We’ve Only Just Begun … Four Things Retailers Can Do Between Cyber Monday & New Year’s Day.
The numbers are in … Black Friday took a blow, Small Business Saturday is on an upswing and Cyber Monday was the all time biggest revenue day for ecommerce ever. Ever.
We now also know that the folks over at Cards Against Humanity have single malt taste on an ironic budget.
We look forward to pouring a nice holiday drink ourselves and mulling over what this all means – after December 31st. In the meantime, we are focused on how online retailers can continue to outperform last year’s revenue. Here are four ways you can chase that Cyber Monday high:
1) Introducing … Blue Sunday – Blue Sunday (Dec 6 – 13)
There’s another holiday in town this December. While roughly only 2% of American shoppers celebrate Hannukah, it is a factor in holiday revenue numbers and its timing can affect how early or late shopping begins. Accordingly, Retailers should consider curating a Hannukah page with relevant items and promotions (gifts will be given through Dec 13). Maybe throw in the increasingly popular “mensch on a bench.”
2) Promote Self Gifting
According to the NRF, around 58% of shoppers take advantage of holiday sales to self gift. Typically these are larger ticket items (iPads, TVs, vacuums) but there is an opportunity to continue to capitalize on the “one for you, two for me” psychology that happens during the holiday season with smaller ticket items. Retailers could encourage that self rewarding impulse buy with a few self-purchase item upsells on the cart page before checkout. Last year, Groupon proclaimed Dec 10 “self gifting day.”
3) Gift Cards. Gift Cards. Gift Cards.
Worried that a gift card may be perceived as lazy and impersonal? Don’t be. According to the NRF, over half of consumers want a gift card – not your idea of “a super cool scarf.” And the beauty of Gift Cards is that they are the ultimate solution to that “S**T I forgot my cousin” moment on Dec 24. Consider heavily promoting gift cards as the last minute answer after Dec 17th.
4) Reward Return Behavior
The presents have been opened. Turns out that hover board for grandma wasn’t such a great idea. She wants a wireless speaker instead. No worries. Instead of dreading the return cycle, retailers can encourage customers to surpass the initial spend with promotions linked to returns. For example, send the customer a gift card for the original amount plus a % discount about a certain purchase threshold. The holidays may be over but the ways to increase overall holiday revenue need not be.