Black Friday is the world's largest shopping festival, taking place after Thanksgiving and marking the start of the Christmas season.
Every year, retailers and businesses take advantage of this day to launch Black Friday sales and promotions. It has great appeal to customers who shop both online and offline.
Although the phrase Black Friday Originating in the US, it has quickly become a global event and the most opportune time to increase sales for many companies.
What is Black Friday? History of Black Friday
The original meaning of Black Friday is still unknown, but there are many theories as to why this day has become the most popular shopping season today.
A popular theory is that the word Black Friday for police in Philadelphia in the 1950s describes the shopping season after Thanksging with a terrible amount of traffic, because too many people go out. As a result, they work longer hours during the weekend.
Black Friday sales, although for only one Friday, but it lasts many days. Many businesses start rolling out offers since Thanksgiving and a few days before Black Friday to attract customers early.
Many online retailers also often launch their campaigns from the beginning of November, a multi-day Black Friday festival that will take place to attract as many customers as possible.
The year 2019 has brought 142.5 Billion Dollars for retail sites, larger to 20 billion dollars over the same period last year.
Cyber Monday is another online shopping day that also occurs during this shopping season, which begins the week after Black Friday and usually lasts only 24 hours.
However, the difference between Black Friday Sale and Cyber Monday also no longer exists today, because many businesses have created discount coupons, promotional codes throughout from Black Friday to the end of Cyber Monday.
Because of the serious epidemic situation this year, all businesses large and small have depended heavily on eCommerce. It becomes the place for people to turn to to find Black Friday deals because physical stores in many places are forced to close or operate at a moderate level..
How to plan to hunt for Black Friday sale?
Don't know what day black friday is in 2020? This year, it will enter starting from Friday, 27 month 11 2020. And lasting about 2 weeks will come the Christmas festival season.
If you're considering joining this year's Black Friday 2020 sale off, we'll show you briefly how to make the most of your eCommerce business.
1. Inventory inventory
Reviewing your inventory will help you decide which items to sell on Black Friday and what the discount rate should be.
One method you can use is ABC inventory categorizationapplied to divide the product based on the profit it brings:
- A items including best-selling products, donations 70% revenue and total 20% your product.
- B items are the average products accounting for 25% sales and inventory at 30%.
- C items are products that only bring 5% lose revenue but take up most of your inventory.
Normally, A items There is no big promotion because it is the strongest earning force. Therefore, you need to prepare goods regularly to meet market demand.
On the other hand, you can reduce the product price REMOVE and OLD freedom, especially if you want to free up some storage space.
2. Choose the right discount strategy
Big retailers and strong brands have years of experience and promotions are available during the Black Friday holiday seasons. They can stock large quantities and have enough freedom to sell multiple products without risking loss of revenue.
Small stores rely heavily on free shipping options, which are attractive enough to customers worldwide. Moreover, investing little time to create online ads that attract the greatest offers is also a good way.
For example, Apple offers the option 1 day delivery Free on a wide range of products, like MacBooks and iPads. Meanwhile, smaller products like EarPods have a 2-day delivery option.
Coupon codes for private members are also a good way to use during events because it increases the number of customers significantly, as users have to register via email list to receive the discount. For example, thredUP Do this by creating a pop-up form to list what kind of offers a customer will receive when they sign up.
3. Prepare well for big traffic
If you own a small business, you will often see traffic spikes during such holidays. If you prepare carefully, a large increase in traffic will directly affect your online business, often making the site load slower.
You might think a few minutes of downtime is not a big deal, but it will cost you a lot of money. For example, Amazon takes almost $90 million on Prime Day website down.
One way to prepare for this worst-case scenario is to find and choose web hosting reliable, giving you enough resources to serve a large number of visitors.
4. Optimize mobile experience
Mobile has now become the main website traffic during Black Friday season. However, many websites do not pay attention to this number of mobile users, leading to very low conversion rates. You can use Google Mobile-friendly test tool to check if your website is mobile friendly.
If you want to improve your website for mobile, you can use the following tricks:
- Use responsive templates. It will create websites suitable for all screen sizes, like on phones, tablets and computers.
- Create high-converting CTA buttons. The CTA button is a call-to-action button that is used as standards in design, it should be different from the other elements of the website and stand out. It ensures the visitors will have a smooth browsing experience and thus increase the conversion rate.
- Improved page load. Slow page load speed leads to high bounce rate. Ideally, a site should load within 4 seconds for a good conversion. These are some tricks you can implement to make your website load faster if you are using WordPress.
5. Improve the checkout process
Near the 21% consumers remove from cart page because of complicated payment problems in online store pages. Continually improve and spend optimal time in the following ways to avoid this problem:
- Show total costs at the beginning. Showing the total cost to pay at the beginning will help guests know exactly how much they need to pay before checkout. Remember to always show the total of them, including taxes, shipping, and other charges. Any fee will make guests stop thinking.
- Enable guest checkout mode. Not all customers like to sign up for an account on your website. Offering this option will help guests quickly complete the transaction without any further hesitation.
- Minimum form to fill out information. Ask only for the necessary information, such as your name, email address, payment information, and shipping address.
- Offers multiple payment gateways. Most of popular payment options Including: credit card, e-wallet, bank transfer is a must. You should also use methods like Buy Now, Pay Later (buy now, pay later), is becoming very popular.
That's it, now you understand what Black Friday is and how important it is to all retailers, website owners doing business in Vietnam and globally.
Black Friday is always the busiest shopping day of the year, which is why you need to be prepared to make the most of this holiday. If you want more information about Black Friday 2020, leave a comment.