Ready? Steady? Sell?
Are you ready for the biggest shopping event of the year?
Black Friday and Cyber Monday stand out as highly awaited shopping events annually. Shoppers get the thrilling opportunity to grab incredible discounts and offers on a wide array of products. And for businesses, it’s the perfect chance to boost sales, attract new customers, and build strong brand loyalty.
E-commerce businesses have a great opportunity to earn a significant amount of money. This is especially true as more people are opting to shop online.
Let’s dive into the world of BFCM and see how you can supercharge your sales during this festive season..
What is BFCM?
So, let’s break down what BFCM is all about. BFCM is short for Black Friday and Cyber Monday, and it’s a big deal. It all started back in the 1960s when folks would flood the stores right after Thanksgiving to kick off their Christmas and New Year’s shopping.
In the 1980s, shopkeepers started noticing big sales on Black Friday, making it the US’ biggest shopping day. Now, enter Cyber Monday, a newcomer to the scene, making its debut in the 2000s thanks to the growing popularity of online shopping.
In Canada, Black Friday and Cyber Monday sales will begin on November 24th and conclude on November 27th in 2023. These sales will last for four days, providing ample time for shopping.
It’s a shopper’s paradise because brands and ecommerce businesses go all out with huge discounts. So, get ready to snag some awesome deals!
Why Do Black Friday and Cyber Monday Matter for Ecommerce Businesses?
Black Friday and Cyber Monday hold immense significance for e-commerce businesses in Canada. These shopping events mark the beginning of the holiday season, a crucial time for retail. They provide a unique opportunity to boost sales, attract new customers, and clear out excess inventory.
With the growing preference for online shopping, Cyber Monday, in particular, allows e-commerce businesses to shine, offering exclusive digital deals that cater to the changing consumer landscape. By participating effectively in these events, businesses can not only increase revenue but also enhance their brand visibility and customer loyalty, making Black Friday and Cyber Monday essential pillars of their annual strategies.
When Should Ecommerce Business Start Preparing for BFCM?
While Black Friday and Cyber Monday officially kick off towards the end of November, they’re the biggest of all holiday sales events. So, the sooner you get started with your preparations, the better. If you haven’t already, now’s the time to roll up your sleeves and get ready for BFCM!
Believe us, when BFCM hits, it’s like a shopping whirlwind, and you won’t know what hit you. That’s why it’s crucial to dive into all the little details, level up your website, and be fully prepared for the surge in orders when the big sale season rolls around. It’s time to get that game plan in motion!
Facts you must have missed this Black Friday Cyber Monday (BFCM)?
We know, Black Friday has been around for ages, but it wasn’t until the 1990s that retailers really started nailing their game plan with those hard to resist discounts and opening their doors bright and early. Then, in 2005, along came Cyber Monday, offering a way to shop online and avoid the in-store madness.
And guess what? Today, BFCM is bigger and better than ever. It doesn’t just happen over a weekend anymore; it starts early and goes on for longer. Black Friday 2023 is gearing up to start on November 24, and the shopping extravaganza keeps rolling right through to the grand finale on Cyber Monday, which falls on November 27.
Real eye-opening facts about BFCM:
Last year, according to Adobe Analytics, Cyber Monday 2022 broke records with a jaw-dropping $11.3 billion spent online, marking a 5.8% increase from the previous year. Black Friday wasn’t far behind, hitting a new high at $9.12 billion in online spending, a 2.3% boost from the year before. And it doesn’t stop there – projections for Black Friday 2023 show an expected 7.5% increase, reaching $9.80 billion online.
But that’s not all; NFR researchers noticed some interesting shopping trends. A whopping 196.7 million consumers shopped both online and in-store. During Black Friday, a staggering 87.2 million consumers shopped online, with 77 million continuing the trend on Cyber Monday.
In 2022, an impressive 76% of shoppers participated in BFCM, surpassing all predictions and marking a substantial rise from 70% in 2021.
Are you all set to maximize your sales this Black Friday Cyber Monday (BFCM) and give your Ecommerce business a serious boost?
BFCM comes around just once a year and can be your ticket to hitting those 8-figure sales. With the right game plan, you can wrap up the year on a high note. So, let’s dive into some must-have tools and handy tips for the big event!
Keep your inventory ready
When it comes to making the most of your BFCM sales, early stock preparation is absolutely key. Don’t run out of stock on Black Friday and Cyber Monday. It can hurt your sales and damage your business reputation.
To steer clear of this nightmare scenario, you’ve got to get proactive. Start by predicting the demand, figuring out how much inventory you’ll need, and then place those orders well in advance. A little secret here: many savvy e-commerce owners actually order their Q4 inventory during the summer months or even earlier. This way, they avoid getting stuck in those shipping bottlenecks that tend to crop up as the holiday season gets closer.
Start lead generation campaign before BFCM
Here’s a smart move: before the BFCM madness begins, make sure to run a lead generation campaign. This is your ticket to reaching more folks and building up your email list in the weeks leading up to the big event.
Get creative with your strategies – think about things like giveaways, loyalty programs, and getting the word out on social media to steadily grow that email list all year round. Oh, and don’t forget about those email pop-ups on your website – they can be gold mines! Use them to hype up your Black Friday deals and encourage users to sign up for alerts.
And to sweeten the deal, toss in some special offers to really get people engaged and excited. This way, you’ll have a growing list of potential shoppers ready to pounce when BFCM arrives!
