Oct 23, 2024

B&T Published on: 24th October 2024 at 10:15 AM SHARE Black Friday and Cyber Monday sales have now become key sources of revenue for many businesses globally. In fact, 2023 saw Shopify merchants globally reaching a whopping $9.3 billion in sales, just over the Black Friday Cyber Monday weekend. But what does it take to win big in 2024? We spoke to leading marketing, retail, eCommerce, AI and loyalty experts to uncover innovative strategies brands can implement to enjoy maximum returns during this competitive sales season. Unlock an ‘always on’ strategy – Jasmine Allen, Head of Performance, Impressive It is crucial for brands to re-evaluate their Black Friday Cyber Monday strategies in light of evolving consumer needs and uncertainty. Rather than relying solely on seasonal peaks or retail sales events to drive revenue, a more sustainable and profitable ‘always on’ approach involves adopting a consistent, year-round plan that fosters growth and enables strong customer relationships. As discussed in our latest Black Friday and Cyber Monday sales report, transitioning to a robust ‘always on’ strategy doesn’t mean abandoning Black Friday or Cyber Monday. However, it does involve integrating these events into a broader, evergreen marketing approach. By spreading out promotions and new product offerings throughout the year, you create multiple touchpoints with your customers, leading to more consistent revenue generation. This steady flow reduces dependency on a few critical sales periods. Prioritise a solid customer data strategy – Billy Loizou, Area VP APAC, Amperity As the holiday shopping season approaches, retailers should prioritise a solid customer data strategy to capitalise on Black Friday’s potential. With 56% of shoppers starting their holiday buying in October, preparation is key. Begin by leveraging your customer data to analyse past performance, identify what worked and what didn’t. Focus on customer metrics over channel metrics to gain insights into your audience, enabling you to craft a sophisticated targeting strategy. This analysis will help you pinpoint high-value customers, allowing you to nurture them with personalised early-access offers. Running early test campaigns is also essential for strengthening connections with customers and determining what resonates with them. For new customers, consider implementing a welcome series to showcase your product portfolio, helping them understand your brand better. It’s also important to remember that recognising your best customers throughout the year is vital, and the holidays offer a unique opportunity to roll out the red carpet and reward VIP shoppers with exclusive experiences. Move beyond generic email blasts and create tailored holiday gift guides that align with customer preferences. By segmenting based on price sensitivity–luxury shoppers versus discount seekers–you can deliver curated experiences that enhance engagement and drive sales. Stretch out the sales period – Brendan Dowd, Group Account Director, NielsenIQ Black Friday eclipses Christmas as the biggest sales period of the year, generating double the revenue of an average week. Recent NIQ GfK research across 15 markets, including Australia and New Zealand, shows it now spans several weeks as brands vie for attention. In 2023, it’s interesting to note home appliances and entertainment topped the charts with deep fryer sales soaring 216 per cent, shavers and TVs up 164 per cent, coffee machines at 159 per cent, and mini bluetooth speakers climbing 143 per cent compared to a typical week. Consumers also tend to gravitate towards pricier items during Black Friday with more than 20 per cent of purchases boasting discounts of 20 per cent or higher. Yet, the average price rose 18 per cent, indicating shoppers are willing to trade up for value. For brands and retailers, this means leveraging customer engagement is essential. Stretching the Black Friday promotions by weeks can help customers feel at ease when scouring through discounts. It is all about zooming in on the customer experience from a digital lens, ensuring mobile, online and in-store journeys are seamless and offers a personalised touch. That sense of two-way interaction improves the overall shopping experience, setting brands up for promotional success. The ultimate ‘stress test’ for customer experience – Miles Toolin, Head of Sales Engineering APAC, Eagle Eye Black Friday is the ultimate stress test for your brand’s seamless customer experience, both online and in-store. It’s not just about showing products digitally and hoping for sales—it’s about creating a journey where online browsing sparks in-store excitement. Picture this: a customer sees something online, and they’re motivated to visit the store because they know they’ll get even more value. This is prime time to convert those first-timers into loyal, long-term customers. Also, don’t wait for the frenzy to hit. Be proactive with your data. Real-time insights are critical. When that hot item sells out, you need to have backup offers and promotions ready to go, live on your e-commerce site, before customers start feeling disappointed. It could be the difference between 10,000 happy new customers or 10,000 frustrated ones. And let’s talk loyalty—it’s king. But no one wants the same old ‘do you want to join our loyalty program?’ vibe. Black Friday is your chance to reinvent this moment. Be creative, offer value, and show customers why your brand is worth sticking with long after the sales are over. Be proactive with an end-to-end strategy, Rad Mitic, Head of Brand Advocacy, Yotpo You should be doing everything you can to encourage loyalty program sign-ups before BFCM. By increasing promotion of your loyalty program in the months leading up to Black Friday and Cyber Monday, your brand can increase engagement down the line. Try promoting your program on multiple channels, including email, SMS, social, and banner ads,” he said. It’s also critical to set your holiday shipping strategy. Defining a shipping and delivery strategy is important for every business, but it’s not a one-and-done deal. Customers expect fast and free shipping—ideally, a combination of the two. And if there’s a delay, communication to your customer is important. Embrace the power of Gen AI – Andrew Gunnis, Founder and CEO, GPTStrategic As Black Friday approaches, brands embracing generative AI (GenAI) to shape the shopping experience will thrive. GenAI is disrupting the e-commerce landscape for its potential to hyper-personalise at scale. The long-held marketer’s dream of a ‘segment of one’ is fast becoming reality, where data and AI-driven individual content, offers, and recommendations are generated using a real-time proposition. To truly capitalise on Black Friday, brands need to get ready now–optimising platforms, leveraging GenAI to predict customer preferences, and integrate compelling personalised experiences. The brands that execute Black Friday well won’t just see a bump in sales–they’ll create experiences that matter for their customers. Black Friday is more than just an opportunity to sell–it’s a chance to connect, to lead, and to earn the privilege of your customers’ attention. Related posts: