With Black Friday approaching in less than 10 days, it’s your last chance now to act on it! Since buyers have tons of options to choose from, stand out and highlight your product uniqueness is essential. So, how do you differentiate your brand from others? Here are the popular 5 techniques that you cannot missed to win your Black Friday:
Share & Grab Promo
With over 2 billion active users on the Internet, there is no doubt on how powerful of a channel it is for you to share your news. Since social media is a platform where most users spend their time on, it’s your chance to utilize it to your advantage. With 82% of shoppers being more influenced to shop during promotions and sales, you could create enticing shopping campaigns to your existing and potential buyers by rewarding them with a special discount code, or even organize a contest, requiring them to like and share your page in order to win, which will also boost the organic traffic on your page.
Buy One Free One versus 50% Off
According to the study of behavioral economist Dan Ariely, 73% of consumers opted to purchase a $0.15 Lindt chocolate compared to the $0.01 Hershey’s Kisses. However when he changed the price of the Hershey’s Kisses from $0.01 to free, 69% of consumers chose them instead of the Lindt. This proves how the word “FREE” can completely alter consumers’ decision making process.
Moreover, 93% of consumers are more tempted with Buy One Get One Free (BOGO) but how does that affect you as a seller? Let us show you.
Let’s say, you sell a shirt that costs RM20 at RM100 but during a 50% off sale, you would make a profit of RM30 (RM50-RM20). With BOGO, you would sell RM100 for a shirt and get a profit of RM60 for both shirts. Typically, the goods being sold in BOGO are of low demands.
Buyers prefer these deals as they feel like they get to take another item home at no cost but really, a BOGO deal is a 50% discount off of the manufacturer’s suggested retail price (MSRP) and the price is usually marked up before the sale. With BOGO being one of the most effective types of promotions. If executed properly, you may see higher sales and better conversion rates.
Offer More Payment Options
Make it as convenient as possible for your buyers to make their payment, especially during peak season with high online processing volume. There are many options to choose from, enable the widely used ones to increase your conversion.
Credit cards are one of the most common ways to pay online. Followed by online bank transfers or also known as Financial Process Exchange (FPX). Other payment method also include PayPal which has over 286 million users. It was used by over 17 million business and PayPal to check out come with 82% higher conversion rates compared to other payment options. Hence, there’s no harm in adding a Paypal button to ease your customers check out process.
It would also be handy if you could provide an option for buyers to pay Cash on Delivery (COD). It is especially suitable for buyers who do not have credit and debit cards. On top of that, the number one reason for COD is mainly to avoid online payment frauds. Customers do not need to provide any financial information including bank account details to the seller. Just remember that different customers have different preferences, ensure your site is user-friendly when it comes to checking out.
Exceed Fulfillment & Delivery Expectations
With enough preparation, now it’s time to focus on your business’s fulfillment and delivery process. Quality fulfillment services will help you to automate your after sales operations and free your hand from storing, packing and delivery. Be different:
- Inventory location. The closer the warehouse is to your buyers, the shorter the distance the goods will travel. Place your inventory to your top selling location and impress your buyers.
- Pick and packing speed. While your buyers are expecting delays in delivery, offer SAME DAY DELIVERY.
- More delivery options. Always understand the urgency, offer self-pick up whenever possible.
- Tracking notification. If you manage to ship out the order the same day, inform your buyers!
Enjoy & Earn from Black Friday
Yes, it’s sales! Apart from more sales, also take this great opportunity to make profit!! For aging inventory, it’s time to clear it from your storeroom. There are several ways you can work on:
- Combo sales. Combine the less popular SKUs with the popular SKUs and sell them in bundle.
- Stock clearance with high discount. Make full use of the aging inventory. If the SKUs were not popular, most likely it may not be popular during sales also. Come out with some crazy discount out from these SKUs and attract attention from your potential buyers.
Happy Selling! We hope you sell plenty already!