Last November, we wrote a similar blog discussing the different types of consumer behaviors during Black Friday and Cyber Monday. A little less than a year later, this holiday season looks considerably different. With large gatherings strictly prohibited, everything about 2020 is completely unprecedented. However, as they say, “the show must go on.” In the midst of the coronavirus, retailers must prepare to deliver the coveted holiday deals that their loyal consumer base expects. In a time when ecommerce sales are becoming increasingly important, retailers must make the process seamless for consumers, who continue to deal with delivery problems and rejected orders. As Black Friday nears, here are a few ways retailers can maximize sales and profits on this day:
Marketing experts at Zenreach, a technology company that connects brick and mortar retailers with their customers through marketing software, has found that foot traffic to stores fell almost 80% when the pandemic arrived, but has recovered to about half of its pre-COVID levels over the past three months. The initial traffic decline can be attributed to health and safety concerns. However, the recent recovery foreshadows the future potential for brick and mortar stores to reach normal levels of foot traffic once again. To do so, retailers must not only implement all necessary safety precautions (including hand sanitizer throughout the store, mandating that masks must be worn, and maintaining social distancing), but also must communicate these health measures to customers. Effective communication prior to Black Friday will make your shop a must see!
Make a special effort to connect with repeat consumers. The 80/20 rule states that 80% of profits are thought to come from the 20% of a retailer’s best customers. Make sure that these customers get through the doors on Black Friday. Maybe even consider giving incentives to your loyal customers, like special discounts or a free product with their purchase, to run promotions aimed at these customers and ensure they pick you over competitors.
Online Presence A Key Differentiator
In these unprecedented times, not all consumers feel comfortable going into stores. Here is where Cyber Monday comes in. Online shopping has gained a completely new meaning and reputation in 2020. I am sure you have all splurged once or twice during quarantine when you were sitting home with nothing to do. Although a few months later, this year more than ever, Cyber Monday is essential. Zenreach’s data shows that campaigns by retailers online are achieving record success, with some getting click-through rates as high as 2-3%, which is about 20 to 30 times higher than typical pre-COVID averages.Furthermore, 42% of consumers said that prices have dictated their online shopping habits in 2020.The chart below highlights more desires of consumers that could help your business be number one on their Cyber Monday shopping list:
Although unprecedented, now is the perfect time to enhance your company’s online brand presence. Take advice from consumers: they are always right.
Safety, loyalty, and effective advertising should be your three priorities heading into this holiday season. Look at it this way: COVID-19 could completely alter the way consumers and retailers approach Black Friday and Cyber Monday in the future. What you do now is going to make history, so take advantage of this opportunity and welcome in new possibilities with open arms.