Cyber Monday is the biggest online shopping day of the year and in the US sales topped $2 billion last year (Fortune, December 2014). Customers with the endurance to make it through the bank balance damaging weekend are still keen for deals and last-minute bargains on Monday. It offers distinct opportunities from Black Friday and if you take advantage of them you’ll see big rewards at the bottom line.
Sales data from Friday-Sunday will enable you to identify high risk inventory and shape targeted offers to make it a more attractive prospect to visitors. Shoppers are smarter and becoming more speculative in seeking out bargains. Flash deals create urgency using time limits and drive demand throughout the day, enabling you to push the inventory you need to sell. Such intelligent merchandising directs surge traffic to where you need it most.
The only thing more attractive than one bargain is a bundle of products at a bargain price. Cyber Monday is a huge opportunity for leveraging data to make sophisticated bundles. Discerning what your most popular products and categories are enables you to shape individual bundles to be more attractive to customers.
Analyzing data deeply, you can also decide how best to shape free xwith y offers and make add-ons like gift cards financially advantageous by using them to push return visits and foster greater brand loyalty. Intelligently sweetening the deal improves your customer’s experience and your sales.
Lastly, Cyber Monday is a great opportunity to capture customers emails. Access to discounts or early entry to sales makes the process advantageous to customers and drives better results for you. It encourages return visits and develops customer loyalty by making sharing the email contribute to clear improvements to the experience. Reciprocal persuasion will ultimately drive higher lifetime value - the key metric to track over the year.
Cyber Monday is a huge intelligent merchandising opportunity that the best and brightest will seize upon to drive end of year sales. UK shoppers are predicted to spend £943 million on Cyber Monday this year and if you get your strategy right on the day, you will not only wrap up the Thanksgiving weekend in a great way, but also turn one season shoppers into lifetime advocates (Experian & IMRG, October 2015).