Can Online Retailers stand apart from the crowd and win Cyber Monday 2021?
With 2021 Cyber Monday but a few months away, eCommerce retailers are already in the thick of planning for it. And for good reason too. Along with Black Friday, Cyber Monday remains the biggest revenue generator for American retailers. Adobe reports that shoppers spent over $10.8 billion just on Cyber Monday in 2020. Despite the COVID-related restrictions, that figure marked a jump from the $9.4 billion worth of online sales in 2019. This year, the overall sales are predicted to touch a higher $11.8 billion in the U.S.
Since its inception way back in 2005, why has Cyber Monday grown to such significance in recent years? Steve Koenig of Consumer Technology Association states, “Black Friday equals big-ticket sales” and adds that “most consumer purchases end up being for themselves or their households.”
But in an increasingly crowded eCommerce space, how can retailers stand apart from the competition and “win” more sales when the stakes are so high this Cyber Monday? Here are a few tips.
8 Ways Retailers can win 2021 Cyber Monday
With Cyber Monday scheduled for 29th November this year, here are 8 expert tips that can surely set your online retail business apart:
1. Optimize products for online sales
Among its successful online campaigns, the “deal by the hour” campaign from Vapor Shoppe offered a different deal to online shoppers every one or two hours. 7 in every 10 online shoppers are not completely sure about what they want to buy. This makes it easier for online retailers to showcase a set of products that can stand apart from the competition.
Work on a robust marketing plan to showcase when your products go up for the Cyber Monday sale. Instill a sense of buying urgency by using product description phrases like “In high demand,” “limited stocks only,” or “running out of time.”
2. Offer discounts on the right products
Ian Sells of RebateKey mentions a common “mistake a lot of retailers make is to give discounts on everything.” This can ultimately “harm” business profits from the upcoming sale. Instead, get creative and imaginative when offering discounts. For example, “get 30% off on buying 5 or more items” or offer a high 80% discount (for catching attention) only on selected items.
If not discounts, try offering a “free product” or a “gift card” for first-time purchasers or maybe even “free shipping.” Limited only by the imagination, there are a host of online promotions that retailers can come up with to look unique.
3. Run a social cause campaign
Comprising a growing chunk of American consumers, millennial and Gen-Z consumers have always been conscious of social causes like racial inequality and climate change. Michele Parmelee of Deloitte talks about how “businesses have increasingly been held accountable for their impact on society.” She adds that “less than half of the younger generations say that businesses are having a positive impact on society.”
To stand apart from competitors, include support for a social cause in your Cyber Monday campaign. This will resonate with younger consumers and help in easy product promotion.
4. Launch a new product
Sounds like a strange idea. Not exactly. Many eCommerce experts recommend launching a new product on Cyber Monday. If researched and executed properly, a new product launch on Cyber Monday can capitalize on the holiday sentiments and rake in the dollars. Of course, this means the product launch has to be memorable and attractive. The product must strike a chord, fulfill a key need, or present itself in a unique way to catch the eye and make it to the shopping list.
5. Drive incoming traffic using growth marketing and social media
The year 2020 has seen 80 million social media buyers in the U.S, up by 30% over the previous year. The overall social commerce sales in 2021 are projected to be valued at $36.6 billion. Among the prominent social media platforms for eCommerce, Facebook, Instagram, and Pinterest can drive incoming traffic to eCommerce sites.
Here are a few tips to build interest on social media platforms:
- Integrate popular Cyber Monday hashtags on social media pages.
- Advertise using an interesting brand image & description and add the business logo.
Of course, the content you create has to be fresh, authentic, and closely attuned to the needs of the audience to become visible and draw the “clicks”.
6. Enhance the online shopping experience
How easy is it for online shoppers to get to their desired products on your eCommerce store? Is it easy for them to find what they need to, so they can progress in their buying journey? Are there ample opportunities to make an upsell or a cross-sell?
Effectively, shoppers must be able to purchase discounted products with a few clicks, and across multiple touchpoints and omnichannel. Headless commerce technology has grown to enhance the online shopping experience across many touchpoints by introducing agility and responsiveness into the mix.
Here are a few other tips:
- Create a separate Cyber Monday page on the website.
- Add a countdown banner to create excitement among shoppers.
7. Combine promotional offers for Black Friday and Cyber Monday
As there is only a two-day gap between Black Friday and Cyber Monday, retailers can plan for promotional campaigns for both days to increases sales and visits. To maximize consumer visits, span out unique promotions for each across all four days (Friday to Monday).
An efficient Distributed Order Management system can aid in planning order deliveries across multiple days. Here’s how retailers can maximize their campaign returns:
- Assemble a product “bundle” or combo offer that provides customer value and increases the order value.
- Gamify your offers using online contests or games to get more engagement.
8. Optimize your ad spending
For the Black Friday-Cyber Monday weekend, online retailers do want to run more social media or Google ads to increase their returns. However, simply increasing ad spending is not enough. Retailers need to optimize their ad spending to increase their market reach. For instance, video advertisements can be used to generate more user clicks.
Other strategies for online ads can include measuring which ads are generating the most ROI and optimizing their spending accordingly. A pro tip here is to create an integrated strategy that brings together the eCommerce front and backend, customer analytics, and the growth marketing engine to ensure a super-aligned campaign at all times.
With healthy market predictions for this year, we hope these tips will help you prepare for the 2021 Cyber Monday more confidently.
Ignitiv has facilitated eCommerce growth for retail brands across sectors. Our CX focus and skill in technology-based innovations like headless commerce and unified platforms help retailers make an eCommerce impact in challenging situations. For more information, here is a free whitepaper on “2021 Holiday Preparedness” that will help you even more for the upcoming holiday season. Get started on your holiday plans now.