How Marketers Can Make the Most Out of Black Friday/Cyber Monday
Steve Rivers, CEO of Intelligent Reach, experts in connecting online retailers’ products with their consumers, intelligently and profitably – with clients including House of Fraser, Halfords, Argos and Superdry - comments on the Black Friday/Cyber Monday sales frenzy.
The upcoming ‘Super Weekend’ of Black Friday, Sofa Sunday and Cyber Monday forms the start of the build up to the busiest period for online retailers.
In order to maximise this opportunity, retailers need to consider both the offering and accessibility of products. This means ensuring products are everywhere that consumers are looking – rather than expecting busy shoppers to seek them out - in a format they expect and in the right ‘language’; whilst also making sure offers are competitive when price sensitivity is heightened.
Especially important during the busy Christmas period, retailers should consider discounting at a product level rather than offering blanket discounts across the entire product catalogue; such approaches can often result in unnecessarily reducing margins where a retailer may have already been the best priced.
Other vital factors for a successful festive trading include stock availability, customer ratings and delivery dates which all form a key part of the buying process.
Ultimately, whilst avoiding getting swept along in the discount frenzy this Christmas, careful planning combined with accessibility will help retailers take full advantage of heightened consumer spending.