As the unofficial beginning of the busiest shopping season of the year, Black Friday and Cyber Monday have come to symbolize the holiday season. Black Friday is one of the mot lucrative days for retailers, Chain Store age puts Black Friday at the top of its list for busiest shopping days of the year.
Nowadays, customers and retailers alike look forward to the amazing sales and discounts that are provided both in-person and online during this time. Recent research and figures show how important Black Friday and Cyber Monday are for boosting sales, both in physical stores and online.
Cyber Monday, a brand-new shopping holiday that first appeared in 2005, is similarly renowned as Black Friday. Cyber Monday is the Monday following Thanksgiving, and unlike Thanksgiving night and Black Friday, when many consumers visit physical stores, it only takes place online.
Recent Studies and Statistics on How Black Friday, Cyber Monday Helps to boost sales:
Let’s go through the recent statistics and studies on how Black Friday and Cyber Monday have helped in boosting sales and how it can benefit various brands.
Black Friday: A Brick-and-Mortar Bonanza
The day after Thanksgiving, known as Black Friday, has long been connected to in-store shopping. Customers wait in queue outside of their preferred stores in an effort to score the best prices on everything from clothing to electronics. According to recent surveys, Black Friday physical deals continue to have a substantial impact on consumer purchasing. Let’s see how?
a. Foot Traffic and In-Store Purchases
Despite the COVID-19 epidemic, a sizable proportion of consumers visited physical stores on Black Friday in 2020, according to the National Retail Federation (NRF). Although it marginally decreased from prior years, the proportion of in-store purchases still made up a sizable component of total sales. This demonstrates that throughout the holiday season, the appeal of in-store shopping still retains a special place for many customers.
Additionally, according to research from ShopperTrak, Black Friday 2020 witnessed fewer overall store visits but higher conversion rates. This illustrates the appeal of Black Friday offers by showing that even while fewer people visited stores, a higher percentage of them made purchases.
b. Impulse Buying and the In-Store Experience
Online shopping just cannot compare to the sensory experience that physical stores provide. Touching, feeling, and trying on merchandise allows consumers to make impulse purchases, which is a phenomena frequently seen on Black Friday. A festive mood with stores decked up in holiday decor can also elicit a sense of urgency and enthusiasm that promotes buying.
According to a study by Psychology & Marketing, the sensory experience of in-store shopping causes emotional reactions that affect purchasing choices. This particular shopping experience is enhanced by the physical interaction with the goods, the aroma of Christmas candles, and the aesthetic attraction of the decorations.
c. Local Economies and Community Engagement
Black Friday benefits the regional economy as well. By purchasing locally, people are more likely to interact with their communities and support small companies and local retailers. According to a study by the Institute for Local Self-Reliance, out of every $100 spent locally, $68 stays in the neighborhood as opposed to just $43 when made at a chain store.
Additionally, campaigns like Small Business Saturday, which occurs between Black Friday and Cyber Monday, encourage customers to support their local stores by shopping locally.
Cyber Monday: The Rise of Online Shopping
While Cyber Monday has become the online equivalent of Black Friday, the former is more commonly linked with physical retailers. It has acquired significant traction over time and is now a pillar of holiday season e-commerce sales. Following are the reasons for its popularity:
a. The Growth of E-Commerce
According to Adobe Analytics, Cyber Monday 2020 broke prior records, with online sales in the United States alone hitting a startling $10.8 billion. This emphasizes the notable shift towards internet purchasing, a trend that has been rapidly gaining popularity in recent years.
Online shopping’s convenience cannot be emphasized. Consumers may read reviews, browse a huge product catalog, and compare prices with just a few clicks. An important factor in the exponential expansion of Cyber Monday has been its usability.
b. Convenience and Accessibility
Online shopping provides an unmatched level of convenience. Customers can shop and make purchases while relaxing in their own homes, avoiding congested places and long queues. Additionally, the availability of online shopping around-the-clock guarantees that customers can benefit from bargains at their own convenience.
The popularity of mobile shopping apps has also been a major factor in the accomplishment of Cyber Monday. Smartphone shopping makes it even more convenient for customers who are on the go.
c. Personalization and Data-Driven Marketing
Data analytics are used by e-commerce platforms to customize the buying experience by offering special offers and recommendations depending on user behavior. This degree of customization raises client satisfaction and promotes loyalty.
For instance, Amazon’s recommendation engine studies a user’s shopping and browsing history to promote goods that are in line with their preferences. This data-driven strategy improves the efficiency and engagement of online buying.
