Black Friday and Cyber Monday are getting bigger each year – Last year, the UK spent an estimated £1.23bn online on Black Friday (+12.2% increase on 2015) whilst £6.45bn was spent over the Black Friday peak period (Monday 21 – Monday 28 November 2016)*
How can Retailers optimise their sales over this period? Here are DivideBuy’s six tips to boost your Black Friday sales.
1) Spread the deals (and your server load)
Research has found that the Retailers’ decision to extend the sales period over the week before made a big impact. According to GfK, 71,000 prices were dropped from Thursday to Friday in 2015, but just 16,000 prices in 2016*. This reflects Retailers’ strategy of extending the event to avoid website overloads whilst optimising the customer experience across the week, encouraging return visits.
2) Offer exclusive “early-access” to your database
Make your customers and account holders feel like they’re VIPs and give them exclusive access to your offers before they’re live or notify them of what’s coming up, allowing them to purchase before stock runs out. This tactic will help conversion rate and improve customer loyalty. Both Amazon and Next do this for their customers to significant effect.
3) Sales, Offers & Discounts
There is no getting away from it; Black Friday is all about the discount, but there are other promotions in your armoury to differentiate you from the competition. Stacking discount codes, free gifts, free shipping and money off vouchers for time-limited repeat purchases.
Research shows that offering Interest-Free Credit on purchases also reduces price sensitivity in potential customers. Not only will this lessen the requirement to discount so heavily, but will also increase conversion, average basket value and overall sales.
4) Payment options and Interest-Free Credit
Presenting a range of payment options; whether this is debit/credit card, Amazon or PayPal checkout reduces basket abandonment. Promoting Interest-Free Credit across the site, ensures your visitors are aware they can Spread the Cost of purchases whatever their entry point to your website. Research shows that Spreading the Cost changes the visitors’ mindset; increasing conversion, average basket value and upsell/cross sell opportunities.average basket value and upsell/cross sell opportunities.
DivideBuy produces bespoke digital banners promoting Interest-Free Credit and to grab the attention of visitors immediately. The banners are designed at no additional charge and within your theme and branding to ensure consistency across the site.
5) Social media
Utilise your reach on social media to highlight your forthcoming offers and deals. The targeted use of hashtags and paid for ads will extend your reach to a wider audience.
DivideBuy supports its Retail Partners by sharing posts with its audience on FaceBook and Twitter. Additionally, DivideBuy customers can use their account to checkout with any Retail Partner in just 6 clicks.
6) Abandoned basket conversion tools
You have done all the hard work in promoting your deals and getting potential customers to start shopping with you, so it’s important that the site converts. Many tools are at the disposal to prevent basket abandonment and improve overall conversion. These include lightbox pop-ups and follow up emails of those with items in their basket, but not checking out.
DivideBuy follows up abandoned baskets within the DivideBuy checkout. In the past 12 months, we have generated an additional £450,000 of revenue for Retail Partners
In addition to our unique technology, 60-second application and 96% acceptance rate. DivideBuy have the collective knowledge of hundreds of Retail Partners and thousands of customers. We proactively support our Retail Partners by sharing best practice and information to improve customer experience, conversions and sales.
As a technology-focused lender, DivideBuy approves at least 50%* more applications than our competitors. We are revolutionising consumer credit through our technology and advanced “machine learning” lending model – enabling an increase in sales, conversion and brand loyalty.
DivideBuy can be installed to any ecommerce platform via its API link. Installation is done free of charge by our developers and typically takes 2 days; taking advantage of Interest-Free Credit opportunities almost immediately.
Contact us by calling: 0330 123 5997 or by
email: email@example.com to discuss your free trial.
*IMRG – Black Friday online sales performance update