The biggest shopping day of the year is right around the corner, which is Black Friday on November 27th. With every wild and bizarre thing that has been happening in 2020, this year Black Friday will definitely be different than ever before.
Black Friday 2020 for sure would be impacted by COVID. Will we be fully immersed in eCommerce and digital retailers? Will this holiday season be the time when in-store shopping experiences are overtaken by online retailers?
For online brands, Black Friday and Cyber Monday tend to shape the financial wellness of the upcoming year. With so much at risk for your business’s growth, you shouldn’t and couldn’t afford a careless plan. For Black Friday being 7 days away, we will offer you 7 helpful tips to make the most of your business this holiday season.
Accept that things are different this year
Before you initiate anything, the first plan of action for you is to accept that everything is going to change this year. Ever since March, people have been practicing social distancing. Many stores are still closed and switch to buy online only. While countless creative and innovative efforts have been made so far, such as stores taking reservations to shopping inside, a one-in-one-out policy to limit crowds, drive-in only, that’s not going to cut it. Demands are high on big sale days, but huge crowds are not going to happen anytime soon. The question here is – how would you assist your customers, keep a safe distance, obey public health laws, and still make a profitable day?
Improve eCommerce platform
With the large majority of Black Friday shopping going digital, it is crucial to ensure that your website is optimized in order to handle increased web traffic, and most of all provide a seamless shopping experience for customers.
It is projected that mobile eCommerce retailers would do $71.3 billion in sales this holiday season. Therefore, you would need to make sure that your e-shop is optimized for mobile viewing, shopping, and offers a seamless checkout.
Brands have rapidly expanded their click-and-collect, curbside pickup, and drive-in offerings over the past 8 months. That is undoubtedly the option you should leverage this Black Friday. Your website should make clear what shipping or pickup options are available for every item. If your POS system doesn’t have this feature yet, do it now. Invested in a POS that supports click-and-collect features like ConnectPOS for a smooth sales day.
Embrace online strategy
Because of the pandemic, there won’t (and can’t) be a huge lineup or crowds at your brick and mortar store; so why don’t go headfirst into online marketing.
Conduct a full social media campaign on Facebook, Instagram, and Twitter to promote your sales. Invest in email marketing and use ahead of Black Friday to attract both old and new customers to check out your sales, and to keep them engaged throughout the entire season.
Utilize gift cards
Gift cards are a great solution when it comes to presents. They capture sales that would otherwise be lost to sold-out products while giving you time and money to restock before the cards are redeemed after the holiday season. A survey in 2016 found that 81% of shoppers spent half of their holiday purchase on gift cards.
They are also great for business because gift cards encourage overspending. Another statistic in 2019 shows that 65% of gift card recipients spend 38% more than the value of their cards. Global gift cards market value in 2017 was $358.2 billion and is expected to reach $510 billion in 2025.
All of this shows you how important it is to have gift cards featured in your POS system, ready to go before Black Friday hits. If you are ready to give your holiday sales a boost, ConnectPOS is integrated with Aheadworks’ Gift Cards extension and support Gift Cards by Magento, so you could start selling and taking eGift cards.
Multiple payment methods
Nowadays, businesses can sell almost everywhere thanks to a strategic payment approach. It is mission-critical for businesses to modify their checkout pages in order to make them appeal to customers’ preferences. Being able to offer multiple payment methods would help you increase conversions and create a seamless experience for your customers. At ConnectPOS, we support various payment options, from cash to card. We accept split payments and layaway payments, even payments in different currencies. Moreover, we integrate with many payment solution providers from around the world like Paypal HERE, Tyro, Moneris.
Create irresistible offers
As you know, the fuel behind the Black Friday spending mania is the crazy deals. Customers expect to see huge discounts and great deals from brands. With that being said, discounting heavily on your products is not the only option, and often not the best way to create offers that are irresistible. Customers do look for deals, but more importantly, they are looking to get the most value for their money. It is vital to keep in mind that irresistible offers are all about making customers feel like they are getting maximum value for their dollar. Some suggestions for your offers could be
- Products discounts: Massive discounts like $259 TVs or $159 laptops are pretty common for Black Friday promotions.
- Product bundles: Creating bundles of your products is a great way to drive sales. People are looking to get more value for their dollar; for example, customers get five products for the price of three is an irresistible offer.
- Create a value-add: This offer is great to keep your normal price but freshen the deal by throwing in something in with the sale. It is similar to product bundles, but customers get more than they usually would for the same price. There are numerous ways to add value without having to spend a lot or cut into your profit margins. For example, if you were to sell toothpaste, you could throw in a free toothbrush. The free product would make the toothpaste more valuable; and the cost of producing a toothbrush is rather small.
Black Friday season is always the busiest time for all types of businesses. If you are a retailer, it is an excellent opportunity to not only boost sales but also attract new customers. We hope that the tips are helpful for you, so try to take advantage of features on your POS system as much as possible, and see your profits rise this holiday season.