On Monday, December 2nd, e-commerce retailers all over North America will be enjoying their biggest sales day of the year. At least, that’s what they hope. The annual occasion is the online version of Black Friday, which takes place on Friday, November 29th this year.
Lesser known as Blue Monday, Cyber Monday generally features significantly discounted prices on items found exclusively in online stores. What steps are you taking to ensure your online store has a successful Cyber Monday this year?
Prepare for your best-case and worst-case scenarios.
Your best case scenario, of course, is that you sell loads of all of your most popular items. In order to prepare for that, you will have to ensure that your shelves are fully stocked. Disappointing customers with “out of stock” notifications will likely send them to your competitor’s websites – never to come back. Logically, you’ll also want to prepare for your worst-case scenario.
Zach Bailey of Vena Solutions agrees that you should prepare for multiple outcomes. “Hope for the best, prepare for the worst,” he writes, “While Black Friday and Cyber Monday can be a huge boom to an organization’s revenue, it’s also important to prepare for a scenario in which your sales don’t quite hit expectations…Modeling both best-case and worst-case scenarios helps your business stay agile and prepared for whatever the outcome may be.”
Offer numerous shipping choices.
Undoubtedly, online holiday shoppers will be looking for the best discounts they can find on Cyber Monday. However, time is of the essence. With the official start of the holidays fast approaching, shoppers will be searching for shipping options that ensure they receive their items quickly. Are you able to offer same-day shipping? Can you get packages out to your customers the next day? Many customers will be willing to pay for expedited shipping. Be sure to make it available.
“Since more people are shopping online instead of in-store, you might want to provide overnight or two-day delivery so they can still get their items quickly,” Kathryn Marr of WooCommerce, “Free or low-cost shipping that takes a bit longer will help those with budgetary concerns.”
Stock up smartly.
What were your Cyber Monday sales like last year? Did you exceed expectations? Or were sales lower than you expected? Consider the results of last year’s sales push and plan accordingly. Reach out to your suppliers right away and order the amount of inventory that best matches your expected demand.
“Accurately predicting your inventory needs is a huge determining factor in whether your business will come out on top after BFCM or suffer a loss,” says Bailey, “Not enough stock, and you’ll miss out on the potential for massive sales. Too much stock, however, and you’ll be saddled with extra inventory that eats into your bottom line.”
Is your company website all set up with an effective online shop?
To ensure a successful Cyber Monday, sync your payment processing with your online shopping cart with Priority Pay’s online payment gateway! To learn all about it, please don’t hesitate to contact us by calling 1-888-431-4344, emailing info@prioritypay.ca or by requesting a quote on our Contact page!