It's estimated that this year's Cyber Monday will bring in $11.2 billion in online sales this year and it's no wonder why: Cyber Monday is a great opportunity for retailers to capture shoppers who are looking to make purchases while they're browsing around at home or work.
But with so much competition out there—and with so many new players entering the market every day—it can be hard to stand out from the crowd and make sure you're not missing out on important sales opportunities during this crucial time period. Here are five strategies that every eCommerce seller should be using if they want their business to benefit from all those extra holiday dollars:
One of the most important things to do in the weeks leading up to Cyber Monday is to start advertising early. You can’t expect people to remember your sale through all of the chaos of holiday discounts, let alone their family reunions if they aren’t reminded it's happening over and over again. Start promoting your products and deals on social media and in emails as soon as you have a date set so that all of your customers know exactly what they can look forward to.
Start by building anticipation with social media posts, newsletters, blog posts, or any other content marketing tools you use regularly throughout the year. Think about how much time goes into planning for a big holiday party—and then think about how much more effort should go into planning for Cyber Monday! That said, don't wait until the last minute—you'll need plenty of time for planning and execution if you want everything ready before Black Friday hits.
One of the biggest ways sellers can get ahead of their competitors this Cyber Monday is by using it as an opportunity to launch a product. You can use the hype around Black Friday/Cyber Monday and your own marketing efforts to build up hype around a new product release, especially if you’re offering something exclusive or limited time.
There are other benefits of launching a new product during this time period:
If you’re not yet optimizing your checkout process, now is a great time to start. Having a simple and fast checkout process can help you attract new customers and, in turn, increase sales. This can be easier said than done. Cart abandonment is a huge issue for online sellers, with an average of 70% abandoning their carts and never completing their purchase– and that number goes up to 85% for mobile buyers!
According to one study, eCommerce sellers can increase conversions by 35% by implementing better checkout processes. FenixCommerce is a great place to start for any online sellers that are interested in bumping up those purchase rates. For example, they’ve found that adding their ‘Get it by’ Dates widget to a checkout process has increased conversion rates by up to 40%.
You've heard it before, but email segmentation is key to getting the most out of your email marketing efforts.
The best way to do this is by creating personalized emails for each customer. This allows you to send out personalized campaigns that speak directly to different audiences. In particular, it's important to focus on your VIP customers.
For example, if you have an active customer who has spent over $1,000 in the past year, they'll likely respond better to a promotion focusing on sales during Cyber Monday week than someone who has only made one purchase from your store in their lifetime. By focusing on different needs and interests for each demographic based on recent purchases and activity levels, you can ensure that your offers get maximum exposure among those most likely to buy from your site—and increase ROI as a result!
Some examples of customer segments:
As an eCommerce seller, you have to be aware of your inventory at all times. If a product is out of stock, it can mean a lot of lost revenue. To avoid this on high-traffic holidays, make sure that you are managing your inventory properly.
Here are a few ways to do that:
Cyber Monday is one of the biggest days for eCommerce sales. If you want to make sure that your store has a successful day, then it’s important to plan ahead. We recommend starting with advertising early and also trying exclusive product launches or segmenting customer emails based on past purchasing behavior.
Above and beyond, the simplest way to increase conversions through the holiday season, specifically on Cyber Monday when buyers are exclusively purchasing online, is to invest in checkout process tools. FenixCommerce has built tools that enable digital sellers to offer a customer checkout experience on par with retail giants like Amazon or Walmart. With a focus on ROI, the FenixCommerce platform has done wonders for countless eCommerce sellers across the internet.
Interested in learning more? Don't hesitate to reach out– we're always happy to chat about how FenixCommerce can make you more money.