Black Friday and Cyber Monday (BFCM) 2024 are just around the corner! These most awaited shopping events of the year offer an incredible opportunity for retailers to attract new customers, maximize sales, and clean up stock. But grabbing your share of the action isn’t just about slapping a discount tag on your products. It takes good planning, smart pricing strategies, and the agility to adapt on the fly.
That’s why we’ve put together this 10-point checklist to help you get ahead and make the most of BFCM 2024. Let’s dive in and get you set up for your best sales season yet!
1. Start planning (and selling) early
First things first: don’t wait until the last minute to kick off your Black Friday and Cyber Monday preparations. Shoppers, especially online, start hunting for deals well before the actual BFCM days. If your competitors are already offering sales, you probably should too! Begin planning early to build some momentum and capture those early-bird shoppers.
Plus, getting ahead gives you the breathing room to prepare thoroughly. Waiting until the last moment can lead to rushed decisions, hasty discounts, and costly mistakes. Take the time now to strategize and set yourself up for a smooth, profitable BFCM season – without the stress and last-minute scramble.
2. Check and prepare your inventory
Analyze last year’s sales and currently trending items
To ensure you’re ready for the shopping rush, start by looking at your data from last year. Which products flew off the shelves, and which ones struggled to move? By identifying which items were most popular, you can make sure you’re stocked up and avoid missed opportunities. Also, look at trends in 2024 and consider which items are likely to be in high demand or have already been popular this year. If these products align with your sales strategy, secure additional inventory now to ensure you’re ready when customers come knocking. Preparing early can also help you negotiate better deals with your suppliers.
Identify products for markdown
Not every product in your inventory will be a bestseller, and that’s okay! This is the perfect time to think about which items you want to move with markdown strategies. Clearing out old or slow-moving stock can help you free up space for more in-demand items and boost your overall profitability.
3. Decide on your offers and optimize your pricing
Choose the discount types you want to use
What’s your strategy for discounts? Are you considering percentage-off deals like 20% or 70%, or a buy-one-get-one-free offer? Don’t feel the need to use every discount type available. Instead, focus on choosing the right strategy for each product: decide, for instance, which items should be bundled, which should be marked down, and which should get targeted discounts to keep your margins intact.
Consider using software for optimal pricing
Did you know that software like Sniffie can predict the most effective discount percentages for your products? With solid historical sales data, you can take advantage of software to help you find that price sweet spot – where your discounts attract customers but don’t cut too deeply into your margins.
Moreover, if you’re operating in a competitive market or managing a large product catalog, dynamic pricing software can streamline your promotional strategies and price setting. This way, you can implement effective pricing strategies without the hassle of manual adjustments.
You’ll likely want to clear out products from earlier seasons and slow-moving stock. Crafting an effective markdown strategy is essential for doing this efficiently. You’ll need to carefully calculate the right discount levels to ensure that these products sell fast without eroding your profit margins too much. AI-driven software can be invaluable here; it not only identifies the best markdown opportunities to maximize sales while protecting your profit margins but can also automatically adjust prices for you.
4. Prepare your website
Optimize for speed - on all devices
A slow website can quickly drive away potential customers. To minimize bounce rates, it’s essential to ensure that your site loads quickly across all devices, including smartphones and tablets. Many retailers underestimate the importance of this, but a significant number of users may become frustrated and leave your site if it doesn’t perform well, particularly on mobile. Prioritizing fast load times is crucial, as even minor delays can lead to lost sales and a poor user experience.
Check your site speed on Google’s PageSpeed Insights.
Prepare your servers for high traffic surges
Expect a surge in traffic during BFCM, and make sure your servers are prepared to handle it. Downtime or crashes during peak shopping hours can lead to lost sales and frustrated customers. It’s crucial to have a robust infrastructure in place to support a high volume of visitors, especially if you’re offering major deals. Taking proactive steps to strengthen your server capacity and optimize performance will help you manage the influx of traffic smoothly and maximize your sales opportunities.
Planning discounts? Ensure they remain profitable with our cutting-edge AI tool.
