Cyber Monday offers eCommerce businesses new opportunities to optimise their sales and build customer loyalty for the upcoming Christmas campaign. This is the Monday after Black Friday, an event dedicated to online sales, which falls on 30 November 2020 this year. Even though the current COVID-19 pandemic has blurred the differences between Cyber Monday and Black Friday, which used to hold greater importance in physical stores, Cyber Monday offers eCommerce stores the opportunity to present potential customers with unique sales and new pricing strategies to capture their attention. To design an effective plan that will set you apart from the competition, having a market monitoring system that can anticipate the moves of the competition is essential. Based on this information, and with the help of the following tips, you can devise a suitable pricing strategy to increase your sales.
Create unique and exclusive offers for Cyber Monday
Even though there are many discounts available online throughout the weekend, we recommend that you set your offers for Cyber Monday apart by creating something unique that stands out and differs from the discounts that you’ve offered your clients up to this point, both in terms of pricing and marketing.
When it comes to pricing techniques, we know that consumers are more likely to spend a large amount of money during the first days of sales, like 11/11 or Black Friday, which also take place in November, while on Cyber Monday, their budget will be smaller. Based on this, you can save your most substantial discounts for Cyber Monday and focus on promoting lower-cost products and services that the users will be more willing to purchase.
Likewise, your marketing campaign has to match the products being promoted and should be directed at a segmented audience to achieve a greater conversion rate. You can also make your sales seem more exclusive by offering private sales or flash sales, which are only available for a short period of time.
Optimise your eCommerce website’s performance on mobile devices
Worldwide, the percentage of online purchases made using smartphones exceeds that made using computers. Since this is an upward trend, all eCommerce businesses must have a good responsive web design and an agile and effective payment gateway on mobile devices to achieve maximum profits on a day like Cyber Monday. At the time of payment, the user of a mobile device should have access to the same features as on a computer: free choice of payment method and maximum security in their transactions.
At the same time, any eCommerce website must be able to guarantee not only intuitive navigation and a good search engine but also maximum loading speed to keep users from abandoning the website for faster websites. According to a study carried out by Google, 53% of the users that enter a website using their mobile device abandon it if it hasn’t loaded within three seconds.
A posteriori, you can focus the efforts of your marketing team on:
- designing banners and landing pages with effective calls to action.
- launching segmented email marketing campaigns with personalised offers.
- promoting cross-selling.
- increasing your posting frequency on social networks.
This series of actions will reinforce the attractiveness of your eCommerce business’s prices on Cyber Monday. However, for consumers, the true difference lies in comparing the prices of one business with another. This is why our final recommendation is to have automated repricing tools you can use to adapt your prices to changes in the market and increase your profit margin.