Black Friday & Cyber Monday is almost upon us. Just over two months away online retailers should begin preparing their store for the increase in traffic and sales.
And, I’m here to help you do just that.
Before you dismiss Black Friday & Cyber Monday as an event just for the big boys, stick with me - there is plenty evidence that suggests the event can be beneficial to businesses of any size. And, you can participate without killing your profit margins.
What is Black Friday Cyber Monday (BFCM)
At some point in history—exactly when is debatable—shopping became as synonymous with American Thanksgiving as turkey and football. The day after Thanksgiving has been known, for as long as most of us can remember, as Black Friday. A day packed with heavy discounts and queues that stretch for for quite some distance. In recent times, Cyber Monday has joined the ranks to bring online stores into the fold.
The History of Black Friday & Cyber Monday
Black Friday earned its name from the Philadelphia Police Department sometime in 1966. The concept was already in full swing, causing chaos in the city. Philadelphia Police Department called the day Black Friday in an effort to sully the event’s reputation and deter consumer madness. We all know what the result of that was.
In 2005 Cyber Monday was added to the roster. The media soon picked up the term, and it has since pushed Black Friday out its spot as the most popular shopping day of the year.
While BFCM originated in the US, it has grown tremendously, spreading due to the increase in globalisation. According to a BFCM is undeniably a huge sales opportunity for businesses of every size in any part of the world.
Why should you participate?
Simply put; people are spending money. Put some of it into your pockets.
In 2016, Cyber Monday sales hit an all time high, with consumers spending $3.45 billion USD in a single day. And, in the same year Black Friday traffic was up 220% over a regular day.
Small businesses frankly can’t compete with big box door-crasher pricing, but there are many ways to ride the hype without deep cuts to your margins.
What you should do right now
To make sure your all set up for the big days, there are plenty things you can do to make sure your online store is locked and loaded
Begin by asking yourself the following questions:
1. What will be my offer be?
2. Do I have enough Inventory?
3. Do I need more staff to handle increased orders?
This is also a great time to begin generating a buzz among your fans or existing customers. Are you launching a new product? If so why not provide exclusive release dates. Are you offering an exclusive deal for followers? Spread the benefits of joining your mailing list.