The Hybrid Approach: Blurring the Lines
Black Friday and Cyber Monday are increasingly being combined, as businesses embrace a more integrated strategy to meet the different needs of their customers. How are both these channels beneficial for enhancing sales? Let’s check the reasons below:
a. Omnichannel Techniques
Retailers are increasingly implementing omnichannel strategies to combine the benefits of offline locations with internet distribution channels. This offers a seamless experience for customers switching between in-store and online purchases.
A customer might, for instance, browse a retailer’s website to learn about products and read reviews, then go to a physical location to test out the products before making a final online purchase choice. This channel merging results in a seamless purchasing experience.
b. Early Online Deals and Extended Sales Periods
Nowadays, a lot of merchants start their online sales far before Black Friday, sometimes even for the entire month of November. The prolonged sale period is designed to appeal to both last-minute buyers and those who like to spread out their purchases.
Not just on one day during the holidays, but throughout the entire period, excitement and anticipation are desired. By spreading out the influx of customers and lessening the pressure on actual stores on Black Friday, this strategy is also advantageous to merchants.
c. Curbside Pickup and Buy Online, Pick Up In-Store (BOPIS)
Curbside pickup and BOPIS were two convenient methods whose acceptance was hastened by the outbreak. These services provide consumers with a secure and convenient way to access their purchases, bridging the gap between online and offline purchasing.
For instance, a customer can buy something online and pick it up later without going into the actual store, reducing touch and guaranteeing a flawless transaction.
The Global Impact of Black Friday and Cyber Monday
Despite having its roots in the United States, these shopping festivals are now a worldwide phenomenon.
- Globalization and retail: International shipping and the globalization of retail e-commerce platforms have made Black Friday and Cyber Monday accessible to customers all over the world. Recognising the worldwide appeal of these events, retailers frequently extend their promotions to customers abroad. According to research by eShopWorld, cross-border online sales during Black Friday in 2020 increased by 41% year over year, demonstrating the event’s expanding global influence.
- Local Preferences Adjustment: While the fundamentals of Black Friday and Cyber Monday haven’t changed, companies frequently change their tactics to reflect regional preferences and customs. For instance, due to cultural differences or limitations on in-store buying, retailers in various nations may place a greater emphasis on online promotions. This versatility enables merchants to access new markets and serve a variety of customers globally.
Read More: SalesTechStar Interview with Paulo Veloso, Chief Revenue Officer at Digibee
What Brands Have Done in the Past to Drive Online Sales during this time? What B2B tech SaaS companies can learn from this?
Let’s delve into some past strategies that brands have employed to drive online sales during this pivotal shopping period.
1. Early Bird Discounts:
Early Bird Deals are effective at increasing online sales on Black Friday and Cyber Monday. Brands use this tactic strategically to start their Black Friday and Cyber Monday promotions long in advance of major shopping holidays. In the days or even weeks preceding the major event, brands entice clients with discounts and promotions rather than waiting until Black Friday and Cyber Monday.
By providing early bird specials, brands encourage consumer excitement and expectation. Customers are anxious to learn more about the offers and deals that will be offered between Black Friday and Cyber Monday since they are aware that something exceptional is about to happen.
Both online and offline, these early offerings generate buzz. These sales are advertised by brands on a variety of platforms, such as their websites, social media accounts, email newsletters, and even traditional media. With this multiple channels of communication strategy, they can be sure that their target market is properly informed about the impending sales.
Consumers are encouraged to begin their holiday shopping earlier rather than later by early bird discounts. In order to avoid the last-minute rush and potential product shortages, marketers encourage customers to make purchases early by offering tempting discounts prior to the main event.
These reductions give customers a taste of the kinds of bargains they may anticipate on Black Friday and Cyber Monday. It gives them a preview of the benefits they might expect, which may be particularly alluring to those who are already thinking of making a purchase. Early bird specials are a clever marketing gimmick that firms utilize to launch the Christmas shopping season. Brands may build anticipation, engage their audience, and encourage early purchasing by announcing tempting bargains in advance. This will ultimately increase online sales on Black Friday and Cyber Monday.
Takeaway for B2B tech SaaS companies:
Tech B2B SaaS businesses may learn a lot from how early bird discounts helped increase online sales on Black Friday and Cyber Monday. Brands build excitement and expectation among their customers by deftly releasing promotions before these significant shopping holidays. With this strategy, shoppers are encouraged to start their holiday shopping early, avoiding the last-minute rush and potential product shortages while also benefiting from alluring discounts.
Early bird discounts help businesses launch the Christmas shopping season with a savvy marketing strategy. In addition to giving customers a sneak peek at the deals they may expect on Black Friday and Cyber Monday, these promotions also engage and educate the target demographic through numerous communication channels.
