Black Friday is not just another sales day; it’s a behemoth in the world of commerce. For brands, it's the time of year when the opportunity to significantly increase revenue knocks.
Historically, Black Friday has consistently shown impressive sales figures. According to data from recent years, consumers spent a whopping $9 billion online during Black Friday 2020, marking a 21.6% increase from the previous year. With figures like these, it's clear that brands can't afford to sit this one out.
To truly win Black Friday, brands need to up their game on several fronts. In a sea of eye-popping discounts, the key to standing out lies in creating compelling offers. Black Friday is also the perfect time to introduce shoppers to products that they wouldn’t have discovered on their own by leveraging an effective upsell strategy. Brands also have an incredible opportunity to build relationships with their customers that thrive far beyond the holiday sales season by leveraging subscriptions to turn one-time buyers into long-term customers.
Preparing for Black Friday doesn’t need to be complicated. Save time and avoid stress using these easy strategies to win big this BFCM.
Optimize Discounts to Maximize Revenue
Black Friday is synonymous with discounts. Every brand, whether big or small, will be vying for consumers' attention, hoping to entice them with deals that are too good to pass up. For brands to genuinely capitalize on this gold rush, they need to have a robust discount strategy in place.
Follow the strategies below to get the most out of your discounts for this BFCM season.
1- Set the discount
Product specific discounts: some products may have higher margins, making them ideal for discounts without sacrificing much profit. Alternatively, brands may want to clear out old inventory, making certain items prime candidates for discounts.
Collection-based discounts: offering discounts on collections can be a strategic move. For instance, a winter wear collection could be discounted to usher in the new season's line. This approach can appeal to shoppers looking for themed or complementary products.
Storewide discounts: a storewide sale (for example, 20% off all items) allows buyers to stock up on their favorites and try new things instead of shopping a limited sale section. This approach can generate massive traffic and sales volume, especially if combined with other promotional strategies.
2- Create urgency
The power of countdowns: a live countdown timer creates a visual of scarcity. As minutes and seconds tick away, shoppers are reminded that the deals won't last forever, psychologically nudging them to make faster purchasing decisions.
Limited stock notices: alongside a countdown, showcasing the limited stock available can further emphasize the need to act quickly.
3- Manage promotions
Avoid discount stacking: while promotions can be enticing, brands should be wary of allowing multiple discounts on a single product. If a customer can combine a 20% off code with a $10-off voucher, profits could vanish quickly. Put systems in place to prevent these kinds of outcomes.
Variable discounts: offer different discount tiers based on cart value. For instance, 10% off on purchases above $50, and 20% off on those above $100. This encourages higher spending.
4- Advanced scheduling
Staggered deals: rather than releasing all discounts at once, stagger them over Black Friday weekend, or throughout the holiday season, giving customers a reason to return. Early bird deals cater to the eager beavers, while evening deals can capture the last-minute shoppers.
Pre-announcing sales: letting your customer base know in advance about the upcoming sales can build anticipation. Use email marketing, social media teasers, and even SMS alerts to keep them informed. Pro tip: Looking to grow your marketable email base? Collect emails in advance as a way to give insiders early access or advanced notice of sales and promotions.
5- Smart collections
Automated inclusion: Use tools to automatically categorize products with sale tags into designated collections. This reduces manual labor, eases stress and ensures that all discounted products are easily accessible to shoppers. Pre-schedule these sales so that you can spend your time on items that are more time-sensitive.
Exclusion of non-discounted products: Just as you include discounted products, ensure non-discounted or exempt products are excluded from sale collections. This provides clarity and avoids customer confusion.
When executed well, these strategies not only maximize Black Friday sales, but enhance your brand's image and improve customer loyalty well beyond the sale season.
Cover all your promotional needs and plan a stress-free Black Friday with the Bold Discounts App.
Upselling – The AOV Game-Changer
When it comes to Black Friday, simply making a sale isn't the finish line—it's just the beginning. Upselling is the tactic that can truly maximize a brand's profits, turning a good sale into a great one. Here are a few easy ways to incorporate upselling strategies into the Black Friday rush:
1- In-checkout offers
Exclusivity for Shopify Plus Members: There is no point in the customer journey more powerful than the point of purchase. It’s the best place to offer impulse purchases with the highest conversion. Brands using Shopify Plus have a unique advantage allowing in-checkout upsells. These strategic product suggestions are made right before the customer finalizes their purchase, capitalizing on their already heightened purchasing intent. If you’re on Shopify Plus, and not already using the Unlimited Plus Plan, now's the time to make the switch!
2- Upgrade and bundle
Value perception: encourage customers to perceive greater value by bundling related products. If a shopper is buying a camera, offer a bundle that includes a camera bag, memory card, and tripod at a reduced bundle price.
Highlight savings: emphasize how much the customer will save by choosing the bundle over individual products, making the upsell feel like another exclusive deal.
3- One-click upsells
Seamless additions: post-purchase, when a customer feels accomplished about their new buy, tempt them with additional products that can be added to their order with just a single click.
Limited time offer: pair the one-click upsell with a timer, emphasizing that the offer is exclusive to their current purchase and won't be available later.
4- Sales funnels
Adaptive algorithms: use intelligent systems to analyze a customer's behavior. If they accept an upsell offer, show them another higher-value item. If they decline, present a different, perhaps more budget-friendly option.
Personalized experience: make every shopper feel like the offers are handpicked for them, based on their preferences and shopping habits.
5- Full control
Customize app blocks: design the upselling interface to match the brand's aesthetics. Ensure it doesn't feel intrusive but rather a natural part of the shopping journey.
Schedule upsells: time offers based on peak shopping hours or when there's a higher influx of traffic to the website.
Inventory awareness: automatically disable upsell offers for products that are running low in stock to avoid over-promising and under-delivering.
Incorporating these upselling tactics isn't just about increasing the transaction value. It's about enhancing the shopping experience, making customers feel they're getting more value and deals tailored just for them. This not only boosts Black Friday sales but also fosters a lasting positive impression of the brand.
Use Bold Upsell to bring powerful upselling capabilities to your store.
Black Friday is not just about the day itself, but the strategies you execute. By focusing on discounts, upselling, and subscriptions, brands can ensure they don't just survive Black Friday but thrive.
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