In November 2020, three of the most important dates in eCommerce are gathered together: Single's Day, Black Friday, and Cyber Monday. This is an opportunity to increase sales in the run-up to Christmas and to reach a greater number of potential customers through unique offers. Under these circumstances, it could be interesting for companies to adjust their pricing strategies on these days and design dynamic pricing campaigns to make the most of these events globally. We’ll explain how to make sure that your eCommerce business makes it to November prepared.
As an initial phase, we recommend that retailers carry out an in-depth analysis of the company’s current situation and the prices of the competition as well as the sales and promotions offered in November in previous years and how effective they were. With all of this information, you can perform a predictive analysis to anticipate the behaviour of the consumers and thus adapt to their level of demand.
With all of this data, you can now design your pricing strategy for these key dates. Just remember to keep in mind the following steps.
Plan and structure your eCommerce sales
These large online events offer eCommerce businesses the possibility of designing multiple omnichannel campaigns targeted at different audiences. For this, you need to be very clear about the types of discounts you want to offer and the purpose they will serve: discounts by product category, 2x1 or 3x2 sales, sales on highlighted products, etc. Your stock levels should also come into play when planning these sales.
Good segmentation of your customers and your target audience will also allow your eCommerce to create personalised offers with a higher conversion rate since they’ll be delivered directly to the consumers that are most interested in those specific products and services. At the same time, during this preliminary preparation phase, the marketing team can design email marketing campaigns and personalised landing pages that will make capturing and earning the loyalty of potential customers easier.
This is one trend that is mainly rooted in Amazon but that has proven to be very effective. Flash sales create a perception of exclusivity in the eyes of the customers, which increases your conversion rate. At the same time, this type of pricing strategy is more powerful during these times of the year when users are more likely and willing to make impulse purchases.
Simplify the purchase process for your eCommerce customers
Along with the planning of sales, we recommend that eCommerce businesses implement a series of changes to speed up the sales funnel since what customers are looking for on Singles’ Day and Black Friday is to finish their shopping quickly so that they can continue checking out all of the available sales. To do this, you can:
- streamline the purchase process and the payment gateway.
- reduce or eliminate shipping costs.
- offer additional discount codes for abandoned carts.
- include clear and simple information about shipping dates and your return policy.
Generally, on the days that these three big eCommerce events are celebrated, businesses need to be very agile and have automated processes as well as advanced price intelligence tools that will allow them to respond to rapid changes in the market for maximum profitability. This will allow them to obtain higher profits and a larger ratio of satisfied clients.