2024 has been a challenging year for marketers so far. In Europe, we just wrapped up a hectic period with UEFA’s European Championship, which pushed all brands to capitalize on the hype. Globally, the Paris Olympics and back-to-school season have already taken hold of all industries, requiring marketing teams to deliver smart campaigns to stay ahead of the competition.
But there’s no time to take a breather because Black Friday and Cyber Monday (BFCM) are just around the corner. This is the final yet biggest bet of the year—is your ecommerce brand ready?
Here are some BFCM tips that can be easily and quickly implemented to help your team beat the rush.
What to Expect for BFCM 2024
Black Friday statistics from 2023 show that the ecommerce industry achieved a growth in sales last year despite the ongoing recession. According to Adobe Analytics, it became the most important online shopping day in the UK in 2023, resulting in £1.04 billion in online spending with a 4.1% year-over-year growth.
The same report shows a similar trend for the US with a 7.5% increase in online sales compared to the previous year. Buy Now Pay Later (BNPL) services significantly impacted BFCM 2023 sales in both countries, constituting $79 million in the US and £101 million in the UK.
Fast forward to this summer, Amazon’s Prime Day provides some indicators for the upcoming BFCM period. Forbes reports that the two-day event “resulted in a record spending” in the US with $14.2 billion. Retail Week highlights that it reached “record highs” in the UK with £1.3 billion online spending.
This overview indicates that global inflation and the cost-of-living crisis haven’t caused a decline in peak shopping seasons. On the contrary, price-sensitive consumers are chasing worthy deals and campaigns, especially when given flexible payment options like BNPL. BFCM 2024 still offers significant opportunities for ecommerce brands, but there are some differences and trends to be aware of:
- Price-sensitivity might threaten brand loyalty. Retention of the existing customers should be a critical part of any BFCM strategy.
- With Cyber Monday stretching into December this year, it’s a good idea to calculate the effects of this delay beforehand.
- Opting out of Black Friday to address sustainability concerns became an established trend in the last few years. Deciding whether to hop off the BFCM train is tricky because it is a huge opportunity to connect with customers and drive sales.
Considering this environment, let’s dive into some actionable suggestions!
How to Win Big During BFCM 2024
1) Offer Early-Bird Discounts
2024’s late BFCM doesn’t mean that you need to keep shoppers waiting until the exact date. Offering early access to some deals can give your ecommerce brand an edge, allowing you to reach more people before the noise starts.
Considering the potential for weakened loyalty due to price sensitivity, you can offer these early-bird discounts to specific segments, such as frequent shoppers or second-time customers. Loyalty-oriented strategies will be key to success this year.
2) Make Data-Driven Decisions for Discounts
Pricing will be crucial this year as shoppers seek worthy deals. But for which products? Which categories? And by how much?. A good start is to review last year’s statistics to gain an in-depth look at shoppers’ favorite categories. However, those reports won’t necessarily reflect your industry and audience preferences. This is where first-party and zero-party data come into play.
Analyze your products’ BFCM performance from last year and sales data from the beginning of this year. Then, define your strategy. Will it be clearing out overstocked items? Or a “pile them high, sell them cheap” with bestsellers approach? Your existing sales data can guide you to the highest revenue opportunities.
The other side of making data-driven decisions in pricing is customer satisfaction. To define discounts that will make your customers happy, collect zero-party data about their preferences. In which categories are they planning to shop during BFCM? Which payment options do they prefer? Utilize interactive content experiences in your app and on your website to survey the right audience about their preferences. This approach will help sustain and grow customer loyalty.
3) Put Content, Experience, and Value at the Center of your BFCM Campaigns
It’s difficult to stand out amidst countless brands sending similar campaign messages across various channels. This is where content, experience, and value come into play.
Creative content is not only about acquiring new customers, it is also key to reconnecting with your existing customer base and reminding them why they prefer your brand in the first place. Your narrative can reach your audience across channels and through various content formats.
In addition to content, experience is also paramount. Ensure that your customers have a seamless and enjoyable shopping experience, with easy website navigation, fast load times, and a simple checkout process. Provide excellent customer service to promptly address any issues.
