Black Friday, the unparalleled titan of shopping days, has once more proven its might. According to Digital Commerce 360, online shoppers laid out a staggering $9.12 billion on the day, marking a 2.3% rise from 2021’s figures. At a glance, 2.3% is a small and almost negligible growth. Yet, this minor percentage equates to a vast potential for increased revenues when talking billions.
Decoding the desire: what do buyers really want this Black Friday?
Payment flexibility and promotions! While the rise in online shopping figures is noteworthy, it’s essential to understand the underlying factors driving this change. One of the standout revelations from Adobe’s recent findings, discussed in the Business Insider article, throws light on a critical aspect: payment flexibility. E-commerce growth was significantly driven by consumers gravitating towards “buy-now-pay-later” (BNPL) options such as Klarna and Afterpay. With record-high inflation looming, shoppers are keenly seeking financial flexibility.
Compared to the same timeframe in the preceding year, a whopping 78% surge in BNPL orders from Nov. 19 to Nov. 25 is a testament to its growing popularity. This trend indicates a pivot in consumer behavior, emphasizing the need for businesses to adapt and integrate such payment models.
Buy now, pay later: a Black Friday elixir
BNPL isn’t just a fleeting trend; it’s a testament to the evolving purchasing habits of the modern consumer. The benefits are multifold:
- Flexibility: With inflation at an all-time high, BNPL offers consumers a cushion to stagger payments without immediate financial strain.
- Increased purchasing power: The deferred payment model can potentially boost a consumer’s buying capacity, ultimately benefiting the seller.
- Trust and loyalty: By offering accommodating payment terms, businesses can build trust and ensure customer loyalty in the long run.
Dynamic content: keeping promotions for Black Friday relevant and timely
But understanding the BNPL trend is just part of the equation. In this rapidly shifting e-commerce landscape, real-time relevancy is king. This is where the power of dynamic content comes into play. Ensuring that promotional products and pricing are always up to date and relevant caters to consumer needs and drives engagement and sales.
For businesses, this means employing strategies that:
- Adapt in real-time: Use data-driven insights to adjust promotions as market trends shift.
- Ensure pricing is up to date: Remove the manual work of updating pricing by implementing automated rules.
- Never have out-of-stock products: Increase purchases by ensuring valuable space isn’t taken up by out-of-stock products.
- Personalize the experience: Tailor content to individual user preferences to drive engagement.
Dynamic content can help you to manage multiple retail events in a short space of time, such as Black Friday and Cyber Monday. It can help ensure sold-out products don’t appear on Cyber Monday and pricing automatically switches over.
Shifting your promotional strategy to the digital realm
If the steady growth of online shopping has highlighted anything, it’s the critical importance of amplifying promotions in the digital world. As consumers increasingly flock to online platforms, particularly during notable sales events, the digital realm is where the promotional battleground is. Brick-and-mortar stores no longer have the sole spotlight; the spotlight is now brightly shining online.
1. Using digital catalogs to create a relevant promotional journey:
Promotions are only effective if they are relevant to the user – when creating your promotional strategy, ensure that you always use the available data. Refer to previous Black Friday sales and determine your most popular products. Check the past three months’ data and construct a digital catalog that builds an easy buyer journey.
Consumers want to see the products that interest them most front and center – even if they haven’t realized what they want to purchase yet. Use your data to create a discovery journey for your promotions, enabling your products to be found and leading to more purchases.
Linen Chest did a great job using its winter catalog last year to showcase its Black Friday promotions. This seasonal promotion is very relevant for consumers.
2. Promotions through social media advertising:
Promo scavenger hunts on Instagram: Drop hints in Instagram Stories that guide followers to hidden promotional codes or exclusive deals. Reward the first set of followers who piece it all together with special discounts.
3. Email marketing campaigns for promotions:
Scratch & win mystery deals: Distribute emails containing digital scratch-off promotions. As customers virtually “scratch” them on your site, they unveil surprise discounts, adding an element of suspense to their shopping journey.
Mageworx showcases some great email marketing examples.
4. Promotions through affiliate marketing:
Promo shopping sprees: Collaborate with influential figures for live-streamed promotional sprees on platforms like Twitch or YouTube. As these influencers virtually “shop,” they can spotlight various promotions, guiding viewers to claim these deals via direct links.
5. Promotional retargeting campaigns:
Promo postcards: Craft retargeting ads resembling postcards with lines like, “Missed out on this deal? It’s waiting just for you!” nudging shoppers back to promotions they might have skipped over.
Infusing promotions with these unique and interactive spins not only freshens up the typical promotional strategies but also crafts an unforgettable experience. Such innovative promotional tactics can imprint your brand in the minds of consumers, boosting brand recognition and fostering greater loyalty.
In conclusion, while the 2.3% growth may appear modest, its implications for promotions in light of changing consumer behavior are profound. As the e-commerce landscape evolves, integrating timely promotions with payment flexibility and real-time content relevancy isn’t merely advantageous—it’s essential. The paramount lesson here is that aligning promotional strategies with consumer preferences and adapting them promptly is the golden ticket to harnessing the full potential of e-commerce expansion.