Cyber Monday is quickly approaching, is your business prepared? Cyber Monday spending increases every year; in 2019, consumers spent a record $9.4 billion online. Additionally, fewer consumers are expected to go shopping in-store this holiday season due to COVID-19, which could make Cyber Monday even bigger. In fact, 96% of retailers expect their online holiday sales to increase this year. Additionally, 60% of consumers surveyed said they expect to do their holiday shopping online, an increase of 4% from last year. Those statistics serve to show you that Cyber Monday is a huge opportunity for your business.
So, with more consumers doing their holiday shopping online, how will your business stand out? It's not going to be easy; the competition for online shoppers will be fiercer than ever. However, with some good strategies, they can help your business win Cyber Monday. Let's examine a few strategies that can help ensure your business has a successful Cyber Monday.
Offer Your Best Price Discounts
Cyber Monday is a time for deals and savings. According to a survey, 95% of consumers say that price discounts are the most appealing promotional offer. With that in mind, you'll need to consider offering your best price discounts on Cyber Monday. With consumers looking to save, especially this year, due to an increase in income loss, discounts are necessary to stay competitive on Cyber Monday.
Don't hold back when it comes to giving out discounts! Consider discounts on your entire online collection. Contemplate buy one get one offers. Explore bundling your products. The important thing is to offer the very best price you can to help make your business appealing to price-sensitive customers, of which there are more of this year.
Provide Fast & Free Shipping
While you might think what's important for consumers on Cyber Monday is price and exclusives, consumers also value fast and free shipping. In a study, just 7.5% of consumers said the shipping date doesn't impact their likelihood to buy, and 28.6% of shoppers said they'd be more likely to buy if the order would arrive within a week. Another study found that 75% of consumers expect delivery to be free even on orders under $50.
The numbers don't lie; consumers want fast and free shipping this holiday season. Now that you know that, you can make it happen and take advantage. For some businesses, offering fast and free shipping isn't possible. However, free in-store pickup is a good alternative. According to the National Retail Federation Vice President for Research Development and Industry Analysis Mark Mathews, "Consumers want free delivery, and they're willing to meet retailers halfway to get it. If we can get their purchase to the store, they'll come pick it up if that's what it takes to avoid a delivery charge. And once they're in the store, they are very open to seeing what else the retailer has to offer."
Giveaway A Mystery Gift
Everyone likes a good surprise, so why not give your customers one? To make your customers' Cyber Monday experience a little more special, include a mystery gift with every purchase. These gifts don't have to be anything over the top - something as simple and small as a $5 gift card for them to use on their next purchase would suffice. But by offering a mystery gift with a purchase, you help incentivize customers to make a purchase and drive hype around your business.
Additionally, offering a gift with a purchase can help boost customer loyalty. Customers like to be rewarded and feel appreciated, so this Cyber Monday strategy can have an impact on your business far after the holiday season is over.
Extend Cyber Monday
Due to COVID-19, this holiday season is shaping up differently than most. Even big retailers are changing tactics in an attempt to drive business. For example, retail giant Target is offering Black Friday pricing all November long. With that in mind, why not extend your Cyber Monday deals? While offering limited-time deals has been a long-standing holiday sales strategy, it's important to make changes when consumer behavior is projected to change.
Even if you choose not to extend your Cyber Monday specials all month long, you could have a Cyber Monday week where you maintain your Cyber Monday pricing. The idea here is that with more shoppers doing their holiday shopping from home, extending your deals will help set your business apart from the rest and give customers more time to purchase gifts helping lead to more sales.
Cyber Monday is a huge opportunity for your business, and with the help of these strategies, you can make the most of it. At Plastic Printers, we're here to help ensure all of your holiday marketing needs are taken care of. Whether you need gift cards, membership cards, loyalty cards, holiday signage, or anything else custom printed, we have you covered.