Ninety percent of ecommerce businesses fail. All ecommerce business owners have heard some version of this statistic and the failure time frame varies. The point remains valuable, though. Running a business is hard and an ecommerce business is even harder to run successfully, but this is the time of year when the consumer spending pie gets bigger and everyone has a chance to get a more valuable slice. That’s because Black Friday and Cyber Monday are almost here. Consumers will be looking for deals and almost everyone will be spending more during this one weekend than at any other time in the holiday season.
Tips to help you make the most of BFCM 2022
Build better customer relationships
How will you show your customers that you care about their holiday season? How will you make it easier than ever to do business with you? What is the market doing and how can you do a little more? Now is a great time to improve your customer relationships and here are some ideas to help you do that.
- Offer your best deals to long-term customers
- Give extra benefits to those in your loyalty program
- Include a surprise freebie either with certain purchases or every purchase
- Give rewards that go along with what the customer has already purchased
Know your KPIs
Key Performance Indicators (KPIs) are those metrics you track because they are true indications of how your business is performing. If you haven’t already identified these, choose a couple obvious ones, such as cart abandonment rate and repeat customer rate. Track these throughout the holiday season and compare them to the timeline of your various promotions to understand which promotions had the biggest sales impact.
Improve your on-package promotions
Leave no stone unturned, as they say. Take every opportunity to tell customers what you’re offering and how you’re genuinely hoping they’ll have a great holiday season. Rather than paper inserts that will probably be thrown away with the rest of the package’s stuffing or be out of date by the time the package makes it through that surprise blizzard, incorporate that promotion right into the shipping label on the box. Only with elteve’s patented shipping labels can your promotions be tied to a QR code that takes customers to a beautiful web page about your promotion.
Research your competitors
Know what your competitors are doing and learn from them. Remember that your competitors could be any business that’s selling to your market, not necessarily selling your same products. Everyone who’s successful with your market has something to offer you because what they’re doing is working.
After Black Friday and Cyber Monday, take note of what worked and what didn’t. Check in again after the holidays are over. Talk with your team. Ask your customers what they thought of your promotions. But first, take advantage of the newest tool available – the elteve platform. Now through 12/31/2022 you can get free and early access to our platform so you can see exactly how it contributes to the bottom line.
