Consider advancing promotional pricing strategy by running special promotions if you can submit your listings to daily deals.
On the other hand, if you have your own eCommerce or business website, focus on promoting your products on social media platforms like Facebook, Instagram, and Pinterest. Likewise, perform local SEO, paid advertisement, and other marketing tactics to attract customers.
Moreover, if you have a brick-and-mortar store, make sure you also focus on traditional advertising methods besides online marketing. These include radio, TV, newspaper, and outdoor signage to advertise your products for Black Friday and Cyber Monday.
Final Words
Black Friday and Cyber Monday are important events for retailers to sell their products, including slow-moving inventory, leading to increased sales and higher investment returns. If you want to adequately prepare for these events, focus on the tips and tricks given above. Until Next Time!
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