Lastly, be sure to consider the value-add of your brand and products.. Instead of slashing prices, offer value through exclusive access to certain content and experiences, bundles, and loyalty rewards. Highlight the benefits of your products and services, and communicate how they can solve your customers’ problems or enhance their lives.
4) Create Interactive Gift Guides
BFCM is not only for deal hunting but also an opportunity for customers to complete gift shopping for the holidays. For indecisive shoppers who don’t know what to buy, you can prepare gift guides across various product categories. Blog posts have been the most popular content format to inspire shoppers looking for new gift ideas. Yet, let’s face it, content consumption habits are changing rapidly, making it difficult to engage and convert customers via only articles.
With the advancement in content technologies, you can now easily create interactive gift guides that enable shoppers to answer a few questions about their preferences and receive customized gift suggestions. Your ecommerce store, whether it’s an app or a website, can leverage this engaging experience this year.
5) Create Shoppable Videos
According to Google, “nearly 2/3 of shoppers say online video has given them ideas and inspiration for their purchase.” Similarly, according to Bazaarvoice’s Shopper Experience Index in 2023, “73% of shoppers need to see branded videos on product pages, and 69% need to see shopper videos on those pages to make a confident purchase.” Video content is clearly on the rise and is a powerful marketing tool to help shoppers find inspiration and make confident decisions.
With the availability and growing popularity of shoppable videos across ecommerce apps and websites, it’s now possible to use them also for faster conversions and higher cart values. When a single content experience can provide inspiration, trust, credibility, and an embedded add-to-cart functionality, it can significantly accelerate your BFCM campaigns’ performance. Tools like Storyly can help with quick integration and an intuitive studio to ensure that your shoppable videos on your site or in your app are ready on time for Black Friday and Cyber Monday.
6) Plan Your Customer Journeys
Bringing existing customers to your digital store during BFCM is one only one part of the equation—retaining new customers after BFCM is the other. While investing in paid media across various platforms to communicate your BFCM campaigns, you don’t want these shoppers to disappear after a single visit or purchase. That’s why retention shouldn’t be an afterthought but an integral part of your initial BFCM strategy.
Since the second purchase is a significant milestone to convert a newcomer into a frequent buyer, you can offer promo codes and special deals to these shoppers. For buyers of consumable items especially if you’re in the food and drink industry, you can prepare replenishment messages. For fashion and apparel retailers, show other items that will complete the look. Regardless of the industry, segmentation and personalization will be the key. Consider migrating to a cross-channel customer communication platform, like Iterable, prior to BFCM so that, when the time comes, you can address customers with the right message at the right time throughout their entire lifecycle.
7) Consider Opting Out if it Fits into Your Brand Narrative
Finally, you need to be careful about your decision to go all in or opt out of BFCM 2024. If your brand identity and narrative align with addressing sustainability concerns or making a statement about consumerism, these might be worthwhile considerations.
However, if opting out is off-brand and incompatible with your shoppers’ expectations, it could come across as disingenuous.
It May Seem Early, but it’s Not
In summary, these tips will help you navigate the bustling BFCM season with confidence. In the context of 2024, focusing on loyalty and retention is crucial to sustaining your brand’s success.
Remember, this is one of the most stressful times in the ecommerce and retail marketing calendar, so setting yourself up early is important. Explore all of these tips now so you can hit the ground running when BFCM comes.
If you’re curious how Iterable can help your team prepare for BFCM, schedule a demo today.
Storyly is a pioneering content experience platform, enabling brands to create compelling in-app and web experiences that inspire customers to take desired actions. With full-screen content at the core, Storyly equips marketers with dynamic channels for personalization, interactivity, and shoppable media. These powerful capabilities drive engagement, enhance product and campaign discovery, and encourage customer actions, ultimately leading to revenue growth. Storyly also empowers marketers with zero-party data for audience segmentation and simplifies content creation with its intuitive studio and AI-powered automation. Storyly is trusted by over 400 brands in more than 40 countries, including but not limited to Domino’s Pizza, Turkish Airlines, United Airlines, Stradivarius, McDonald’s, New Look, Decathlon, Swisscom, Footasylum, Idealo, and Rossmann.
