How can you increase your sales on Black Friday and Cyber Monday?

This year, as always, Black Friday and Cyber Monday are met with interest around the world. In the last weeks of November every year, many companies apply discounts and coupons on many products, ranging from technological tools to clothing. So how can you increase your sales these days? To answer this question, we must first be aware of sales statistics, customer psychology, and the essence of these discount festivals in general.

 

First of all, such days are held in all countries of the world in order to revive the economy and various sectors. Black Friday, translated into Azerbaijani as "Qara Cümə", is the name given to a worldwide shopping festival. It is the first Friday day after Thanksgiving and the first day of the Christmas shopping season. This year Black Friday is on Friday, November 26. Black Friday discounts, which are the biggest sales period of the year, usually last 24 hours. However, due to growing demand, discounts can last 3-4 days, or even start 10 days before. Why is this shopping day called 'Black Friday'? There is no exact answer to this question, but there are a number of claims. The first one is that on September 24, 1869, two Wall Street workers, Jay Gould and Jim Fisk, made a "stock market crisis." The two friends were caused a wave of panic by taking as much gold as they could from the United States to increase its value on the stock exchange. This change has hurt many US citizens. The media used the term "Black Friday" to summarize the situation in the country.

 

Another allegation is that in the late 1800s, stores offered discounts the day after Thanksgiving. Over time, these discounts began to be implemented systematically each year, and thus began to become a tradition in the 1920s. After Thanksgiving in 1961, during the discount period, many unpleasant events took place: overcrowding, traffic accidents and violence between people, and so on. After Thanksgiving, sales were renamed Black Friday, and police used the name to describe the movement of pedestrians and cars in the city center, shopping malls.

 

In the 1950s, people began to take breaks to extend the day after Thanksgiving, claiming that they were ill. People who knew that the shops were open were already in a hurry. Instead of trying to figure out who was really sick, the companies announced that day as a paid vacation. Starting in the US and rapidly spreading to Europe, on Black Friday, people even create long queues at store doors for big discounts from midnight.

 

The total number of Black Friday consumers increased from 174.6 million in 2017 to 189.6 million in 2019. However, due to the current pandemic, their number fell to 186.4 million, but for the first time, the number of online Black Friday buyers has reached 100 million. This is an increase of 8% compared to last year.

 

Interesting statistics on Black Friday:

• 73% of consumers plan to shop on Black Friday to take advantage of discounts or the best deals they can get for the season. 23% prefer traditional shopping because they hate online shopping.

• Factors influencing Black Friday shopping decisions include free shipping (49%), promotions / limited-time sales (36%), and an easy-to-use website/software (21%).

• Black Friday special discounts save an average of 37%.

• 50.4% of Black Friday buyers are women.

Cyber Monday discounts have been launched as an online alternative to Black Friday. It was first applied in 2005, and the organization that started it was Shop.org. At that time, online shopping began to spread. There was an increase, especially on Mondays, and big stores started offering only online discounts. One of the main goals was to compete with Black Friday. But the question arises: if the goal is to compete, why not Cyber Saturday, but Cyber Monday? Research has shown that people are more likely to shop online on Mondays. On the other hand, at that time, not everyone had a high-speed Internet connection at home - which was the main reason why people went shopping on Monday. Because they preferred to shop online on high-speed internet. Therefore, Monday began to be the ideal day for online stores. According to Adobe Digital Insights, which tracks online shopping statistics, earnings on Cyber Monday in 2009 had more than doubled in 2018. In 2010, for the first time, $ 1 billion 38 million was earned, exceeding $ 1 billion. In 2011, the figures continued to grow, reaching $ 1.3 billion. Mobile devices accounted for 12.9 percent of the $ 1.5 billion in 2012.

