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    The Definitive Guide to Cyber Monday - 7 Tips to Boost Your Revenue This Holiday Season

    Posted by Lakshmi Narayan V Nov 11, 2021 4:48:33 AM

    Listen up, merchants. It is almost here! This is the season you have been prepping for the whole year. Yes, Black Friday/ Cyber Monday is less than a month away. To ensure that you make the most of this marketing opportunity our team of digital marketing experts have come up with the definitive Cyber Monday Guide with 7 racey tips to boost your revenue this holiday season. So, fasten your seat belts and read on. 

    Check Inventory

    You don’t want to be caught stocking out when the shopping surge happens on your site. Check your inventory and be prepared well ahead of time for the surge in sales after Thanksgiving.

    The best way to understand which items to stock up on is to look at your sales data for the last six months and identify the best sellers. Studying this data will help you make informed decisions on your inventory planning. It would be a shame if the best-selling products go out of stock early into the Black Friday weekend. Remember, you will experience a sharp increase in sales from Friday through Monday, and you need to be ready with the stock to match the demand.

    Additionally, ever since the pandemic, there has been a huge uptick in eCommerce sales. In 2020 alone, the year-on-year increase in online sales was 21.6%. The trends in what is selling and how much of it is being sold is also changing rapidly. Looking at your sales data is the best way to understand which items to prioritize. If this information is not available, then you must rely on the numbers put out by your suppliers and competitors. 

    Upsell & Cross Sell to Increase Your AOV

    One of the best ways to rapidly increase your topline is to upsell and cross sell products to your customers. This Black Friday/ Cyber Monday is a good window of opportunity for you to do both. As your customer is shopping for a particular item on your online store, you can display associated items at the bottom of the product page to encourage an upsell. As they check out, you can display best-selling items to cross sell. 

    Upselling and cross selling will increase your Average Order Value (AOV) and increase your profits. You can even create offers and discounts to encourage customers to buy additional items as a combo package. This shopping season, don’t let your customers check out with just one item. Creatively recommend associated and popular items to boost sales. 

    In order to do a good upsell, it is important to identify pairs of items that are associable with each other. For instance, if a customer is buying a pair of boxers, you may consider suggesting a pair of trousers to go with. And also make sure that they get to see the best-selling shirts on their way to checkout on your eCommerce site. In this way, you draw maximum value from each of your customers.

    Run Automated Email Campaigns 

    Emails are a great way to inform your customers of the offers you have in store for them this holiday season. Start at least a month before Black Friday/Cyber Monday by setting up an automated email campaign to target your customers with exciting promotional offers or no-gain items offers to draw their attention.  A week later, set up reminder emails with further offers to sustain their interest in shopping with you during Black Friday/Cyber Monday. Set up weekly email campaigns to remind them about your holiday offers. 

    Remember, the shopping spree doesn’t end with Cyber Monday. It spills over beyond and into the next week and all the way to Christmas and New Year. So, keeping your customers informed is an essential step in increasing your sales volume during the season. An email marketing app like GrayFox can help you set up automated email campaigns for the entire season. It is easy to use and exceptionally effective. 

    You must ensure that you have prior consent to share these emails with your users. Growing your email list through the year is very important to market your product during seasonal sales surges. So keep adding on to the list of prospective customers. The more they are, the merrier the sales! 

    Retrieve Abandoned Carts with Special Offers

    Abandoned carts are a problem that all eCommerce retailers face. 70% of shoppers abandon their carts before checkout for various reasons. Admittedly, most of these cases are of casual shoppers who don’t intend to buy the product. But there are others who did not checkout because they didn’t find the pricing attractive or they wanted to buy the item at a later date. Some folks may have simply forgotten that they have saved it for later.

    You can easily retarget shoppers with abandoned carts through intelligent email campaigns that push them to return to the checkout page. Making the offer attractive for your customers will ensure that you convert more abandoned carts into sales. Keep the number of steps between adding-to-cart to checkout to a bare minimum to optimize your checkout.

    Stats show that checkout optimization can convert abandoned carts by 36%. This Black Friday/ Cyber Monday is the best opportunity for you to convert the many abandoned carts on your eCommerce site. GrayFox lets you retarget shoppers by giving them intelligent offers on the abandoned items.

    Gamify Customer Wish Lists to Enhance Loyalty

    Your customers have added products to their wish lists on your website. Wouldn’t it be great if you can push items on their wish list to a point of sale by giving them attractive offers or discounts? This push can be gamified to increase customer loyalty! 

    Gamification works on the principle of price being a barrier and an offer or a discount being a reward. An all-barrier sale is profitable for your business, but not enticing to your customer. And an all-reward sale undermines the profit margins of your business. Gamification allows your customer to play a game to select the offer they want, which is a win for you as well. Gamification is one of the unique features available on GrayFox, and it is a breeze to set up! 

    Gamification not only enhances customer loyalty but also helps in upsell and cross sell. Your customers now get the offer they want and this results in a rapid growth of your net revenue. So, download the GrayFox app to make use of this unique opportunity this holiday season to increase your sales volume through gamification of wish lists.

    Send Surveys and Measure NPS with Text Analytics

    Your customers are going to rush in with purchase orders this Thanksgiving. This is the season for shopping with huge discounts and big offers. But before you prepare your inventory, it is important to understand what is in demand. One way to do this is to send out hyper-personalized surveys to each of your customers and find out their product and pricing expectations. An effective way to do this is to use a text analytics listening tool and then do a sentiment analysis on the responses.

    An NLP-based text analytics tool like Lexcore will help you understand your customer sentiments by categorizing them into themes. Where there is a negative theme, you can rectify it by addressing the underlying issue to boost your NPS or Net Promoter Score. As a result, your online reputation will be better and your website will have an opportunity to feature among the top search results in your category. Listening to your customers simply increases the visibility of your eCommerce store online. 

    Bonus Tip: Engage - Listen - Convert - Repeat!

     

    The game plan is simple for this holiday season. You make the most of the sales opportunities on Black Friday and Cyber Monday. But it doesn’t end there.

    You have to use this high frequency weekend as a launchpad to promote your products beyond the weekend---all the way through to Christmas and beyond. You need to personalize your customer engagement, listen to what the market is saying, convert purchase intent into sales and repeat the process over and over again. 

    A bonus seventh tip is the use of AI to make intelligent offers. GrayFox’s AI hyper-personalizes your customer engagement and helps you target each of your customers individually---this is not possible for you to do manually. It calculates the right offer for the right customer and suggests the right time to convert purchase intent into sales at a much higher run rate than usual. This results in rapid revenue generation and quick growth of your business. And what better time than Black Friday/ Cyber Monday to give your business a big boost in sales?  

    So, we wish you the best of luck this holiday season. Get in touch with us to know more about GrayFox and how we can help you accelerate your eCommerce revenue.

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