Last year, Amazon announced that Cyber Monday was the biggest day in the marketplace’s shopping history. eBay also reported its highest ever day of sales on Cyber Monday, slightly higher than Black Friday.
Online sellers are already getting excited for this year’s event. With the US unemployment rate at a 50-year low and wages on the rise, people have money and online sellers have high expectations for this year’s post-Thanksgiving sales.
When it comes to Cyber Monday vs Black Friday, it’s clear that the online phenomenon of Cyber Monday has caught up with its more established cousin three days earlier. Let’s explore the rise of Cyber Monday along with some advice to help you to make the most of this year’s event.
What is Cyber Monday?
Cyber Monday is a marketing expression for the Monday after Thanksgiving. Falling between November 26th and December 2nd each year, it takes place four days after Thanksgiving.
Created by retailers to boost online sales, Cyber Monday was first coined by the National Retail Federation in a press release back in November 2005. Since then, the expression has been used by online sellers around the globe.
On Black Friday, online sales increase but many people are still focused on in-store shopping. However, on Cyber Monday, shoppers are all about online purchases.
The rise of Cyber Monday
Despite being a relatively new phenomenon, Cyber Monday has steadily grown year on year and is beginning to outdo the traditional Black Friday event, which has been around for decades.
People often want to avoid the crowds and take advantage of promotions from the comfort of their own homes. Cyber Monday is particularly suited to those who are visiting family over Thanksgiving and want to make the best of the holiday discounts without lugging the shopping home with them.
Last year, Cyber Monday broke online sales records with a total of $7.9 billion in sales, making it the biggest online shopping day of all time in the US. Spending increased 19.7% on the previous year.
Cyber Monday vs Black Friday
Though Cyber Monday is specifically for online shopping, the reality is that online retailers offer discounts on both Black Friday and Cyber Monday. Some even offer promotions throughout the whole week.
Looking at buyer behavior, Black Friday is key for purchasing big-ticket items, which often involve some forward planning. That’s why you’ll see people camping outside electronic stores to make sure they get the specific tablet they want. There’s often great deals on TVs, laptops, appliances and power tools.
People often shop online for items which are more economical to ship and return. Consumers associate Cyber Monday with smaller items, gifts and impulse buys. Think clothing, toys and books – after gift cards, these are the most popular gifts.
According to statistics from Black Friday Weekend 2018, Amazon sold more than 18 million toys and 13 million fashion items on Black Friday and Cyber Monday. Data also shows that 54% of US consumers plan to do most of their holiday shopping online this year.
Cyber Monday Strategy advice for online sellers
Sellers should take advantage of Cyber Monday’s rising popularity to boost sells. Here are some tips for a winning Cyber Monday strategy:
Leverage the resources you have
If you use shopping cart software like Shopify, it will have tools to help you apply promotions across your website and other marketplaces, like Amazon. Also consider using specific Cyber Monday landing pages and countdown plug-ins to encourage conversions.
Focus on getting found
On Cyber Monday, shoppers head straight to their laptops to search for the best deals. Many go to Amazon and eBay, others use Google. Tweak your listing titles and descriptions before Cyber Monday to include keywords like ‘Cyber Monday 2019’, so you’ll appear for these search terms.
Use email marketing
CPC ad costs soar this time of year, so utilize other marketing channels too. Email has a great ROI so make sure you focus on sending compelling content your database.
Deals and discounts
Discounts will make or break your Cyber Monday strategy. Price discounts are most appealing to consumers, followed by free shipping and free gifts. Consider markdowns or, if you need to move some stock, offer product bundles, free gifts and buy-one-get-one offers.
Focus on reviews
Many prospects will visit your website or storefront for the first time on Cyber Monday. Gain their trust with positive reviews. If you have great Amazon reviews, use a plug-in to display them on your website. Or take advantage of the increased sales with a feedback tool which encourages customers to leave positive reviews.
Be ready for extra orders
Ideally, you want Cyber Monday customers to become long-term customers. So ensure they have a positive experience by providing quality customer service. Be accessible and responsive. Try using a dedicated eCommerce helpdesk to streamline service across every channel you sell on.
Win the Buy Box
A high-quality Amazon repricer is critical help you win the Buy Box and build your sales on both Black Friday and Cyber Monday. With an increase in Amazon traffic over the holiday period, it’s crucial that you have a repricer capable of reacting quickly to pricing changes to maintain Buy Box ownership. Repricer.com is not only the quickest repricing software on Amazon, but it also will never sell below your target profit margin – very important for sellers during periods of high sales volume!