From November 23rd to 26th the time will be arriving again when online retail is falling over itself with spectacular special offers. Many consumers will be looking for unbeatable bargains and you, the retailer or manufacturer, should take the opportunity to make attractive offers to your customers. After all, the sales figures for Cyber Monday and Black Friday are breaking new records every year in online retail. This year, too, industry experts are expecting fresh sales records. We show you how to prepare for this intensive period and at the same time get the best out of the super sales days.
Black Friday: Friday, November 23rd 2018
Cyber Monday: Monday, November 26rd 2018
Black Friday in 2017 brought the biggest turnover record yet in online sales. In the USA alone, according to market research firm Adobe Digital Insights (ADI), retail sales totaled $3.39 billion (€3.2 billion). This corresponds to an increase of 10.2 percent compared to the same period a year earlier. And also in Germany, the super sales days from the USA are taking on an increasingly solid role in retail. According to an online survey conducted by the HDE in 2016, around 16 percent of consumers used Black Friday for reduced purchases, spending an average of 170 euros in doing so.
“For online retailing in Germany, we expect Black Friday and Cyber Monday to be the highest-turnover days of the year”, says HDE spokesman Stefan Hertel.
It is clear that Black Friday, once the big shopping day in stationary retail, and Cyber Monday, usually the online shopping variant, have turned into a mammoth event for both retailers and manufacturers. Many webshops are now even extending the discount marathon to run for a whole week. The online giant Amazon, which brought this US sales campaign to Europe in 2010, is focusing primarily on Cyber Monday and is offering discount campaigns for seven days during its Cyber Monday Week.
Everyone wants a slice of the Amazon cake
Amazon is dominating the upcoming sales promotions very strongly, so you are probably wondering whether and why you should even enter the competitive arena with the top dog. Our tip is not to try taking a piece of the Amazon cake, since the combination of price, convenience and delivery is unbeatable at Amazon. Instead, concentrate on finding your own place in the market and positioning yourself successfully. We recommend that you proceed as follows:
- Find out who your core customers are.
- Analyse the needs of your customers.
- Develop a customer-oriented pricing strategy.
- Monitor the market and your competitors.
- Adjust your prices to market conditions and the needs of your customers.
Many retailers use automated software solutions such as blackbee for market and competitor analysis. With blackbee, price developments in online retail can be tracked precisely and done so on the basis of highly valid data. For an optimal positioning in eCommerce, for both Black Friday and Cyber Monday as well as at Christmas time, you should constantly monitor the pricing of your competitors during the run up and following the campaign period, and then analyse this data precisely. Only if you know how competitive your online prices are compared to the competition can you successfully position yourself in the highly dynamic world of online retail.
How can online retailers get off to a successful start on Black Friday and Cyber Monday?
Before the campaign days arrive, it is essential that you define a clear strategy and set a concrete target. What do you want from your Black Friday and Cyber Monday campaign? Do you want to increase sales or gain market share and new customers? In our article “Using Black Friday and Cyber Monday successfully: 5 tips for online retailers” we have already compiled five tips on how to prepare your online shop for Black Friday and Cyber Monday.
Strengthen the trust of your customers
Offer your customers added value consistently, regardless of the forthcoming discount marathon, and strengthen the advantages of your web shop in advance – good customer service, fast delivery speeds, free deliveries and free returns or a click & collect service. It is through a convincing service offer, after all, that you will increase your customer loyalty at the same time – even beyond the campaign periods.
Tips on preparing for the sales-intensive period
- Concentrate on your most important customer segments.
- Draw attention to your discount campaigns. Inform in time and keep your customers informed about your offers. Whether on your website, via social media or the newsletter – place your messages prominently.
- Check your stock. Are you prepared for a higher order volume?
- Make sure your website meets all of the technical requirements for increased traffic.
- Register on black-friday.de to be listed on their overview page for Black Friday.
- Black Friday and Cyber Monday are protected terms. Without the consent of Black Friday GmbH, you may not officially participate in the Black Friday Sale or use the words “Black Friday” to advertise the day of the campaign in your shop. Inform yourself in advance about the conditions and check whether you would consider an official cooperation to be profitable or not.
Do you need further information on the topics of price and competitor analysis on the Internet? Contact us now – we look forward to your message.