Posted on 31 October by Simon Gomez in E-Commerce
Retailers always look up for ways to increase their sales and margins. One of the months that sellers wait for is November. Do you want to know why? Because of Black Friday and Cyber Monday. These two days are full of promotions, and consumers take advantage of that to buy products. So, with that being said, if you are a retailer, these are the benefits of participating in Black Friday and Cyber Monday.
1- Increases traffic and sales
People are constantly looking for deals, and Black Friday and Cyber Monday is the perfect opportunity for consumers. During these two days, online stores will see traffic increase on their site and sales. Econsultancy discovered that traffic during Black Friday increased by 220% compared to a typical day or Friday. The same happened with Cyber Monday. Traffic went up 155% on Cyber Monday compared to a regular sales day. Sales also increase during these two days. Econsultancy found that during Black Friday, the revenue went up by 240% and 380% on Cyber Monday.
2- Clear stock
Many times, sellers have products that do not sell well, which turns out to be a problem in their inventory. Those items take up a lot of space in the warehouse, and it is hard to move them after some time. Thankfully, Black Friday and Cyber Monday are the perfect days to help you with that before Christmas. There are different tactics to clear your stock. Sell them at cut prices, bundle them with other products, gift them after purchase, and more. The decision is up to you!
3- New Customers
During Black Friday and Cyber Monday, stores turn new visitors into new customers. They are attracted to your online store by your prices, product or service, page load speed, and many other factors. But after these two days, you cannot forget about these new clients because you will lose them. You have to keep tabs on them and, for example, create an email campaign to invite them back for Christmas shopping.
With every new purchase, this new loyal customer will spend more money. Retail Customer Experience showed that the likelihood of a future repeat purchase increases from 17% after one purchase to 52% after six.
Conclusion
Black Friday and Cyber Monday are perfect days for sellers and bring many benefits to them. PriceTweakers is the ideal software for creating pricing strategies and monitoring your competitors. Prepare your pricing strategies ahead of time so that when these days come, you only have to worry about your margins! Also, you will never lose money on your products because you can add your minimum margins. Contact us for more information!
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