Is the virtual shopping day, Cyber Monday, slowly tearing down the bricks and mortar holiday Black Friday?
For years shoppers have been going crazy for Black Friday sales, embracing the sport-like event and battling it out for the bargains in-store.
In more recent times, however, we’ve seen a significant shift in the way shoppers choose to operate. Consumers are realising that they’ll find a wider and more competitive range of bargains through virtual stores and, in addition, can complete the shopping process in a fraction of the time.
Retailers have cottoned onto this trend and we are seeing more and more physical stores vanishing each year, being replaced with virtual solutions or Online Stores.
So how do the smaller, online sellers compete with this trend and get the most out of seasonal cyber selling?
There are various tactics sellers can take to amplify their online store and draw in those Cyber Monday shoppers:
1. Spend money to make money
As the old adage goes, you have to spend money to make money.
For starters, invest in some paid Facebook advertising, which you can use on any budget. With this method, choose your audience based on demographics, behaviours or contact information. Using the advert reporting tools, watch how these adverts have impacted your business. Learn about the pricing structure involved with this type of paid advertising here.
In addition, implement a pay-per-click (PPC) management software to your site. PPC software consolidates your campaigns, giving you all the visibility and control you need to launch, manage, analyse and optimise your paid search advertising.
2. Entice with incentives
Considering the vast amount of competition in the eCommerce sphere, relying on your product alone to bring in the sales won’t do, so you need to create an advantage over your competition.
Introduce incentives such as:
- Free shipping
- Empty basket promotions
- Free gift with purchase
- Store credit with purchase
In addition to listing them directly on your site, publicise your offers by emailing your client database and creating awareness on social media.
3. Add some urgency
Create some major ‘FOMO’ in your promotions by giving people a deadline to buy your product. Urgency is a form of influence, which works well when combined with promotional offers. By generating anxiety within the buyer, it can make them feel like they might lose out if they don’t act swiftly.
Use key phrases like “one day only sale”, “last chance to buy” or “limited stock” in your promotion. In addition, implement a countdown clock on your page to show how long they have left to purchase.
4. Stock up on supplies
Make sure you can service your customers properly. If you generally get a lot of traffic to your site, be prepared for an overload of users during this period – especially if you have ticked the above tips off your list.
While Black Friday will no doubt have a lot of shoppers ready to purchase online, Cyber Monday is the day literally dedicated to online sales. Make sure you have enough stock to fulfil your orders – consumers won’t hold back giving you a bad review if they don’t receive their product in a timely fashion!
5. Optimise for mobile
In the 2016 holiday season, according to independentretailer.com, mobile accounted for half of online retailers’ traffic and nearly one-third of their sales.
“A 2016 study found that more than half of mobile users would leave a site that takes longer than three seconds to load. Your category and product menus should be easy to navigate on a small screen, and your mobile checkout process should be easy and secure to reduce cart abandonment”.
For more information on how to optimise your eCommerce store for mobile, check out Tradegecko’s guide here.
6. Open virtual receiving accounts
By setting up international virtual receiving accounts in the countries you’re selling in, you can be everywhere without leaving the comfort of your own home (or wherever you’ve set up base).
Using specialist international currency transfers companies like WorldFirst, multiple virtual receiving accounts can be set up on your behalf in the countries you’re operating in.
For instance, if you’re located in Australia and selling on Amazon US, WorldFirst will open up a US international currency receiving accounts, which plugs into Seller’s Central. This means you can:
- Repatriate your USD at times that suit you
- Protect yourself from currency fluctuations,
- Make same-currency direct supplier payments
- And of course, achieve better exchange rates on your transfers!
Speak to a WorldFirst currency specialist today to find out more on +61 2 8298 4997 or visit our website worldfirst.com/au/online-sellers/
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