Most can agree that the holiday traditions in the fall time are the best – turkeys, pumpkin spice flavor, apple picking, and Black Friday sales. Yes, you read the last one correctly! Black Friday and Cyber Monday are quickly becoming people’s favorite holiday traditions – and for a good reason.
Just about everyone loves the autumn holidays, including retailers. One of the best opportunities for marketing and sales of the year, it’s important to make the most of it. Here are some of the best tips to increase engagement, loyalty and sales this coming Cyber Monday.
Looking back to Cyber Monday 2020
First, let’s take a look at last year’s Cyber Monday. According to research by Adobe, the Monday deals offered in 2020 translated to $10.8 billion worth of online holiday shopping, a 15% increase from 2019. This is great news, until you find out 2020 sales were projected to increase between 30-40%, almost double the actual numbers. Of course, there were many unprecedented challenges to consumers, among them the lockdowns, downsizing and economic uncertainty.
Not all sales were down though. Mobile shopping is on the rise! A whopping 37% of sales were made through smartphones and one in 10 visits to retail sites came from social media. The role of mobile phones during the BFCM week is predicted to increase, with more and more emphasis on social media.
It is important to highlight that Cyber week shopping is changing, with new trends emerging every shopping season. The focal point for consumers in 2021 is all about being a conscious consumer. A survey by Union Bank revealed that social movements influence consumers right now over prices. Seven in 10 shoppers said they value supporting small businesses more than getting a good deal. Black-owned and sustainable businesses were also favored over their competitors. Following the challenges of the past two years, the trend toward supporting smaller businesses is a glimpse of hope for the revival of the economy.
But these are just statistics. What do they mean for your holiday sales strategy?, Let’s discuss some of the ways marketers can grab shoppers’ attention, increase sales and motivate customers to return.
Problem #1: Increasing engagement through personalized banners
Customers looking for a specific product may feel overwhelmed, especially if they are juggling through 4-5 different pages at a time. Don’t let your shoppers get distracted by too many options like streaming service alternatives when they just want a new phone. The frustration of too much choice can decrease their motivation to buy your products and reduce return visits to your website for future purchases. How can you make sure each customer is seeing what they want?
Solution: Banner management
Banner management is an AI-backed technology that optimizes your website layout in real time with information from the user’s purchase and search history. Showing the customer what they want to see, such as the new phone models instead of streaming services, will decrease confusion and make online shopping easier for the user. In turn, this will increase customer engagement and click-through rates, and convert into sales.
Problem #2: Speeding up the path to purchase.
How many times have you seen your customers browse through a website, put things into their cart, and abandon their cart at the last second? Customers resent the hard sell. Too many alternatives in front of the BUY button allows the customer time for second thoughts, resulting in abandoned carts and decreased sales.
Solution: Personalized discount messages
Personalized discount messages with an irresistible design will attract customer attention and create a sense of urgency. Our AI-backed technology identifies customers with high discount affinity and targets these messages towards them, making them more likely to purchase the item they are considering. Integrating a simple solution like this could increase your sales by gently pushing the customers into completing their purchase.
Problem #3: Nudging shoppers to spend more
Getting holiday gifts is much more than a shopping spree for most. They have allocated budgets, gift guides and special deals they are chasing. When shoppers are being frugally minded, how can we motivate them to go beyond their list and buy more products?
Solution: Progress Bars
We all love free stuff – a little too much. Progress bars that lead to rewards like free gifts or free shipping are a great way to incentivize customers to increase their average order value. This is one of the easiest uses of gamification, because a free reward is the perfect excuse for the shopper to abandon their list and indulge in that extra item.
Problem #4: Improving conversions across channels
People want to know about the products and services they are purchasing, especially if they are unfamiliar with the subject. For example, a user who is trying to get a new credit card might not be knowledgeable about banking, so they might ask friends, coworkers or family members for advice on how to choose a new card. This is great if they suggest your product, but if they don’t you will have to work harder to catch their attention. Luckily, you can reverse this scenario and use this to your advantage.
Solution: Incorporating social proof
Incorporating social proof, reviews or reporting how many people are looking at the product right now can influence people into buying your product. Social indicators prove the success and popularity of your product while also creating a sense of urgency by hinting that your product might run out. In addition, decreasing the number of steps to learn more about the product results in a more positive experience. Social cues make the online shopping experience easier for the customer, which results in higher conversion rates.
Problem #5: One-time customers
Customers are great, but you know what’s even better? Loyal customers. The holiday season is the perfect opportunity to highlight your brand and gain new customers, but without sustained engagement you will soon be forgotten. What can you do to build long-lasting relationships with your customers?
Solution: Smart outreach and follow-ups
Insider’s customer journey tool, Architect, enables marketers to send out personalized reminders about their upcoming flash sales, deals, and more. Architect uses AI to gain insight into a consumer’s interests and activities, their preferred messaging channel, and times they are likely to be active. This gives marketers the perfect opportunity to say “I’m here” when customers are paying the most attention by using email marketing to draw the new customer back to their landing page, and products.
Problem #6: Not knowing your potential customers
With the newest technologies available, it’s possible to know a lot about our potential customers: what they are looking for, how they navigate through an online store and even their search and purchasing history. But it’s harder to find out the most valuable detail: how to reach them… What can you do to get the contact information of new shoppers and turn them into return customers?
Solution: Spin to Win
Spin to Win is a gold mine for marketers. First of all, it’s an appealing game that most people can’t resist, so it has high engagement. By entering contact information, the user can spin the wheel for a chance to win a prize. This results in a new lead about a potential customer to reach out to in the future. But it doesn’t stop there. If a customer wins a discount or a free gift, they will be motivated to buy something, even if that wasn’t their intention when they clicked into the website. So, not only does Spin to Win generate leads for email lists, it can also help increase the customer’s average order value.
Problem #7: Keeping the momentum
There’s no doubt that the holiday season is one of the busiest times of the year for online retailers. Due to this, the period after the holidays is often neglected with decreased advertising and outreach efforts. However, keeping momentum is especially important during these low times, which can be achieved with a simple solution.
Solution: Price change and restock alerts
Price changes and restocking are very common after the holidays. Last year, nearly 35% of shoppers reported that they missed the chance to buy a product because it was out of stock. By notifying the shoppers that this item is back in stock, you can help bring them back to your online store after the holiday season and continue the shopping spree. The same goes for price changes. Alerting the customers to price changes in the items they were looking at gives them a reason to hop back on the website.
Our Cyber Monday Mantra
There are so many ways to improve your Cyber Monday presence and convert this presence into success. When in doubt, remember these three simple rules:
- Be alert, keep track of trends and statistics.
- Be smart, analyze what is working and what isn’t.
- Be fast, adapting to change is essential to marketing, especially during the holiday season.
Now you have all the marketing strategies you need to take over Cyber Week 2021. Go and grow your online presence, increase your sales, strengthen your customer relationships and keep the momentum going on your big day. Get in touch to learn more.
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