When national ‘Singles’ day in China makes $2 billion of online sales in only two hours, you know that the power of buying days is now pandemic!
Valentine’s Day has always been in the psyche of the brain, whether you are loved up or not. Christmas, more like a buying season, continues to drive the customers both online and offline crazy! However, we have seen some new kids on the block in recent years.
A quick glance at the ‘buying days’
Black Friday may be the one that springs to mind, particularly if you happened to witness the madness of Black Friday 2014 in the UK. The first UK Black Friday event actually happened in 2003, minus the absolute stampede of customers. In 2014, bad planning and low prices was destined to be a recipe for disaster. The online opportunities of Black Friday were pretty much overlooked by some retailers.
Cyber Monday is another interesting case. It emerged as online-only, allowing retailers to capitalise on people who were uncomfortable braving the shop floors. It allowed smaller businesses to join in, as they might not have had chains of stores to bring in the foot traffic.
How do they succeed?
Promotions and social validation seem pivotal when it comes to buying days. If everyone else is going wild over the cut prices, you might not feel as bad spending slightly more in one day to secure the deals you want. Is that all retailers want, or can they do it differently?
We’ve had Valentine’s Day, mother’s day and father’s day already. Yet, the rush to capitalise on Christmas has already begun. Black Friday and Cyber Monday gives shoppers the chance to get their Christmas gifts in early. Are they expecting low prices alone, or are they still after a comfortable experience?
How can ecommerce companies use these sale days?
It’s great when a smaller business gets to stand alongside the big guns, but can any online retailer approach these buying days differently? Of course, making money is good for any business but is that really all they can use this growing consumer ideal for?
- Focus on the target audience – If there’s a buying day coming up, companies should promote to their existing audience. They shouldn’t feel overlooked in the mad rush of the buying day. The products that the existing customers love should be the ones that are prioritised.
- Stalking the competitors- So maybe stalk is too strong of a word, but no harm in checking out how other brands are tackling the phenomenon. How can a company, particularly a smaller one, rival their competitors and outshine them?
- Cover new ground- While pleasing existing customers is imperative, how can a business tempt new customers? If they offer an incentive to their buying experience, they might ensure their store wasn’t a one off because there were some nifty deals to be found.
- Be sociable – Social media on buying days is full of people sharing their findings. Before the event, companies should engage with the customers and join in the fun. Ask people to share their goodies with their twitter friends, and hashtag your way into the hall of fame. If an incentive is offered as mentioned above, customers will be inclined to share the good word.
Are you looking forward to the next Black Friday? Or are you a Cyber Monday kind of panda? Either way, they are coming up fast. Already, stores are expected to see their online sales soar on these days alone. Better still, retailers are promising new email subscribers an email with ALL deals as soon as they go live.
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