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Black Friday 2020: Is your business ready?
We’ve celebrated Halloween, we’ve closely followed their presidential election, and now it’s time to take our online shopping cues from our American friends.
What started as a US-only phenomenon has well and truly spread to Australia, with thousands of retailers now on board with the Black Friday hype.
Black Friday refers to the day after Thanksgiving and is symbolically seen as the start of the critical holiday shopping season. Another important day to retailers is Cyber Monday – the first day back to work after the long holiday weekend in the US.
The best part is, it’s not too late to get involved, as the event kicks off on Friday 29th November 2020.
Let’s take a quick look back in time…
In 2018 we first saw Australians fully embrace America’s Black Friday tradition.
In 2019, Black Friday/Cyber Monday purchases eclipsed the first week of December, which has traditionally been the Christmas peak for online sales.
In 2020, Black Friday and Cyber Monday are poised to be bigger and more competitive than ever for eCommerce and DTC brands.
Not only have online shopping sales doubled during the COVID-19 pandemic, but research from Google also shows that 69% of holiday shoppers will be doing more shopping online this year.
That means this is a major opportunity for small and medium-sized businesses that are already set up to sell online. It’s also the perfect opportunity for all eCommerce retailers to give back to their community and reward loyal customers, as well as increase website traffic, brand awareness and increase sales.
What industries benefit most?
Overall, beauty and cosmetics have been the clear winners during previous Black Friday/Cyber Monday sales, up 54% YOY according to Australia Post consumer data.
As Christmas approached, food and liquor sales rose, along with variety store purchases.
How can I improve sales over this period?
We’re so glad you asked!
Unfortunately, you can’t just put out a simple discount and expect that online shoppers will take notice. The competition will be fierce, so to get the most out of this period, you need to set up meaningful deals that are worthwhile for your customers. You’ll also need to craft compelling messaging to stand out from your competitors and use psychological triggers to get more clicks.
Here are our top 5 tips for making the most of Black Friday 2020:
1. Don’t stretch out your sale – Why shouldn’t you run your Black Friday promo from October all the way to the end of December? It creates less urgency for the deal and can reflect poorly on your offer if you keep “extending” the time period. Stick to the main sale period for best results, as The Iconic did here:
2. Make offers that you can afford – You don’t have to offer huge discounts in an attempt to compete with large retailers. In fact, free gifts and bundles can be just as or even more attractive to shoppers. Bundling can be an effective way to increase your average order value (AOV) while also getting customers to try a broader range of products.
3. Create a frictionless online storefront – Making even minor website changes can improve the experience of customers heading online to research, browse, or buy. Get tailored tips to improve your online shopping experience with Google’s Grow My Store and improve your mobile site speed with Test My Site.
4. Brand your campaign – It might be tempting to turn your website or social media colour scheme to black for the occasion. But this should be done with caution and without forgetting your regular branding. According to Planoly, using a signature colour can increase brand recognition by 80% and consistent presentation of a brand has seen to increase revenue by 33%. Take a look at this great example of how Uniqlo are advertising their Black Friday deal in keeping with their usual brand colours and style.
5. Increase your ads budget – if you’re using social media to promote your sale offers, it pays to spend a little extra at this time. A whopping 30% of internet users discover new brands or products through social media ads, so this could be your time to shine.
Get ready for a big weekend!
No matter what happens on Black Friday weekend this year, one thing is for sure: it’s going to be different. More shoppers will be staying at home and doing their shopping online, which means businesses have to be ready with their most competitive deals, engaging messaging, and optimised landing pages. If you need a little help with taking advantage of this opportunity, the Zib team are here to help. And we have more than enough coffee to keep us going all weekend.