By utilizing this tactic, B2B IT SaaS providers can heighten consumer anticipation, stimulate early purchase, and eventually increase online sales during these significant shopping occasions. Early bird discounts can be a useful tool for increasing revenue prospects while building consumer engagement and loyalty.
2. Exclusive Online-Only Deals:
Exclusive deals available only online are a strategy marketers employ to leverage the potential of e-commerce during major shopping holidays like Black Friday and Cyber Monday. Brands generate a sense of exclusivity and urgency by providing increased discounts, short-lived flash deals, and unique bundles. This encourages customers to spend online, which eventually boosts online sales.
These are unique deals and offers that are only accessible to clients who make purchases through a brand’s online platforms, such as their website or mobile app. Brands have acknowledged that the e-commerce environment offers special chances to connect with and engage consumers. Brands create a sense of exclusivity by giving bargains that are only available online. Customers’ perception that they have access to something unusual and rare might serve as a powerful inducement to buy.
Brands frequently sweeten the deal for online buyers by offering bigger discounts or other benefits in comparison to what is offered in physical stores. Customers are strongly encouraged to select online purchasing because of these improved online-only offers. Brands may provide special online bundles or packages that include a number of goods or services at a discount. Customers will perceive the value as being higher as a result, and it will also inspire them to investigate other options within the brand’s product line.
Online buying is also convenient because it requires no physical travel, parking, or line-waiting, which makes it a desirable choice, particularly during big shopping occasions. Brands can target particular online buyers with tailored offers based on their prior behavior and interests using data analytics. This amount of customization might increase the allure of online-only deals.
Takeaway for B2B tech SaaS companies:
The success of exclusive online sales during significant shopping holidays like Black Friday and Cyber Monday can provide B2B SaaS enterprises with useful insights. Customers feel a sense of exclusivity and urgency as a result of these limited-time deals, which are only available through online platforms.
This impulse to shop online eventually increases online sales. Offering special offers and discounts to customers that interact with their services online, such as through their website or specialized applications, is a tactic that B2B SaaS providers can use. This strategy encourages customers to choose the online channel for their transactions while also improving the perceived value of the offers.
Additionally, B2B SaaS providers might entice customers to buy online by offering better discounts or other benefits beyond those offered through conventional offline channels. Customized online bundles or packages can be especially alluring since they highlight the benefits of bundled services and entice customers to explore a wider selection of products throughout the brand’s portfolio. Additionally, the ease of online shopping combined with data-driven personalisation can increase the appeal of online-only offerings to B2B customers, ultimately resulting in higher online engagement and sales.
3. Mobile Optimization:
Due to the fact that mobile optimization makes online retailers more accessible to a wider audience, it has significantly contributed to an increase in online sales on Black Friday and Cyber Monday in a number of ways. Consumers may simply access and shop from their mobile devices, regardless of location, as smartphone usage increases. By attracting potential customers who might not have access to a desktop or prefer the ease of mobile purchasing, this accessibility broadens the market for online shops.
A seamless and convenient purchasing experience is provided by websites and apps that are mobile-optimized. With just a few clicks on their cellphones, buyers can browse products, assess prices, and make purchases.
With this ease, customers may swiftly take advantage of time-sensitive discounts, which is in line with the brisk pace of Black Friday and Cyber Monday sales. Online retailers with mobile optimization feature responsive design elements. This implies that the content, graphics, and layout all automatically scale to accommodate mobile devices’ smaller screens. Customers can easily examine product details and explore the website thanks to its responsive design without having to use a lot of zooming or horizontal scrolling.
Website that have been optimized for mobile are built to load rapidly on mobile devices. Fast load times are essential to maintaining restless customers on busy shopping days like Black Friday and Cyber Monday. Slow-loading websites run the risk of losing visitors to competitors’ optimized websites.
Users can receive push notifications from brands alerting them to special Black Friday and Cyber Monday offers via mobile apps. These alerts have the power to attract rapid attention and boost online sales. Websites that are designed for mobile frequently offer responsive customer service options, such live chat or call-to-action buttons. These make it possible for customers to get help right away, answering any issues or queries they could have while purchasing.
Black Friday and Cyber Monday online sales have increased thanks in large part to mobile optimization, which has improved the usability, accessibility, and efficiency of online purchasing for mobile consumers. The success of these shopping holidays as a whole is attributed to brands who make the investment necessary to optimize their mobile platforms for capturing the attention and wallets of consumers on the go.
Takeaway for B2B tech SaaS companies:
From the success of mobile optimization during Black Friday and Cyber Monday, B2B IT SaaS companies can learn the importance of accessibility and comfort. By making sure that their platforms are mobile-friendly, they may reach a wider audience, including people who prefer to use their mobile devices for shopping or using services.
