According to WooCommerce research, the strategies that representatives of the online trade field use aim to increase sales during Black Friday and Cyber Monday (BFCM). This article provides the inside scoop on these strategies, how online retailers are preparing for BFCM,
and why it's important to be proactive during the holiday season.
Online Sales Are the Most Important Channel
The most notable part of the study is the confirmation by 76% of respondents that their online sales are the main source of income during the holiday season, highlighting the need to have an optimized and well-functioning website.
46% of online stores reported a 30% increase in sales when they combine holiday season efforts with BFCM. 24% stated that more than 30% of their income comes from this period, and 8% of stores reported that they received more than 50% of their revenue during the festive and BFCM season.
The Best Retailers Start Their Preparations Early
Interestingly, almost 20% of online stores start preparing for the holiday season six months or earlier, while most retailers begin their preparations later. Among online stores with revenue of $250K or more, 12% prefer to prepare early, and 34% prepare 3-6 months in advance.
The general breakdown of holiday preparation among online retailers is as follows:
● 26% prepare 1-4 weeks in advance.
● 27% prepare 1-3 months in advance.
● 13% prepare 3-6 months in advance.
● 4% prepare 6+ months in advance.
Strategies That Retailers Should Use
Many online retailers plan to be active during the holiday season. 26% of online retailers consider stocking up as a key part of their strategy.
Top Strategies Named by Retailers:
● Increasing supplies
● Marketing
● Advertisement
● Website optimization
Sending emails as an effective marketing channel was named by 29% of online stores, while organic search was named as the next top strategy by 25%. Content marketing, social media, and banner ads were each mentioned by 6%.
The strategic plans of 34% of online merchants look like this:
● 26% will add a new product.
● 24% will improve their marketing strategy.
● 16% will improve website functionality.
● 10% will focus on early sales.
● 9% will offer customers a special discount.
According to the research, the final key strategies mentioned are:
● Improving customer interaction
● More activity on social media
● Inventory management
Conclusion:
It's important to understand what other online retailers, especially your competitors, are doing to prepare for the holiday shopping season. Make sure customers have access to all the opportunities you've strategically planned and implemented to attract their attention. Don’t let them leave your online store dissatisfied due to a poorly planned strategy.