Black Friday is getting closer, and customers are thrilled because they have the opportunity to shop for items with great discounts. Online shops also take advantage because they have the chance to increase their sales and profits. According to Adobe Analytics, on last year’s Black Friday, consumers spent $8.9 billion. 

Source: Unboxing the 2021 Holiday Shopping Results 

Online store owners like you must prepare for this period because customers start early holiday shopping. In 2021, and during Black Friday, NRF discovered that 46% of shoppers stated that they began holiday shopping early. Also, you cannot be behind your competitors, and since they are interested in Black Friday, you must be part of this event (plan it). Moreover, since COVID-19, people prefer to shop online, and online competition and the online shopping world are more intense than ever. So, if you have an online shop, you must prepare for this event. Continue reading, and you will learn how to prepare yourself and your store for this event.         

1- Define and prepare your business strategy with time 

Customers who buy during Black Friday expect huge discounts on products. So, the last thing you want to do is to have the same generic promotions with no added value. That will not attract customers because those promotions are always the same. That happens because companies don’t have a strategy for Black Friday. They apply discounts with no plan.     

You need to organize and prepare your sales. How can you do this? Look at your catalog, and plan your discounts ahead of time instead of doing it the day or hours before Black Friday. Also, you can have a calendar of promotions where you can plan your upcoming sales for the year.   

Your team must be prepared for everything. Everyone in your company must know the strategy and be on the same page. That way, every process in the company runs smoothly. And in case of an accident, people know what to do to solve the problem. If needed, hire part-time personnel to answer the phones, emails, and live chat. Shopify says customers who chat with a brand convert three times more often and have a 10%-15% higher average cart value.   

2- Stock levels 

Now that you know your strategy and which products are chosen to be part of the Black Friday deal, it is time to focus on their stock availability. Check if you have enough products in stock for that busy period. With PriceTweakers, you see the complete overview of your products (most popular and your least popular ones).    

If you have low stock on a product before Black Friday, we recommend you get more as soon as possible. The earlier you do this, the higher the chances of boosting your sales and beating your competitors during the Black Friday sale. Adobe claimed that during Black Friday in 2021, there were 2 billion out-of-stock messages.   

3- Competitive pricing 

Black Friday has stores with many discounts. For that reason, customers compare prices online to get a better deal on a product. PPC Hero estimates that 94% of online shoppers take their time looking for the best-priced product before they make a purchase. That is why you need to have competitive and attractive prices. But you cannot hurt your margins.   

For that reason, you need to monitor the products' prices of your competitors frequently and change your prices fast. If you sell through an online marketplace, you need a repricer software to ensure you have the best prices and modify your products' prices. 

4- Optimize listings  

You must review your product listings to ensure they are attractive to your buyers. According to OneSpace, 87% of consumers say that the content on product pages plays a significant role in whether they make a purchase. You also have to fill all the description boxes and add keywords that your consumers use to search for similar products.   

Why is it essential to fill the description box? In the same study, OneSpace noted that 98% of consumers have opted not to purchase a product because the product page was either insufficient or incorrect. So, make sure to add high-quality images to grab the customers’ attention and write detailed descriptions. Mention the benefits of the product and its features.   

Conclusion

Black Friday is a significant event for both online sellers and customers. Online stores need to be prepared for this date. If you follow the tips above, your store will succeed during Black Friday. But if you do not know, PriceTweakers can help you. PriceTweakers is a pricing software that will aid you with monitoring the prices of your competitors and modifying your products' prices quickly. Our Dynamic Pricing (DRS) module allows you to create pricing strategies in advance. Also, with PriceTweakers, you can see the availability of your products, whether you are out of stock or in stock. Contact us for more information.      

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