In line with the quick-paced nature of these sales events, a seamless and swift mobile experience not only caters to clients who are always on the go but also makes it possible to quickly and easily access time-sensitive deals. B2B tech SaaS organizations can increase their accessibility, boost consumer engagement, and better capture sales during crucial shopping periods by adopting mobile optimization.
4. Email Marketing Campaigns
By proactively engaging with potential customers and generating excitement for impending bargains, email marketing efforts play a crucial part in increasing online sales on Black Friday and Cyber Monday. A well-segmented email list is often kept by brands, with subscribers divided into groups based on their interests, past purchases, and activity. By segmenting their subscriber base, they may deliver customized communications to certain subscriber groups, assuring that the recipients will find the messages to be interesting.
Email marketing initiatives are planned by brands well in advance of Black Friday and Cyber Monday. Setting campaign goals, defining the messaging approach, and figuring out when to send each email are all part of this preparation. In order to generate enthusiasm, campaigns are frequently started many weeks before the major shopping occasions.
As a preview of the sales and discounts that will be offered on Black Friday and Cyber Monday, brands send out teaser emails. These teases pique subscribers’ interest and build expectations. Many email marketing initiatives for Black Friday and Cyber Monday use countdown timers to convey a sense of urgency. The expiration dates of the bargains are prominently shown on these timers, encouraging customers to act quickly and make purchases before the deals expire.
These email campaigns’ content is designed to be aesthetically appealing, including catchy images, obvious calls to action, and persuading prose. Brands stress the savings clients can receive while highlighting the value of the products or services being offered.
Takeaway for B2B tech SaaS companies:
B2B SaaS businesses can benefit from the intense competitiveness and volume of emails seen during Cyber Monday and Black Friday email marketing in the e-commerce industry.
Make sure your emails are aesthetically appealing and stand out from the crowd during the busy Christmas shopping season. By including eye-catching visuals, infographics, and well planned layouts in their emails, B2B SaaS companies may put this into practice.
B2B SaaS providers should spend time creating intriguing subject lines that stimulate interest or communicate the email’s value proposition. Make sure the receiver receives real value from every email you send. B2B SaaS enterprises should concentrate on creating content that solves problems or addresses pain points for their target audience, whether it be by providing insights into industry trends, disseminating educational content, or presenting solutions to typical challenges.
5. Social Media Engagement:
Brands’ success during Cyber Monday and Black Friday sales has been greatly influenced by social media participation. Utilizing the wide audience reach of websites like Facebook, Instagram, and Twitter, brands can engage with their customers successfully well in advance of sales events. Ad campaigns that are specifically targeted to potential clients ensure that the proper demographics see promotional content.
Engaging Content builds followers’ excitement and anticipation, such as teases and behind-the-scenes looks at impending deals. Interactive features like surveys and contests not only keep viewers interested, but also motivate them to take part, creating a sense of community and brand loyalty.
Moreover, during these shopping events, social media activity fosters a lively and in-the-moment relationship between businesses and customers. Inquiries from customers can be answered quickly, support can be given right away, and real-time updates about offers and discounts can be shared. This open and honest communication builds trust and improves customers’ overall buying experiences.
User-generated content can also be used to highlight prior buyers’ positive experiences, further influencing purchasing decisions. Examples include customer reviews and unboxing videos. Essentially, social media involvement gives businesses the ability to engage with customers personally, create buzz, and boost online sales during Cyber Monday and Black Friday discounts.
Takeaway for B2B tech SaaS companies:
Tech B2B SaaS businesses can leverage consumer brands’ effective social media engagement methods to boost their own sales during Cyber Monday and Black Friday promotions. They can effectively engage with their target audience and increase online sales during these crucial sales events by using social media as a platform for outreach, building anticipation with engaging content, encouraging real-time communication, utilizing user-generated content, and actively participating in industry conversations.
Joining appropriate clubs and forums can assist develop thought leadership and reputation within the target industry, possibly bringing in more customers during sales events.These platforms should be used by B2B SaaS providers to quickly respond to customer enquiries, provide support, and disseminate timely information regarding promotional deals or discounts.
A potent method for creating excitement and expectation among B2B clients is content marketing. You can create excitement and curiosity by publishing teasers, sneak peaks, and behind-the-scenes glimpses of upcoming software updates or special promotions. B2B IT SaaS companies can communicate with their target audience well before important sales events by utilizing the wide reach of social media platforms like LinkedIn and Twitter, much like consumer-focused brands.
