Getting Cyber Monday right
Cyber Monday isn’t just the best deal-fuelled online shopping day for consumers – it’s the most competitive, and potentially the most profitable, time of the year for Amazon sellers.
High sales periods bring different kinds of pressures for online sellers. Any part of the selling process can go wrong if you haven’t suitably prepared for high customer activity.
To help you have a happy Cyber Monday, we’ve put together a checklist to help you get ready for the biggest day of the eCommerce calendar.
Know your stock
Cyber Monday has yet to peak and you’ve already sold out of your top products? If you’re well prepared, this shouldn’t happen. If you want to maximize your profitability this Cyber Monday, ensure your inventory is well stocked with your top selling products.
To do this cost-effectively, analyze your current stock lists, reduce the orders for your lowest sold products and focus your resources on the items you’ll sell most often and for the most profitable price.
Know the policies
Make sure you’re using the great marketplace that Amazon is, in the correct way. Stay informed and keep on the right side of Amazon’s policies. If you get an account suspension in the build-up to Cyber Monday, your channel might not recover in time. Consistent sales and reputation are essential factors in being well positioned on Amazon for Cyber Monday.
To learn more about avoiding Amazon suspensions, read ChannelAdvisor’s post on this topic.
Get the Buy Box
Have you developed a strategy to target the Buy Box on Cyber Monday? Impulse buying will be at its highest. Consumers will be purchasing on mobile. The Amazon mobile app doesn’t have suggested alternatives beside the Buy Box – once you win it, it’s completely uncontested. If the Buy Box is gold, the mobile Buy Box is platinum.
To win the Buy Box, your price has to be competitive. It’s difficult to keep all of your products at a competitive price. Try a free trial of our repricer tool Price Manager to manage your price competitiveness and boost your chances of getting the Buy Box.
The FBA way
Fulfilled by Amazon gives your products a significant sales advantage.
- Set a higher price than your non-FBA competition and still get the Buy Box, as delivery is factored into total cost.
- Get access to Prime subscribers – the premium Amazon shopper.
- No shipping or returns stress. Amazon’s got it covered.
FBA does come with marketplace fees but you will save considerable time, allowing you to focus your efforts on your most important business activity – driving sales.
Support your Customers
With so many great deals on offer over one day, customers will have questions. How good is this camera at night? Is this laptop powerful enough for gaming? How long will it take to receive this product?
Customers want answers and they want them fast. The faster quality support you can provide customers who engage with your channel, the more likely they are to make a purchase. Give them the support they deserve.
One of our core passions at xSellco is making customer support a breeze for sellers. We built xSellco Fusion to allow online sellers to manage customer communications from multiple marketplaces in one simple dashboard. Try Fusion out for free on a 14-day trial.
No payment, no sale
The last thing you want on the holy grail of online shopping days is a problem with your payment process. Keep an open dialogue with your bank to ensure you’ve got your financial ducks in a row and avoid any unpleasant surprises in the run up to Cyber Monday.
Also, stay on the right side of Amazon’s policies to avoid your account being suspended. You can’t make sales if your account is down (see point 2).
Positive feedback means more sales
Great bargains, scarce supply, and for a limited time only – it all adds up to one thing: impulsive shopper decisions.
With over 40% of all online shopping traffic on Cyber Monday in 2014 coming from those easily accessible mobile devices, impulsive consumer decisions can now happen at any time.
Impulsive shoppers spend less time researching products – making your Amazon seller rating even more important.
A high seller rating on Amazon isn’t always an easy thing to achieve. But one of the xSellco team’s goals is to help you use feedback to improve your business’s rating and sales. To learn how you can reduce negative feedback, encourage more positive reviews and drive more sales, read more about High5.
Happy selling on 30 November!