According to Adobe's Digital Economy Index report. , jewellery, apparel, electronics, garden and pet products were the top five categories with the most out-of-stock levels this year. If you run an ecomm store and are selling these items, and they are in stock, then you need to shout about it!
On the other hand, toy sales, gift cards, and groceries were primarily driving the spending increase through October. Toy sales, for example, increased by 50% in October compared to September. Say whaaaat?! Is this because we are all being told that there will be toy shortages this year?
How is your Christmas shopping going? Have you started? Finished?!
Interest based targeting is really important, especially since the changes we have seen thanks to the iOS updates. Interest based targeting comes largely from user behaviour within the platform such as profile information, page likes, groups and content that users engage with. This is why nailing your audience persona has never been more important.
When building out your persona the obvious things are demographics but think about where they shop, what do they read, do they exercise? If so where? What activities or hobbies are they interested in outside of work? what brands do they love? Where do they holiday? What causes do they support? What do they hate? Where would they never shop?
These are just a few examples of things to think about, have you built out personas?
💥Ecommerce Store owners – are you ready for Black Friday/ Cyber Monday?💥
Here are 5 Tips to help you 👉
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1. Start Early
Black Friday is the 26th November, followed by Cyber Monday on the 29th of November. If you want to make the most of these big shopping events, you need to start early. Get started on your strategy NOW. Advertising costs on Facebook will be at a premium, so start early, and front load your budget.
TIP – If you grab new customers now, you can remarket to them closer to BFCM with more personalised, targeted ads at a lower cost
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2. Go big
BFCM is the biggest shopping event of the year. Let’s make the most of it! Make sure that you use all of the digital channels that are available to you. Emails, SMS, paid and organic social media Facebook, Instagram, Pinterest, Tik Tok, Google, influencers.
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3. Choose your offers wisely
We know that everyone loves a bargain, BUT that isn’t always in the form of a discount. Try limited numbers deals, buy one get one free, special gifts with purchases, free shipping, tiered discounts,
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4. Mix up your email flows & pop-ups
In the two weeks leading up to BFCM, change the pop up on your website and ask people to sign up to get access to BFCM offers early. Change your welcome flows and tease new customers with exciting offers that are coming up and let them know that you’ll be running your biggest promotion of the year! Don’t forget to change your browse abandonment and abandoned cart flows over the weekend; these will need to be a lot more aggressive for this sales period.
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5. Make your creatives stand out!
Creatives for your ads/posts has never been more critical. During Black Friday, you will be competing with many other brands for attention, and you want to stand out by being the best solution. Remember to be clear, get to the point quickly and offer your black Friday deals. If you are struggling, think about outsourcing the creatives to a graphic designer, and if you need h
Do delivery costs put you off checking out?
Believe it or not 60% of shoppers say that free delivery and returns would encourage them to buy from a brand, 43% would be encouraged by a quick and easy checkout process. So as we work on our strategies for Q4 , are you taking these things into consideration?
If you're not in a position to offer free delivery then it might be worth thinking about where you can absorb the cost. Maybe you could increase your prices a little or offer free postage on orders over a certain amount.
Lifetime customer value or LTV is the metric we use that tells us how much revenue your business can expect from a single customer purchase during their business relationship with you. Lifetime in this context refers to how long you can retain that customer.
LTV is a vital metric to understand how much you can afford to spend to acquire a new customer through paid means. For instance, if you pay £10 to acquire a customer but your average profit margin per order is £10, you may think this is a waste of time. However, when you look at the LTV, you may realise that the customer will purchase 12 times a year, giving you a £120 of revenue, so a £10 acquisition looks more appealing, right?
The simplest formula for measuring customer lifetime value is the average order total multiplied by the average number of purchases in a year multiplied by average retention time in years. There's also a ton of free calculators out there which you can find by doing a quick Google search.