Black Friday 2020: How to make the most of it!
It’s no longer a secret: Swiss online retail is growing rapidly. But that’s not all. Black Friday, one of the busiest days of the year for online retailers, is just around the corner. Make the most of it by optimally preparing for this bargain day. We at MyCOMMERCE are here to help!
Black Friday is especially big in the USA – make shopping great again! There, it’s the traditional kickoff for Christmas shopping and takes place the day after Thanksgiving. Why it’s called “Black” Friday isn’t entirely clear. However, one theory is that companies get out of the red and into the black on Black Friday.
Swiss Black Friday? Is it worth it?
Since it was first held in Switzerland in 2015, Black Friday has become one of the most important shopping days here too. Over 300 shops offer special promotions in a wide variety of categories – from high-tech to fashion to kitchen appliances. And don’t be fooled. Because of how Swiss people naturally are, the discount battle from overseas doesn’t initially get a good reception in the press – it’s not really appropriate. But sales still happen… and products sell like hot cakes! In 2018, the average consumer spent an average of CHF 300 on Black Friday. Last year, according to estimates by the portal “blackfridaydeals.ch”, sales of almost half a million Swiss francs were generated in Swiss retail – an increase of around 20% compared to 2018. Given the current situation, demand is likely to be much higher this year, particularly in online retail. So if you haven’t yet dealt with the topic of Black Friday, now is the time.
Discounts for Beginners
Offering your products online and offering promotions doesn’t have to be complicated. At MyCOMMERCE, we’ve made it very easy for our retailers. The online shop already has integrated promotional features, and they can be personalized with just a few clicks.
Discount coupons: Do you want to reward certain loyal customers? Or target a specific audience? Discount coupons can be created at the click of a button and sent to the desired recipients. Learn more here.
Volume discounts: Do you have too many items of some products in stock? Then get rid of them! Volume discounts encourage customers to buy more. Black Friday is perfect for a “two-for-one” or “three-for-two” promotion. Learn more here.
Sale: Black Friday discount, winter sale, or maybe Cyber Monday? Every industry has its special days. On MyCOMMERCE, promotions can be created in just a few clicks. Learn more here.
Thanks to our latest integration with Mailchimp, you also have the easy option of drawing attention to all your offers via newsletters. Active discount coupons synchronized with Mailchimp can also be integrated directly into your email templates, saving time and effort. Learn more here.
Promotional features and integration with Mailchimp are available with our Starter plan or higher. Try MyCOMMERCE for free today and get an overview:
Watch out for the most common mistakes
Especially in this hot bargain hunt, certain mistakes must be avoided that can not only cost you nerves but also sales.
1. Not enough inventory
If you’re serious about Black Friday, you need to think carefully about your inventory. Otherwise, you’ll annoy customers with “sold out” messages. Getting your inventory right is a fine art, but there’s a rule of thumb for emergency inventory:
(Maximum number of products sold in one day x maximum production time for one product) – (average number of products sold in one day x average production time for one product) = Emergency inventory
2. Don’t forget the shipping
One of the oldest enemies of online retailers – shipping! Consumers expect their packages to arrive on time. Especially on Black Friday or other holidays like Christmas. Delivery services like the post office, DHL, or UPS are often overloaded and experience delays. Clarify the deadline before which you can guarantee timely shipping well in advance: communicate this clearly to your customers.
3. On Black Friday, more doesn’t automatically mean more
Anyone who wants to run profitable promotions can never avoid a little math. Take a look at the table below. On the left, you see your margin on the product, and on the right, the discount. Where the two numbers meet, you see the percentage you need to sell more to maintain the margin.
4. The online shop is not available
A successful Black Friday can bring many potential customers to your online store. Make sure everything is ready for the big day:
- The inventory is up-to-date.
- The right products are marked with promotions.
- No typos!
- Are the product images of good quality? Really?
Conclusion
Black Friday is a big project and requires a lot of planning. But even if you plan everything down to the last detail, it still requires a bit of luck, and something will always go wrong. Don’t panic! Do your best and learn for next year.
