5 forward-thinking ecommerce sales strategies for Cyber Monday
It's the most wonderful time of the year! Especially for retailers.
As we bundle up and take out our wallets, retailers are preparing for Cyber Monday and the holidays. But it’s not all fun and games. While peak retail season comes with a highly-anticipated boost in sales, it also means an all-out blitz of website traffic spikes, hasty online customers and quick-moving inventory.
Since its conception in 2004, Cyber Monday has grown steadily in popularity, and has absolutely exploded in recent years. In 2019, Cyber Monday rang up $9.2 billion, up 16.9% since 2018, while Black Friday sales dropped by 6% over the same period. And as Cyber Monday continues to grow, so do the promotional strategies used by tech-savvy ecommerce retailers.
There are some obvious strategies, like pricing discounts, product bundles and new product releases. But what are some of the more forward-thinking retailers doing to maximize their Cyber Monday sales?
5 popular Cyber Monday sales strategies in 2020:
1. Extended discounts
Limited time discounts utilize the scarcity selling tactic. But retailers are now realizing they can maximize those same benefits beyond the 24-hour window, while still leveraging the well-established reputation of Cyber Monday. A number of leading retailers have caught on to this in 2020, including Walmart, Best Buy, Target, Amazon, The Home Depot, Kohl’s and many more, all of which either started their sales early, are extending them past Cyber Monday, or both.
2. Cyber Monday landing page
Offering product discounts is a fundamental and effective Cyber Monday strategy. Showcasing exactly which products are part of your Cyber Monday sale in a one-stop-shop landing page is even better. Customers don't like guesswork, and unless your company is offering a flat discount across all its products, offering something tangible like a Cyber Monday page with a limited selection of products can keep your traffic focused and increase conversion rates.
3. Exclusive products
When it comes to apparel, accessories, or brands with highly loyal consumer bases, retailers have a unique opportunity to offer a one-time-only product variant. For example, Nike introduced a style of Air Jordan shoes to commemorate Cyber Monday in 2015. Since then, other leading consumer brands, like Allbirds, have followed suit. Barnes and Noble even found a way to cleverly embrace this strategy with exclusive signed editions of books available only during Cyber Monday.
4. Fight for abandoned shopping carts
Sending a shopping cart reactivation campaign is a great idea any time of the year, but on Cyber Monday, it's critical. There is no better time to get creative with your reactivation campaigns than a day where time truly is of the essence. Consider bumping up your usual email sequence by one or two additional emails and truly leaning into the once-a-year creative opportunity that is Cyber Monday. Think of how often you get sidetracked when using the internet. Wouldn't you appreciate one last reminder before the best deal of the year disappears?
5. Get listed on comparison shopping sites
When it comes to ecommerce, there's an entire world of marketplaces to participate in outside of your own store (and Amazon). In fact, listing your products on third-party comparison shopping sites, like Google Shopping, may even help your products rank better in SEO and drive more traffic than your own website.
So, if you're in the retail space, it's time to get optimized! Cyber Monday will only continue to grow in popularity alongside the general shift to ecommerce, and the competition for eyes and wallets will only grow with it.
Haven't opened an eCommerce channel yet? By this time next year, you can be up and running on a best-in-class ecommerce platform with all the tools you need to maximize your ecommerce potential.