Is your online store fully prepared for the largest sales event of the year? Even as summer is at its peak, it’s crucial to start gearing up your eCommerce business for Black Friday Cyber Monday (BFCM).

BFCM, the shopping extravaganza that follows Thanksgiving week, offers a week of amazing discounts and high online traffic. For eCommerce businesses, BFCM presents a massive revenue opportunity, especially as more shoppers turn to online shopping.

Let’s delve into BFCM and discover how to boost your sales during this holiday season. We will also explore how eCommerce financing can help you achieve your goals.

Maybe you missed those facts about Black Friday Cyber Monday (BFCM)?

While Black Friday has a long history, it wasn’t until the 1990s that retailers began perfecting their strategies with deep discounts and early store hours. Cyber Monday, introduced in 2005, provided an online alternative to the in-store frenzy.

Today, BFCM is bigger than ever, starting earlier and lasting longer. Black Friday 2023 kicks off on November 24, leading into the grand finale on Cyber Monday, November 27. Get ready to make the most of this shopping extravaganza.

Here are some eye-opening BFCM insights:

According to Adobe Analytics, Cyber Monday 2022 set records with a staggering $11.3 billion in online spending, a 5.8% increase from 2021. Black Friday also hit a new high, with shoppers spending $9.12 billion online, a 2.3% boost from the previous year. And the spending for Black Friday 2023 is projected to increase by 7.5% (to 9.80 billion online). A transparent trend also depicted that mobile sales soared, accounting for a whopping 55% of online sales on Thanksgiving and 51% during Cyber Week. 

Meanwhile, NFR researchers pointed out that Thanksgiving weekend saw 196.7 million consumers shopping both online and in-store. On Black Friday, 87.2 million shoppers ventured online, followed by 77 million on Cyber Monday. In 2022, a remarkable 76% of consumers participated in BFCM, exceeding all expectations and marking a significant increase from 70% in 2021.

Check our mini e-book about BFCM 2023: Download here

What to prepare for Black Friday Cyber Monday?

Ready to make the most of Black Friday Cyber Monday (BFCM) and take your online business to the next level? BFCM is a once-a-year opportunity that can catapult you to 8-figure sales, and with some strategic preparation, you can end the year on a high note. Let’s explore some essential tools and tips.

Keep your inventory ready

To maximize your BFCM sales, early stock preparation is crucial. Running out of stock during Black Friday and Cyber Monday can grind your sales to a halt and damage your business’s reputation. To avoid this, forecast demand, determine your inventory needs, and place orders well in advance. Many eCommerce owners order their Q4 inventory during the summer months or earlier to ensure they don’t face shipping bottlenecks as the holiday season approaches.

Run lead generation campaign before BFCM

Expand your reach for BFCM by collecting as many email leads as possible in the weeks leading up to the event. Employ various strategies like giveaways, loyalty programs, and social media campaigns to grow your email list throughout the year. Consider using email pop-ups on your site to promote Black Friday deals and encourage users to sign up for alerts. Incentivize sign-ups with special offers to boost engagement.

Offer “early bird” deals

BFCM now starts earlier and lasts longer, with consumers beginning their holiday shopping well before November. To tap into this market, consider launching your deals early. Plan your early bird promotions and start promoting them as soon as possible. Take inspiration from major retailers like Best Buy and Target, which offer holiday price matching throughout the Q4 sales period. This strategy reassures shoppers who buy before BFCM, knowing they’ll get the best prices.

Feature discounts prominently

Ensure that your customers can easily find your discounts at every touchpoint, from your online storefront to pre-launch pages. Building excitement by advertising upcoming deals in the days and weeks leading up to the event can give you an edge over competitors. Platforms like Shopify offer pre-launch pages where you can tease your BFCM offers, providing an opportunity to capture customer contact information. If you’re on Amazon, promote your deals on your storefront and listing pages.

Offer free shipping to boost AOV

Shipping costs are a major cart abandonment factor, with 49% of shoppers leaving their carts due to extra costs. Implementing a free shipping plan during BFCM can alleviate this issue. Shoppers are often willing to pay slightly more for a product if it includes free shipping. If covering the cost yourself, consider setting a minimum purchase requirement, such as “free shipping on orders of $75 or more.” That offsets shipping costs and boosts your average order value (AOV), leading to higher revenue and profits.

Optimize purchase experience for mobile

Mobile commerce (m-commerce) is on the rise, with a growing number of shoppers using their mobile devices for Black Friday Cyber Monday. Ensure your online store and listings are mobile-friendly. Test your store on mobile devices to ensure it’s user-friendly and responsive. Check your listings on smartphones to prevent important information from getting cut off. Proper mobile optimization can prevent lost sales and customers.

Convert abandoned customers with retargeting campaigns

Cart abandonment is common during the holiday frenzy, but retargeting offers a chance to convert these potential customers. Segment your audience to retarget customers in different sales funnels. Social media ads and emails remind customers of viewed products and offer exclusive discounts after cart abandonment. Cart recovery emails, particularly, are highly effective, recovering 3%–14% of sales.

Personalize content in marketing campaign

Personalized messaging is critical during the holiday season when competition is fierce. Approximately 3 in 4 customers engage only with personalized content, and 8 in 10 are more likely to buy from brands offering personalized experiences. Implement personalization through user-based landing pages, behavior-triggered emails, and other means. Use this time to re-engage casual customers with personalized offers. Fortunately, several AI-powered tools are available to simplify the personalization process.

Engage with multichannel influencers

Influencers can expand your reach across various platforms, making customers feel like they’ve stumbled upon your products organically. User-generated content (UGC) is also a powerful tool for building trust. Encourage your customers to post about their purchases in exchange for discounts or perks. With over 1 billion users, TikTok offers high engagement rates for influencers, surpassing Instagram and YouTube. Leverage this platform to reach a broader audience.

Keep Your Customers Updated About Their Orders

Customers are particularly eager to track their orders during the high-volume sales period of Black Friday and Cyber Monday (BFCM). Providing them with real-time information about their order’s status and location fosters trust and ensures a positive shopping experience. When well-informed, customers are less likely to question their order’s status, initiate disputes, or experience issues like chargebacks or money on hold. This proactive approach helps safeguard your hard-earned earnings during the bustling BFCM season.

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Build your social proof and FOMO tactics

Leverage psychological marketing tactics to persuade consumers. Create a sense of urgency with FOMO (fear of missing out) by highlighting low stock levels and encouraging immediate purchases. Offer time-limited deals and communicate the remaining time to push shoppers to act swiftly. Capitalize on the fact that 60% of consumers make purchases due to FOMO, most occurring within 24 hours. Incorporate social proof by showcasing product reviews and demonstrating that others have enjoyed your products.

With these strategies in place, you can make the most of the BFCM shopping frenzy and steer your online business toward a successful holiday season.

Prepare for Black Friday Cyber Monday with these tips: smart marketing, great deals, and well-stocked inventory to impress and maximize your site’s potential for mobile users.