Ten Things to Know about Cyber Monday for the eCommerce Store Owner
Two years into the pandemic, online sales are growing at a fast pace. The trend is clear. Online sales are beating brick-and-mortar sales hands down. It is the time now for eCommerce store owners to make the most of it. And the best time for it is on Cyber Monday.
We have compiled a list of ten things you must know about Cyber Monday that will help you perform better and boost your sales this season.
Checkout Great with Cyber Monday
You are going to experience a surge in sales this Cyber Monday. And you want to make it easy for your customers to shop with you. Checkout optimization can increase your conversion rate by 36%.
Checkout optimization includes minimizing the number of pages and forms between adding to cart to check out, avoiding surprise costs, retargeting abandoned carts, asking for payment info last, offering multiple payment methods to promote buying among others.
In order to avoid items abandoned in carts, try to keep the number of steps between your customers viewing a product and them making the payment to a bare minimum. Businesses that have an optimized checkout process have enjoyed better sales during Cyber Mondays over the last decade.
Cyber Monday is All About the Right Deals
This is a no brainer. Cyber Monday is popular for its offers and discounts. Fun fact: Back in the early 2000’s people waited till the Monday after Thanksgiving to use their office internet to shop for deals online.
Their home internet simply didn’t have the bandwidth to handle all the traffic that was coming through. This phenomenon gave rise to the now-famous Cyber Monday. Even in this era of 5G, people shop from their workplaces. And the best deals on Cyber Monday make the most sales.
This Cyber Monday, you need to figure out the right offer for the right customer in real time. An application like Qubriux on Shopify can help you do this with its AI capabilities.
it will calculate a win-win offer or discount for each of your products for a particular customer based on previous purchase history, so that your net incremental revenue increases as you make more sales out of the offers it has created.
Cyber Monday is About a Great Shopping Experience
55% of shoppers will abandon you if they have to re-enter their credit card or shipping information. A clutter-free shopping experience with a good checkout process is essential to having a great sales day this Cyber Monday. Now is the time for you to overhaul your website to offer the best shopping experience for your customer. Are you displaying the best deals clearly on your home page?
Are there sufficient opportunities to upsell and cross-sell?
Check to see if your product information is up to date. Do the product pictures on your website represent the product clearly to your customers? These are small yet fundamental things that you can do that will enable you to have a really great Cyber Monday.
Cyber Monday Social Media Posts Increase Traction
Businesses that put out organic social media posts have conventionally seen better sales on Cyber Monday. It is important to post regularly and gain traction through exciting offer information on your Cyber Monday deals. This year, Cyber Monday is on November 29. You must be posting everyday on all your social media handles to get the word out on the great deals you have in store for your customers.
It is also a good thing to tweak your messaging to make it funny and attractive to appeal to your customers. You know that what is funny sticks. And what sticks well sells well. So this is something important for you to have in your radar as you approach the big day.
Cyber Monday is a Global Phenomenon
According to data from Adobe, consumers spent a record-breaking $10.8 billion on Cyber Monday in 2020. This is significantly higher than the previous year which raked in $9.4 billion in 2019.
On Cyber Monday, the businesses that make the best deals end up with better profits. So, it is essential for you to offer the best deals for the right customers to make the most out of your Cyber Monday sales.
Cyber Monday is only next to Super Saturday among the highest grossing days when the entire world goes online to shop for the best deals. Yes, until about a decade ago, it was only popular in the North Americas and Europe. Today, Cyber Monday is a global phenomenon.
Cyber Monday is Not Just One Day!
Cyber Monday is not just one day of deals anymore. Most businesses offer deals through the week. And the spill over doesn’t stop there. You’d be surprised to know that there is a Cyber Week and a Cyber Week 2, which fall on the fortnight after the Thanksgiving weekend.
You are not only targeting Cyber Monday, but the two weeks after that. In fact, the shopping season doesn’t end until Super Saturday and continues even beyond. So be prepared with more deals during Cyber Week and Cyber Week 2. Join in and beat the competition in selling more.
It All Started in 2005!
Cyber Monday wasn’t a thing until the National Retail Federation announced in a Shop.org press release that it is quickly becoming one of the biggest online shopping days of the year. Ever since, Cyber Monday sales have been growing at a rapid pace year on year. In 2010, Cyber Monday crossed a billion dollars in sales. And by 2020, it has breached the $10 billion mark.
The most bought category on Cyber Monday is electronics. And men are the biggest shoppers on this day. They make up for 56% of the total shopping volume. So, if you are not selling electronics, it only makes sense to spruce up your men’s segment merch.
Free Shipping is Not Good Enough
When talking about deals during this Cyber Monday, you might imagine offers and discounts on your products. But stats over the last decade show that most customers look for free shipping or even a reduced shipping cost. Knowing this will help you keep your profit margins wider. Lowered shipping costs can be quite attractive, especially if you’re selling something large like furniture, a television or a desktop.
In a poll done across a large number of shoppers, 86% said that free or reduced shipping costs were good enough to make them buy the product. Of course, the crazy deals come first. But it is good to know that you don’t have to offer a discount when you can merely drop your shipping cost to close the deal.
High-Quality Email Marketing Campaigns For Cyber Monday
Businesses that have employed high quality email marketing campaigns have enjoyed the most sales during Cyber Monday. Some of them start their campaigns in September. Nevertheless, it is important to start sending out those mailers with offers and discounts every week in November until the Thanksgiving weekend.
Apart from these weekly emails, send one email the night before Cyber Monday and another email on Cyber Monday. Sending out these emails is essential to boost the sales on your eCommerce store. Most of your sales tend to come from your email marketing campaigns, from your repeat customers, and you need to be on the top of your game on this.
The Cyber Monday Shoppers are Rising but the Average Order Value is Falling
In 2017, Cyber Monday online sales grew to a record of $6.59 billion, compared with $2.98 billion in 2015, and $2.65 billion in 2014. However, the average order value was $128, down slightly from 2014's $160. Continuing upon this trend, it is now estimated that the average shopper spends less than $100 on Cyber Monday as of 2019.
This is a reminder for you to promote upsell and cross-sell opportunities on your eCommerce store to increase the average order value of each of your customers. You can easily do this with an app like Qubriux that will help you gamify customer wish lists to promote upselling opportunities.
These are the 10 things we thought you should know about Cyber Monday to make the most out of the best deals you can offer. Do you know any other interesting information about Cyber Monday? Leave a comment below.