Maximizing the Full Potential of Black Friday
Black Friday is a period when brands and retailers around the world launch their most favorable offers, and customers respond with record spending.
By executing Black Friday effectively, companies scale their sales and expand their customer base, with some Digital Native companies generating more than 50% of their revenues during this period.
There’s a general impression that this period is not as important and significant in our areas, but this is an impression created based on offers that are not as attractive as, for example, in the USA.
On the other hand, we have consumers who have long accepted BF and who will make a purchase – the question is whether they will do it at your point of sale or with some global retailer.
Another Black Friday has passed
Black Friday 2023 has ended, and retailers are analyzing their results. Some are satisfied, while others are less so.
The accelerated pace of business shifts our focus to the next events – Christmas is coming, and right after that, the January seasonal sale, and so on.
Most retailers will not think about Black Friday until next summer, and some will start working on an action plan even later.
For this reason, they find themselves in a situation where they actually do not manage their offer for the next BF, but the offer is dictated by various factors caused by the current situation in the company. The company is in a reactive, instead of a proactive mode of operation.
In this blog, we will give several key tips to online merchants on how to prepare well for BF and consequently achieve satisfactory results.
Integrate Black Friday into your strategy
Consider from your company’s perspective what kind of Black Friday you would like to have and with what results. Define the key activities you must undertake to achieve this (offer, promotion, pricing policy, logistics, preparing the online shop…) and start working on them as early as possible.
Divide roles and responsibilities within the organization and start preparing and implementing.
Plan Black Friday in time
Ideally, you should start planning Black Friday almost immediately after the previous one has ended.
After the end of this year’s BF, everything is still fresh, and at this moment you can detect all the right and wrong steps and document them segmentedly (offer, stock, promotion, logistics, webshop, external services…).
You will be able to determine the key things you need to do much more clearly and transform into a proactive mode of operation! Proactivity means that we will maximally manage all processes and be ready for BF!
Prepare your web shop
UX during BF comes into sharp focus. Customers have very specific and simple behavior during BF. They want to reach checkout in as few steps as possible and complete their purchase. Also, you don’t want your webshop to crash in the middle of increased traffic or to run slowly.
– Create a separate Landing page with a Consumer Journey suitable for BF
– “Clean” the site of unnecessary functionalities that can affect the speed of the site
– Prepare appropriate server capacities due to increased traffic
These are the basic things you should do. Strategies depend on many factors, and most of all on your core business – are you selling your own brand, are you a multistore, do you sell subscriptions or services?
Every company has its specifics and is unique, and we at Dwizards approach each client individually and give them the necessary know-how to, among other things, extract the maximum from Black Friday!