 

In 2013, Cyber Monday spending rose 20 percent to $ 2.29 billion, and Black Friday purchases declined. In 2015, total expenditures reached $ 3.04 billion. $ 5.6 billion was spent in 2016 and $ 6.59 billion in 2017. 2018 broke the record of the highest spending. In 2020, Cyber Monday was the most significant day for online shopping, as it broke the all-time record for digital revenue to $ 10.8 billion. It went down in history as the biggest e-commerce sales day of all time. Of course, the role of the pandemic that shook the world and a number of its obligations was great.

 

What are the differences between these two different discount days? The biggest difference is that Black Friday is based on retail logic while Cyber Monday is based on online sales logic. In other words, in the early years of Cyber Monday, people shopped in stores on Fridays and shop on computers on Mondays. Now online sales are also made on Black Friday. While thousands of people continue to wait at store doors, there is no denying that Black Friday has become one of the biggest partners in online shopping.

 

Which day's discounts are better? If we look at Black Friday discounts, Cyber offers higher discounts compared to Monday. Because stores even take the risk of damaging some products for the sake of getting people through the door. All this is a sales strategy. 

 

An interesting nuance is the impact of social media on these discount days. The number of social network users is growing every year, and one-third of them follow the Facebook and Instagram pages of their favorite stores and discount campaigns. Twice as many users said they looked at the reviews before buying the product. Stores also promote products and campaigns on social media based on consumers' social media habits. More than half of these stores optimize their websites for mobile use, and even 20% of vendors optimize their websites for tablet use. Many of them also highlight the product's sales pages on social media in billboards and magazines.

 

Now let's move on to the main topic: How can we naturally increase sales on Black Friday and Cyber Monday? If you are selling online, here are some tips to keep in mind:

  • Optimize your products.
  • Apply the right discounts on the right products - it will not seem convincing that all products on the site are on sale.
  • Organize your payment form in the most convenient way - if the payment section is complicated, the buyer may lose interest and leave your site.
  • Use the power of social media to drive traffic to your site - advertise discount campaigns in advance. Or apply a special discount to followers from social networks.
  • Create high-quality email marketing campaigns - visually appealing emails are more successful.
  • Sort images on your website.
  • Properly plan delivery costs.
  • Provide the highest level of customer service - even after the discount days, it will be an advantage for you.
  • Test your website in different browsers - make sure it's working, as well as user-friendly.

 

The first thing you need to do to increase your online or traditional sales is to plan properly. You need to adapt your products and budget to your sales strategy in a planned way. Strategically planning what kind of budget you have for your campaigns and discounts and how you can evaluate your products with this budget will ensure that you take advantage of these discount days. You need to take strategic steps when preparing for your Black Friday and Cyber Monday sales; you need to determine which season you are in and which products are most popular in which area and organize the product/service you have accordingly. You need to be more effective, especially through social media content, by placing your ads on engagement days and hours. It is very important for you to keep your website safe at this time when it is mainly relevant for online shopping. You should take technical measures before the discount days so that you do not face any problems and your sales will not be interrupted on these days when your website traffic will increase. Every team member who plays a role in your sales must be prepared for this intense process.

 

Another important consideration for Black Friday and Cyber Monday discounts and promotions is the validity of your discounts. According to one study, 85% of products are the same or cheaper before Black Friday, and only 1% of products are cheaper after Black Friday. Therefore, the discounts and campaigns you offer must be realistic and reliable. While it's important to increase your sales during this stressful time, it's more important for you to maintain customer satisfaction in the long run. People are eager to shop, but make sure they are aware of fake promises and offers.

 

Before you start your marketing and advertising process, you need to categorize your consumer audience. You can create a closer audience by sending emails to your registered customers. When it comes to your former customers, you need to plan according to their previous preferences, age groups and regions, and shape your content accordingly. This way, you can meet your customers with the products they are looking for, increase their likelihood of shopping by offering personalized campaigns. A caption that grabs your attention when sending an email will be an effective way to make the recipient feel that the discount or campaign is short-lived and that it is an opportunity not to be missed. According to statistics, for every $ 1 you spend on email marketing, you can get back $ 42. This means that retaining your existing customers is as important as gaining new ones.

 

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How can you increase your sales on Black Friday and Cyber Monday?