5. Check your product listings: Make them sell
Improve product descriptions, images and trustworthiness
After the price, your product listings are the deciding factor for many customers. Make sure your descriptions are clear and compelling, your images are high-quality, and your pages are beautifully designed. Display customer reviews prominently to build trust and credibility. Attention to these details can significantly increase your conversion rates. The more professional and trustworthy your site appears, the higher your chances of making a sale.
Also, verify that all product data is accurate, including pricing, sizes, colors, and availability. Errors or inconsistencies in product listings can lead to customer frustrations, so double-check everything!
For more tips on creating effective product pages, be sure to read our blog post on the topic.
6. Ensure pricing compliance: EU's Omnibus Directive
Display correct sales prices
In the EU, the Omnibus Directive requires that you show the lowest prior price of a product from the last 30 days before the campaign. The time-line changes according to countries within the EU, where some countries have to show the lowest prior price during the campaign as well. Make sure your “lowest prior prices” are displayed correctly in compliance with your countries’ regulations, next to the sale price, to build trust with your customers. If you operate on Shopify or BigCommerce, check out apps that can calculate and show these prices on your storefront automatically.
7. Plan your marketing campaigns
Not all customers are the same, so don’t treat them that way! Segment your audience based on their purchasing behavior, preferences, and demographics. Once you’re set on products, tailor your email campaigns with personalized content, including early access offers, sneak peeks, and reminders to create a buzz around your BFCM sales.
It’s also a great time to get creative and schedule engaging content for your social media channels. Use countdowns, sneak peeks, and exclusive deals to build excitement and anticipation. Keep your audience engaged with creative and fun posts that keep them coming back for more.
Read some interesting BFCM campaign ideas here.
8. Perfect your checkout and after-sale strategy
Streamline the checkout process
The easier it is for customers to check out, the better! Minimize the number of steps in your checkout process and offer a guest checkout option. A simplified process helps reduce cart abandonment and encourages more customers to complete their purchases.
Send follow-up emails
It goes without saying, keep customers informed about key updates such as order status and shipping details. Implementing effective post-sale emails that express gratitude and request feedback can help build stronger relationships and encourage repeat business. Ensuring that these automated email workflows run smoothly is essential for maintaining a positive customer experience and fostering long-term loyalty.
9. Don't forget about shipping
During Black Friday and Cyber Monday, consider offering free or discounted shipping to attract more customers and drive higher sales volumes. Clear communication about shipping costs and delivery times can greatly influence purchasing decisions. Ensure that delivery timeframes are explicitly stated, especially for international orders, to manage customer expectations. By offering attractive shipping options and being transparent about delivery details, you can enhance the overall shopping experience and increase the likelihood of completing sales!
10. Stay agile and adaptable
Plan your sale calendar
Decide which sales will run on which days and plan your marketing campaigns accordingly. A well-organized schedule allows you to be agile, adapt to changing conditions, and capitalize on every opportunity.
Monitor and adjust in real-time
Are some products not selling as quickly as you’d like, or are others flying off the shelves too fast? Leverage analytics tools to closely monitor sales, traffic, and customer behavior. Use real-time data to make informed adjustments to your strategy, whether that means modifying your discounts, reaching out to suppliers to add to your inventory, or fine-tuning your marketing campaigns.
Prepare for the unexpected
It’s essential to have backup plans in place for potential issues that might arise. For instance, prepare strategies to handle stock shortages, such as quickly restocking popular items or offering alternatives. Have contingencies ready for website downtime by ensuring your tech team is on standby to address any issues promptly. Additionally, plan for potential shipping delays by clearly communicating expected delivery times and providing updates to customers. For instance, create those emails already, so you’ll simply have to press send if the time comes.
In addition to these preparations, keep a close watch on your competitors’ pricing and promotions. Regularly review their offers to ensure your pricing remains competitive and attractive. Adjust your strategies as needed to maintain an edge and capture the attention of potential buyers. By proactively managing these aspects, you can mitigate risks, stay ahead of the competition, and provide a seamless shopping experience for your customers.
Final thoughts
Black Friday and Cyber Monday present unparalleled opportunities to boost sales and attract new customers. By planning early, you can set yourself up for a successful BFCM 2024. Start now, be proactive, and make the most of this holiday shopping season!