4 Merchant Tips for the Best Black Friday Ever
November 15, 2017
As we approach the hustle and bustle of the holiday shopping season, there are several key considerations for merchants to maximize their traffic and shopper engagement. In a discount-fueled shopping frenzy, merchants who can’t compete on price need to mine other, operationally-focused ways to win.
Here are 4 tips to apply to your stores now:
1. Delve into Data. Merchants should have specific retention strategies in place for customers they acquire during the early holiday season. This will give you the benefit of a Black Friday bump in top-line revenue and combat the lesser ROI and skewed CLV. Use data to transform your business approach to win the holiday season and the repeat purchases that follow.
Data Management in Action:
To win the loyalty of sneaker-fans, KicksUSA invested in Magento Business Intelligence to mine deeper into its data. The brand discovered opportunities for improvements to customer service processes and tripled the headcount of their team to focus on welcoming back returning customers. In an era when acquiring, converting, and retaining valuable customers is becoming more difficult, KicksUSA used Magento Business Intelligence to find a competitive edge. The company saw a 20 percent initial return rate, followed by a 35 percent return rate the next year, accounting for 45 percent of KicksUSA revenue.
2. Soup up Your Social Stores. A clear majority (75 percent) of consumers have purchased a product because they saw it on a social channel. And 86 percent of people follow brands on social media. Transform your social platforms into extensions of your store, enabling shoppers to easily purchase products across all channels.
Social Strategy in Action:
Magento Social makes it easy for merchants to sync their Magento product catalogue with their social networks. Now, you can launch a storefront on the leading social networks with just a few clicks. This seamless integration automatically keeps product listings on your social profiles consistent with your Magento product catalogue.
3. Check up Your Checkout Process. While it’s critical to ensure that you’re delivering an efficient checkout experience, consider the various opportunities to encourage up-selling or cross-selling. For instance, create a pop-up notification on your website to remind shoppers to make purchases for everyone on their gift lists.
Checkout Optimization in Action:
Shinola aimed to build a site with a robust front-end experience that when used on a mobile device, feels like an app. Shinola needed to deliver faster load times without page reloads, so they developed a cart with a slide-out view that doesn’t interrupt the shopping experience. Native checkout has been simplified to just 2 steps instead of 6 in Magento 2.
4. Maximize ‘Moments of Truth’ via Mobile. Of those considering shopping the long holiday weekend, 20 percent of respondents plan to shop on Thanksgiving Day (32 million), according to a survey conducted by National Retail Federation and Prosper Insights & Analytics. So seize the opportunity to insert your brand into right time communications with your shoppers. For instance, fire off a special promo or discount offer for Black Friday to reach mobile users as they scroll through their social feeds post-Thanksgiving dinner.