Cyber Monday 2017 is right around the corner and, as always, eager online shoppers are ready to fire up their smartphones and laptops to access the best online shopping deals. Lately, this annual ritual has come to represent a gauge that reflects the popularity of online shopping, with USD 3.45 billion worth of sales in 2016, and by the looks of it, substantially more this time around.
‘Wait a minute,’ said the small business owner emphatically. While big label brands can afford to churn out Cyber Monday deals with predatory pricing, can small businesses really hold their own amid the frenzy? According to a frontline market research finding, last year’s Cyber Monday landed a 12.1 percent increase in sales when compared to the year before. And, small businesses were just as lucky at the business end of things as the big brands.
What can you do as a small business owner, to really bring home the advantage this Cyber Monday?. We offer you five ways to capitalize on profits and achieve success.
1) Optimization: are you ready for the inflow?
The most important attribute that online shoppers are looking for this Cyber Monday is value for their money. And, just as important is the ease with which they can access Cyber Monday deals that do offer them the aforementioned value. Is your digital infrastructure ready to handle the inflow of online buyers?
Last year, more than one-third of all online purchases made during Thanksgiving weekend happened over smartphones. Does your e-commerce website adhere to the rules of responsive design, and is it conveniently accessible over a smartphone? If not, you are missing out on a herd of seriously committed online shoppers.
2) More is more: more brand recognition, loyalty and upselling opportunities
During 2016’s Thanksgiving weekend, doorbuster sales accounted for over 40 percent of all merchandise moved. By offering exclusive Cyber Monday deals, you can move items that are in excess (a condition that most likely arose due to the associated pricing) and add and long-term brand loyalty into the mix. The idea here is to offer buyers the best value for their money and ensure future opportunities to upsell and call upon word-of-mouth promotional allegiances.
3) Start early and end late: don’t forget Thanksgiving and Black Friday
Cyber Monday is undoubtedly ground zero when it comes to specialist online shopping events, but the goodwill shouldn’t be limited to just this one day. Thanksgiving weekend should be effectively used as prep time to test deals that work best, alongside disbursing catchy online promotional material that invites the crowd of Thanksgiving weekend online shoppers to come check out your establishment on Cyber Monday. Considering the fact that online sales for Black Friday in 2016 amounted to USD 3.34 billion, all this additional effort is definitely worth it.
Again, why limit the sales to just Cyber Monday? As the event draws to a close, send out emails and status messages that inform buyers that you’ve extended your sale by X number of days. This communication not only creates a sense of urgency, but has great potential in terms of referrals as well.
4) Attach a cause: rein in the feel good factor
Giving back is more than just an emotion with most Americans and the feeling is greatly increased through the holiday season. Helping out your favorite charity, assisting with natural disaster funds, or rooting for a popular cause like veganism or animal welfare will not only benefit those on the receiving end,but also win your business some much needed brownie points. Additionally, online buyers can feel more positive about their purchases and are more than likely to recommend your business to friends and family.
5) Build those bridges: stay in touch and no goodbyes
Finally, don’t let a Cyber Monday purchase opportunity be the only interaction between your business and its target customers. Pipe in a creatively appointed KYC form and offer incentives to stay in touch. Build and maintain those email lists and curate your social media outlets with the very best that your business has to offer. Simple initiatives today will contribute to the success of Cyber Monday 2018.
Takeaway: immediate brand recognition and lasting loyalty from online shoppers who are looking for value and the best Cyber Monday deals. Irrespective of the size of your business, the former two are your highest priority and the latter, the harbinger of limitless opportunities to realize this priority.
