Cyber Monday is right around the corner. As one of the busiest online shopping holidays of the year, are you ready?
Cyber Monday succeeds Black Friday and Small Business Saturday as a part of the official kick-off to the holiday shopping season. This year, Cyber Monday falls on November 28. As we have seen, many shoppers have taken the initiative to begin their holiday shopping earlier this year, especially because of rising prices, labor shortages, and unstable economies. This is also due to the “Christmas Creep,” where retailers introduce holiday-themed deals before the traditional start of the holiday shopping season, the day after Thanksgiving. E-commerce businesses must make adjustments like investing in the right infrastructure to help during this holiday season. The supply chain issues and high demand from 2021 impacted the number of discounts that retailers offered. But even with inflation, this year will have prices even better than last year. Amazon Prime Day, which occurred July 12+13 AND October 11+12, had discounts that were up to 50% more than in 2021, and the average order value increased by at least 16% over last year. You can read our full review of Amazon Prime Day here. It is likely that other companies will also follow this strategy and give the best discounts possible.
We already witnessed the e-commerce “Christmas Creep” with brands such as Target and Amazon, which held holiday savings events in October. Many companies prepare in advance by hiring seasonal workers to speed up order delivery and omnichannel fulfillment. Amazon put emphasis on upgrading technology and showing off its digital ecosystem during these early deals just as much as upgrading consumer electronics.
71% of US shoppers plan to do their shopping online this holiday season, according to Wunderkind. Black Friday and Cyber Monday shoppers have shifted away from discretionary purchases and towards essentials, according to PYMNTS. As prices made the cost of living higher, deals on less expensive goods like clothing, health and beauty, and household goods will be popular. Consumers are less loyal to brands and more focused on finding the best deal, no matter what time of year they are shopping. Knowing your customer is the first step in being prepared for Cyber Monday and the rest of the holiday shopping season.
How do you run Cyber Monday successfully for your business? What is the best way to maximize profits as the holiday shopping season gets longer without harming your store, employees, or fulfillment centers? Thinking ahead will be the key to your Cyber Monday success.
Review Your Numbers
How much more can you take on during this holiday shopping season? What are your current numbers? Take a look at previous years to understand what went well and what did not. Consider the amount of traffic on your e-commerce site, especially with the number of sales and promotions on Cyber Monday. By analyzing both your past and current data, you’ll better understand where purchases are coming from, how long items sit in customer carts, how long customers spend on your website, how they are getting to your website (organic, promotional, social), and everything in between.
Analyze Target Market
68% of consumers are waiting for Black Friday and Cyber Monday to make specific purchases, with 67% more interested in the shopping holidays due to the cost of living crisis. While some shoppers prioritize shopping with brands they know and trust, the majority of consumers will shop around for the lowest price. 64% of consumers are looking for the best shipping policy. Understanding your target market can make you prepared for which products your customers will purchase during peak shopping times.
Compare Data to Current Trends
Consumers are 71% more likely to buy products after seeing positive reviews on their social networks. Social media creator marketing can be a huge part of your marketing strategy. During a shopping event as large as Cyber Monday and beyond the holiday shopping season, it is important to appeal to your target market by means of diverse communication. One channel that is expected to grow is mobile commerce and live shopping apps. In the first five months of 2022, top US live-stream shopping apps grew 77% year-over-year to 2.3 million. This also does not account for other video apps that have e-commerce features like TikTok. Total US e-commerce sales from mobile commerce are expected to hit $115 billion, which is a 20% increase over last year, as reported by Practical Ecommerce. Remember, your company must decide what the consumer is looking to purchase, while also understanding current and past trends.
Communicate with Your Customers
As consumers become less loyal to brands, communication must be emphasized. Holiday deals, discounts, low prices, and budget-friendly products will reign supreme. Connect customers with email about product availability and pricing. 79.6% of consumers rely on emails from their favorite companies to learn about general sales. Communicating with customers does not just mean promotional information, however. Tracking information, sales dates, and reminders about items in the cart are all positive engagement with consumers. Communicate before they decide to shop elsewhere.
Update Technology and Infrastructure
Part of reviewing your business’s numbers is about finding hiccups within your technology. You want to try to run everything as smoothly as possible during the high-traffic period of Cyber Monday. Examples of reliable infrastructures include Supply Chain Management, IT and Customer Service Support, Warehouse Management, and integration of a Shipping Solution. Automate your shipping with DesktopShipper! The benefit of planning way in advance is that you can test the changes in your infrastructure before the big day.