Preparing for Cyber Monday is not as daunting as it may seem, we promise! To alleviate some of the headache around planning, focus your efforts around these four areas: inventory, marketing and advertising, sales and promotions, and leveraging historical shopping data to drive the best results for your business this year.
We know there’s a lot of competition surrounding Cyber Monday, but it truly provides a great window for your business to get in front of new customers.
Let’s break down each of these four categories to help you gear up for a successful 2016 Cyber Monday!
Facts & Statistics
Year after year Cyber Monday is becoming increasingly more important. And, it’s not going to be slowing down anytime soon. In fact, in 2015, the United States saw $600million more in digital sales when compared to 2014, bringing the total amount of sales dollars to a whopping $3.19billion!
Perhaps the largest growth came from mobile sales last year, which saw a lift of 35%. The takeaway here is to ensure your site is easy to navigate on smartphones and tablets!
(Fun fact: iPhone users accounted for 21% of sales vs Android at 6%)
With the average customer order value coming in at $123.43 and the average number of items per order at about 4, there is significant opportunity to sell many of the products on your eCommerce site. This leads us to our next talking point...
Stock up and stock up now on popular items as those are likely to go first and fast! Since sales will ramp up, ensure you’ve set up your operations to handle to influx.
Cyber Monday sales grew about 20% last year. With that information, compare your revenue and order numbers from 2015 and increase the volume by 20% to identify where you will be low from an inventory standpoint. This will also give you a very rough indicator on how much you can sell this year. Of course, how much you’ve grown your eCommerce shop over the last 12 months and the amount of marketing and advertising you do makes a big difference in sales.
Marketing and Advertising
In terms of marketing and advertising, it’s important to start early and stay strong throughout the beginning of November. Plan, plan, plan. We can’t stress this enough!
Demographics are also incredibly important on this sacred Monday. Historically, women have occupied about 59% of the buying market and males 41%. The percent of market share in dollars is 61.6% and 38.4%. The translation here is that not only are women shopping more, but they are spending more as well.
Many would expect a younger demographic to be the most active during Cyber Monday, but actually 35 - 55 year olds are much more engaged on Cyber Monday than younger age brackets as they occupy 47% of the market share.
Apply this demographic information back to your own products and store for a stronger advertising push this holiday season!
Sales & Promotions
Now that you have strong data, inventory stocked up, and your marketing and advertising campaigns on full blast, the last step is converting the customers who land on your webpage. As we mentioned earlier, Cyber Monday sees a lot of competition across brands, as huge sales and promotions are to be had. Research your competitors and their marketing strategy to stay as competitive as possible in your respective market. Prices make the difference on Cyber Monday.
Typical website conversion hovers around 3%, but on Cyber Monday the average is 5.37%. Shoot to hit that conversion percentage and you’ll know that metric is a true badge of honor, showing all the work you put in during these past few weeks!
Generating sales and all around success for your business is all about planning. Follow the four steps above and gear up for a successful Cyber Monday today!
Any other tips? Feel free to comment below.
By the way, here are some other important Q4 holidays to plan for as we close out 2016.