In the past, Black Friday was the Superbowl of retail shopping. Brick and mortar stores would prep for weeks to ensure that the thousands of customers entering their doors got the deals they were after. Footage of enthusiastic shoppers punching and kicking their way into stores was not uncommon.
Times have changed with the rise in popularity of online shopping and, even before Covid-19, many Black Friday-esque deals have made their way onto retailers’ websites. In 2005, Ellen Davis, senior vice president of research and strategic initiatives at the National Retail Federation, noticed an online sales boom the Monday after Turkey Day for several years in a row. Thus, Cyber Monday was born.
With ten billion dollars in online sales predicted for Cyber Monday in 2020, e-retailers cannot afford to ignore this unofficial shopping holiday. So, whether you are new to e-commerce or a seasoned e-retailer looking to throw your virtual hat in the ring this year with a killer Cyber Monday promotion, here are five ideas to get your wheels turning ahead of the festivities.
Slash your prices
If you have a best-selling item or a product bundle, consider slashing the price by 30% or more. Consumers expect good deals this time of year so offer them something worth their time. Lean into the notion of scarcity by only offering your sale for 24 or 48 hours. People are more likely to purchase something if they know the price won’t last.
Online shoppers live for the word free. From free shipping to free gift with purchase, you can’t go wrong offering something for nothing. Incentivize customers to reach a certain dollar threshold to get their free item. For example, offer a free gift to users who spend at least $75 or offer free priority shipping for all orders over $50.
Offering freebies this way accomplishes two things: it encourages customers to spend a minimum amount while also making them feel like they are getting a great deal.
Give it a boost
For your Cyber Monday promotion to be successful, you can’t stop at just one e-mail to customers. Make your promotion a marketing campaign in and of itself through multiple e-mails, social media posts, digital advertisements, videos, and, if applicable, text messages.
You should also consider coming up with a dedicated hashtag for your sale to build up the excitement.
New is nice
Although the holidays are a busy season for business owners, consider offering a new product on Cyber Monday. This time of year, people are eager to spend money on gifts for their loved ones, and the word “new” will capture their attention.
Even if you can’t do a product launch this year, you can still get in on the action. Offer a “new” product bundle and change up the wording to refresh the message. For example, if you sell skincare products, you can bundle several “anti-aging” products together as a “NEW! Fountain of Youth” set.
2020 has been a challenging year for individuals and businesses, so Cyber Monday is a great time to show gratitude to your regular customers. Try offering a unique Cyber Monday promotion for your most loyal shoppers. For example, you could advertise a thank you sale or a special deal for friends and family. No matter how you approach it, the idea is to make your regulars feel appreciated.
If you are unsure how to attract more social media and website visitors during Cyber Monday, a contest is a perfect solution. You can easily set up a contest or giveaway that will garner your brand likes and shares on its social media pages as well as website visits. Plan your contest in a way that speaks directly to your target market. For example, if most of your fans are on Instagram, try running an Instagram-only contest where users have to “follow” you, like your post, and tag a friend for a chance to win.
Try out any of these ideas and you’re in for a happy (and lucrative) Cyber Monday!
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.