Black Friday 2020 – 3 Tips For Success
Black Friday is just around the corner and this year it will be an even bigger eCommerce event as a large chunk of shopping shifts online. What was once a day of ‘door-busting’ sales in traditional brick and mortar stores, has become a massive online shopping. We discussed what to expect from Black Friday weekend in 2020 earlier in our blog here. There’s no denying the wealth of opportunity BFCM presents for brands. But capturing it requires careful, considered, and informed strategizing. That’s why we bring to you the top 3 key takeaways from Black Friday and Cyber Monday last year that can help guide your strategy for this year.
1. Remember BFCM is Big Beyond US
Black Friday is really big in the US, but it has increasingly become a very prominent event across the world and especially in Europe. Over the years, based on our data, we have seen a significant increase in the number of leads and conversions taking place in regions like EMEA and LATAM. As a result, brands should reflect on their existing data to identify the key markets beyond the U.S where they should expand their presence and not overlook some of the key markets.
Some key markets where Black Friday has become big include the United Kingdom, Germany, Italy, Spain, France, but also expanding quickly to Scandinavian countries as well as Eastern Europe. These countries have experienced continuous growth in the past few years when it comes to Black Friday shopping weekend. Hence, when building your strategy and planning out key markets, don’t forget the key markets we have mentioned above.
2. Identify Key Retailers and Build Relationships
Building relationships with key retailers form an integral part of the strategy for brands, however, building those relationships with the right retailers is even more important. While Amazon is an important part of the eCommerce strategy for many brands, your brand should also consider other key marketplaces that are prominent in various regions or countries.
In particular, Europe and EMEA have a more fragmented online retailer market landscape. Thus, it’s increasingly important for brands to be present across several retailers including local ones to capture those markets. Some of the local retailers might also be preferred due to different yet localized consumer experience. Further, they might offer local payment methods that are preferred, have faster local deliveries, and more. Further, also consider your vertical and the niche retailers that you should be present specific to your industry.
In addition to identifying the key retailers, building relationships with retailers is vital to achieving your goals especially in a competitive time period such as Black Friday and the Holiday Season which follows shortly after. At ChannelSight we have relationships with over 1000 retailers across the globe, get in touch with us if you’d like to know more.
We also have a plethora of data which enables us to measure and identify key global trends. Based on our data, we identify the key categories that experienced significant growth during Black Friday Week. From our data, here are some insights that can help you map out some key categories as well as key retailers in Europe and the US.
Key Categories that experienced significant growth during BFCM weekend 2019:
- Consumer Electronics
- White Goods
- Consumer Packaged Goods
Key Retailers in Europe based on BFCM weekend 2019:
Key Retailers in North America based on BFCM weekend 2019:
- Best Buy
3. Leverage your Data
As we mentioned above, it’s important to identify the key retailers for your vertical the markets that you want to target, and strategically build those relationships. This can be achieved by analyzing your data from the past years, and leverage it to prepare for this year’s eCommerce events. How? Look back on your data, and consider the key retailers that drove the highest conversions? Once you identify these, you will know which retailers are vital for your brand’s success in the respective market. Further, also consider which channels drove the highest conversions – was it your brand site, promoted ads, social media or other? Understand your consumer’s path to purchase, and identify retailers that are the converting traffic at a high rate for your brand. You should also track what did the purchased basket consist of – branded vs non branded items, as well as where your consumers are dropping off on the path to purchase. These insights can help you to form an informed strategy. Want to get actionable insights and data? Get in touch with us.
By leveraging your existing data, you can optimize your strategy, allocate resources, and double down on tactics that were successful for your brands. All these key points will help you better meet your customers’ needs, optimise the consumer journey and in help drive higher conversions. While this year may be different from the previous years, the data you already have can steer your strategy in the right direction. Want to learn more about leveraging your data? Get in touch with us and our experts can guide you.
Get insights to help you prepare for this year’s holiday season
Preparing in advance and with the right resources and tools will help you stand out from the competitors. Need some help with planning your budget for 2021? Read our CFO’s advice here.
At ChannelSight we have a variety of solutions that can help you optimise your eCommerce strategy, and identify the key trends for your brand. You can also better understand and use your data to achieve your goals.
ChannelSight has worked with several brands to drive digital success. Read our customer stories to learn how we have helped them drive their eCommerce strategy, online sales, and more. Contact us today to learn about how our eCommerce solutions can help you and your brand today.