6. Personalization and product Recommendations:
Brands have been successful during Cyber Monday and Black Friday sales in large part due to personalization and product recommendations. These data-driven marketing techniques let companies establish highly customized connections with customers.
Brands can create customized product recommendations that are catered to each shopper by looking at the browsing histories, purchasing patterns, and preferences of their previous customers. This degree of personalisation not only improves the client experience but also greatly boosts conversion rates.
Personalized recommendations cut through the noise during the hectic shopping days of Cyber Monday and Black Friday, when customers are overrun with offers and choices. Brands help customers make better decisions by offering them things that they are likely to be really interested in. This develops consumer pleasure and loyalty in addition to increasing the likelihood of purchases.
During these important purchasing occasions, brands who have successfully embraced personalization and recommendations have experienced higher click-through rates, higher average order values, and ultimately higher online sales.
Takeaway for B2B tech SaaS companies:
Personalized recommendations stand out as a beacon of relevance during the busy shopping days of Cyber Monday and Black Friday, where shoppers are overrun with offers and options. B2B tech SaaS providers make the decision-making process simpler and promote customer satisfaction and loyalty by offering clients solutions that closely match their unique needs and interests. This eventually increases the possibility of closing profitable deals.
For B2B tech SaaS companies during important sales events, incorporating these principles can result in higher click-through rates, higher average order values, and ultimately larger online sales. They may provide greater value to their clients and succeed in the competitive market by putting a high priority on personalization and recommendations.
Common Mistakes to Avoid for Black Friday and Cyber Monday – Things to Keep in Mind
As we have learnt, Black Friday and Cyber Monday are two of the greatest shopping days of the year, providing businesses with excellent chances to increase sales and build relationships with clients. However, navigating these retail behemoths may be challenging, and making mistakes can be quite costly to your company. Let’s look at typical blunders to avoid on Black Friday and Cyber Monday so you may maximize your success and make a good impression on clients.
- Neglecting Mobile Optimization: Ignoring mobile optimization is one of the biggest errors firms can make. Your website and email campaigns need to be completely adapted for mobile devices due to the growing popularity of smartphones for online shopping. Failure to comply with this risked creating a terrible customer experience, shopping cart abandonment, and lost sales. To appeal to the expanding mobile population, make sure your website is responsive, loads quickly, and provides a seamless mobile purchasing experience.
- Ignoring Customer Service: During these high-stakes shopping occasions, exceptional customer service is essential. Neglecting consumer enquiries or concerns, providing subpar service, and responding slowly can damage your brand’s reputation. Provide enough resources for client service, including live chat assistance and specialized social media vigilance. To keep their trust, be ready to respond to client concerns quickly and professionally.
- Lack of a Marketing Plan: Without a carefully thought-out marketing plan, launching Black Friday and Cyber Monday promotions is a prescription for catastrophe. A marketing strategy that integrates email campaigns, social media posts, and website updates is frequently neglected by businesses. Make sure that everyone on your team is on the same page with the messaging and timing of your sales events by planning your promotions in advance and producing persuasive marketing materials.
- Forgetting Security: Cybercriminals are more active than ever during these shopping occasions. Data breaches caused by lax cybersecurity procedures can seriously harm your company’s brand and have legal repercussions. Ensure the security of your website and payment methods, and inform your staff about phishing scams and other security risks.
Read More: The Evolution of B2B Tech Sales
Conclusion
The largest shopping weekends of the year, Black Friday and Cyber Monday, have developed into a haven for both customers and businesses. Brands have continually upped their game to snag the attention and wallets of online buyers as they eagerly anticipate jaw-dropping discounts and unheard-of offers.
Black Friday and Cyber Monday are important dates on the retail calendar because they generate a lot of revenue and set the tone for the holiday shopping season. Black Friday still has a monopoly on in-store buying, but Cyber Monday’s exponential growth shows how important internet sales are becoming. Retailers are now able to serve a variety of consumer preferences because of the harmonic blending of physical and digital channels in the industry’s changing retail landscape.
The key to these events’ popularity is their capacity to provide customers with unmatched discounts and convenience, making them staples of the contemporary shopping experience. The effects of Black Friday and Cyber Monday will definitely be significant in influencing customer behavior and boosting global sales as the retail landscape continues to change.
For businesses, Black Friday and Cyber Monday can be extremely profitable, but success depends on avoiding frequent blunders. Your company can benefit from these shopping events and leave a positive, long-lasting impression on your customers by putting a high priority on mobile optimization, managing inventory well, offering exceptional customer service, having a well-planned marketing strategy, engaging customers after the sale, and ensuring strong security measures.