Feature discounts excessively
Here’s a tip: make those discounts impossible to miss! You want your customers to spot those sweet deals everywhere, from your online store to pre-launch pages.
Stir up excitement by highlighting your forthcoming offers in the days and weeks prior to BFCM. It’s all about building excitement and giving yourself an edge over the competition. Platforms like Shopify even let you set up pre-launch pages where you can give folks a sneak peek at your BFCM offers, and while you’re at it, snag their contact info.
And if you’re in the Amazon game, don’t forget to promote your deals right on your storefront and listing pages. The more visible those discounts are, the more people will be itching to grab them when the big day arrives!
Offer free shipping to boost Average Order Value
Let’s talk about a clever trick to boost your sales: offer free shipping. Shipping costs can be a major deal-breaker, and about 49% of shoppers bail on their carts when they see those extra charges.
So, during BFCM, why not roll out a free shipping plan? It’s a game-changer. Shoppers are often more willing to pay a bit extra for a product if it comes with free shipping. If you’re concerned about covering those shipping costs yourself, think about setting a minimum purchase requirement, like “free shipping on orders of $75 or more.” This not only helps offset the shipping expenses but also gives your average order value (AOV) a nice boost. And higher AOV means more revenue and profits coming your way!
Retargeting abandoned customers
Don’t let those abandoned carts get away during the holiday rush! We’re all familiar with cart abandonment, but here’s a golden opportunity to convert those potential customers using retargeting campaigns.
Here’s the scoop: segment your audience and tailor your retargeting efforts to customers at different stages of the sales process. You can use nifty tools like social media ads and emails to gently nudge them back into action. Remind them about those products they were eyeing and throw in some exclusive discounts, especially if they’ve abandoned their carts.
But here’s a secret weapon in your arsenal – cart recovery emails. These are incredibly effective, and they can recover anywhere from 3% to a whopping 14% of those lost sales. So, don’t let those abandoned carts slip through the cracks!
Choose the right 3PL
Let’s talk about the importance of choosing the right order fulfillment solution for BFCM. We all know that this time of year can be pretty hectic, even for the pros in the ecommerce world. So, making sure you’ve got a solid shipping and fulfillment plan in place is crucial.
Selecting the right third-party logistics (3PL) partner is most important for e-commerce businesses during the Black Friday and Cyber Monday shopping events. These critical periods are marked by a surge in online shopping, with heightened customer expectations for fast and accurate order fulfillment. A strategic 3PL partner can provide the scalability needed to meet increased demand, ensuring orders are processed and delivered on time.
Moreover, the expertise in inventory management, technology integration, and fast delivery can streamline operations, reduce costs, and enhance customer experiences. By delegating logistics to a reliable 3PL partner, e-commerce businesses can focus on their core competencies, such as marketing and customer service, ultimately driving success and customer satisfaction during these high-stakes sales events.
Ecom Logistics is a top choice for delivery during the busy holiday season. We offer a fixed shipping rate even during the peak season, so you always know what you’ll pay. We also help ecommerce businesses by handling the complex tasks of picking and packing, making things easier for ecommerce sellers.
And if you want your packages super fast, we’ve got you covered with same-day and next-day delivery options. In a nutshell, Ecom Logistics is known for being reliable, fast, and convenient, making us the first choice for both businesses and customers during the holiday rush.
Hassle-Free Returns is the key
During BFCM, returns are pretty common. To make your life easier and keep things smooth, it’s crucial to simplify the return process. Customers should be able to request returns without any hassle – think about having a return link in their delivery confirmation emails, tracking links, and other customer touchpoints.
But the real deal here is making sure your return policies are easily accessible. Display them prominently on your product pages, at the checkout, or even on banners. If you’re not offering returns on sale items, be very clear about that in your return policy. It’s also a wise decision to scrutinize your return policy a few days prior to the commencement of Cyber Week to confirm that all details are precise and current.
Remember, hassle-free returns are a fantastic way to win your customers’ loyalty. And if you offer free returns, you’re likely to have a customer who keeps coming back to shop with you again and again. It’s a customer-friendly strategy that pays off in the long run.
Conclusion
Black Friday and Cyber Monday (BFCM) is a major shopping event that offers e-commerce businesses a prime opportunity to boost sales with incredible discounts and increased online shopping. BFCM originated in the United States, with Black Friday gaining popularity in the 1980s and Cyber Monday emerging in the 2000s. In 2023, BFCM spans from November 24th to November 27th, and it has become a global phenomenon.
To prepare for BFCM success, early stock preparation, lead generation campaigns, prominent discount showcasing, and free shipping offers can be effective strategies. Retargeting abandoned customers and selecting the right order fulfillment solution are also crucial. Ensuring hassle-free returns can contribute to customer loyalty and long-term success. BFCM continues to grow and evolve, making it a significant sales event for e-commerce businesses to leverage.
Why Partner with Ecom Logistics?
Ecom Logistics is a leading Canadian 3PL providing end to end logistics solutions to North American businesses since 2017. Headquartered at North york, Ontario, equipped with more than 250,000 sq feet of warehousing space and the latest fulfillment technology, we have proved to be a trusted partner for thousands of businesses for all their warehousing and fulfillment needs. We also offer complimentary logistics services such as inventory management, same day and next day delivery, Canadian, US and international shipping options, returns management, LTL freight and much more.
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