By LeeAnn Huntoon
Move Over Black Friday: How to Prep Your Business for Cyber Monday
Created by retailers to encourage people to shop online, the term Cyber Monday made its official debut on November 28, 2005. Now it’s a multi-billion dollar shopping day that continues to exceed estimated expectations every year. With more businesses transitioning to a digital experience this holiday season it’s no surprise that online spending is estimated to increase extensively during Cyber Monday in 2020.
To provide a solid comparison, in 2019 consumers’ total sales hit $9.4 Billion. That’s up 19% from the previous year. That’s more than Black Friday and Amazon Prime day. Online sales via smartphones hit a new record in 2019, accounting for 33% of Cyber Monday sales at $3 billion, which represents 46% growth year over year. So how can your business prepare for Cyber Monday this holiday season?
Set Up an Online Shopping Cart
U.S. online sales increased 43% year over year, reaching $60.4 billion in one month, according to Adobe Analytics. Which begs the question. Do you have an eCommerce store or an online shopping cart? If not, you may be cutting your revenue generation in half. With 53% of retailers expected to offer a BOPIS (Buy Online, Pick Up In-Store) option, you don’t want your business to be left behind. Especially now that It’s easier than ever to integrate an online store into your business model.
Having an online store is almost a necessity for success this holiday season being that it’s safer and more convenient for the customer. With Omnicart you can sell items online with no configuration needed. Easily set up your online store with one-click! Add items or services to your catalog, publish them to your online shop with one click. No domain purchase needed is needed.
Your Brick and Mortar and Digital Store Works Together
Once you have your eCommerce store up and running, it’s important to make sure your brick and mortar store and your digital store work seamlessly together. Begin by only offering 20% of your goods and services that are most popular online. This will assist in managing your inventory and allow you to consistently anticipate costs and cash flow for both stores.
Preventing any disconnect from your physical and online store is just as important as managing your inventory. This means making sure your staff is aware of what is expected in regards to how you want them to approach customers, collect emails, and promote your cross-platform marketing campaigns. This maintains a streamlined experience that translates to a better customer experience.
Start Showcasing your Cyber Monday Deals
American’s spent almost $8 Billion during Cyber Monday in 2018 with 50% of those sales being made via a mobile device. While the economy isn’t what it was then, online sales generation continues to grow with more consumers purchasing through eCommerce stores.
Creating a buzz surrounding your Cyber Monday deals early can create a sense of urgency and FOMO for your customers. Providing limited deals customers can only claim via your eCommerce store allows you to control the amount of product needed in your inventory and helps you manage your revenue return.
Retargeting Current Customers
Retargeting is a marketing strategy used by many online businesses to place relevant ads in front of previous consumers who have purchased a product or service from your business. Customers who have previously purchased from your online store have an 85% chance of buying again if the experience was positive.
A great time to retarget customers is around the holidays. You can catch their attention with a new product, service upgrade, or an event. Placing relevant ads in front of repeat customers allows you to keep your product or service in front of buyers who already have an interest in what you’re offering. Seeing ads on other websites and apps they use on a regular basis will keep your business top of mind when they’re ready to buy again.
As more consumers shop online, digital business tools are becoming a requirement for success. Adding digital gift cards to your business model is an easy addition that provides multiple benefits to you and your customers.
Gift Up!, which is available in Fattmerchant’s Omni marketplace, is the simplest way to sell gift cards for your business online. Customers can buy digital gift cards and certificates for your products and services directly from your website. You can easily customize your gift card to sell a fixed value (e.g. $25), custom value gift cards, and sell your products and services in any currency and on any website or social platform.
Optimize Your Online Checkout Process
74% of online shoppers abandon their cart for one reason or another. That’s why It’s critical to make sure that the consumer understands the stages of the checkout process. Make it simple and make it easy, beginning at product selection and continuing on to the confirmation email, the checkout process should be seamless.
Buy online, pick up in-store (BOPIS) has been gaining a lot of steam, especially amongst retailers who have multiple physical locations. However, this doesn’t mean that a small to medium-size business can’t also benefit from offering a curbside pickup option as well.
Offer Curbside Pick-Up
Currently, 67% of U.S. shoppers have used the buy online pick-up in-store (BOPIS). In fact, 50% of consumers decide which online store to purchase from depending on whether or not they could choose to pick up in-store. Allowing customers to pick-up in store immediately pays off by saving your business shipping costs. Curbside pick-up makes shopping easier for customers providing them with more flexibility. This boosts customer loyalty.
Businesses that omnichannel experiences such as curb-side pick up often saw a 23% increase in sales. Click and collect. The perfect way for retailers to drive in-store foot traffic and connect their offline and online experiences. With contactless payments by Omni you can easily process payments with touch-free tools including text2pay. Simply send a payment link directly to your customers phone. They click the link and submit their debit card or credit card payment without leaving the comfort of their car.
How Fattmerchant Can Help Your Business Prep For Cyber Monday
The more prepared you are, the more profitable this Cyber Monday can be for your business.
Fattmerchant prides itself on providing businesses with the payment solutions they need to improve their processes and continue to grow year over year.
At Fattmerchant, our payment platform focuses on going beyond ordinary merchant services accounts. The Omni Virtual Terminal allows for multiple payment capabilities through our Omni Mobile app. You can also key in payments or add the optional mobile reader to start swiping. Enjoy the ease and convenience of sending invoices and storing payment methods through the Virtual Terminal.
Want to learn more about our payment processing platform or maybe you’re interested in taking the next steps towards adding an online shopping cart to your business this holiday season?
Reach out to us at Fattmerchant today. We will be happy to answer your questions and help you benefit from our modern payment solutions right away.
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