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Undoubtedly, Black Friday is a key moment in the year retailers to take advantage of the surge in sales at this time. With the heightened consumer enthusiasm and their expectation of substantial discounts, the event can drive a massive influx of shoppers, both online and in-store.
The increased sales volume not only boosts revenue but also provides a chance to clear out excess inventory making room for fresh stock, and it's also an ideal time to attract new customers and strengthen relationships with existing ones.
Despite its advantages, Black Friday comes with its fair share of challenges. One of the foremost concerns is the thin profit margins resulting from the need for aggressive pricing strategies. The pressure to offer deep discounts to stay competitive can impact on profitability.
Also increased operating costs for extended shop hours, additional staff and heightened security measures, can impact too.
And managing inventory becomes a delicate balance – overestimating demand may lead to excess stock, while underestimating can result in products being out of stock.
According to research by PWC - some retailers have resisted discounting on Black Friday for fear that it might jeopordise their full price Christmas shopping purchases that are traditionally made in early December.
However, Black Friday is now an integral part of the consumer shopping calendar that goes beyond securing crucial Christmas gifts for loved ones. It also serves as a fantastic opportunity for individuals to indulge in personal purchases that they might have hesitated to make at regular prices.
So what strategies can retailers implement to maintain profitability while still offering attractive deals to customers?
Here are 7 effective strategies:-
Instead of deeply discounting individual items, consider bundling complementary products together as well as offering upsells. One example would be to pair high-demand items with a slower-moving item, for example, a fixed price bundle of 3 for £20.00 can encourage customers to spend more while helping clear old inventory.
Encourage bigger spends by implementing minimum purchase thresholds which unlock special discounts or offers. For example, spend over £75 and get 10% discount. This approach encourages shoppers to add more items to their basket to gain better deals, increasing the average transaction value and maintaining profit levels.
Reward loyal customers with exclusive discounts or early access to Black Friday deals. This personalised approach makes your customers feel valued and helps to strengthen their connection to your brand.
This not only fosters customer loyalty but also encourages repeat business. Plus your loyal customers are more likely to spread the word, bringing additional traffic to your shop and ecommerce website further contributing to long-term profitability.
Another idea is to promote high-margin products during Black Friday. Highlighting these items with better profit margins allows you to offer attractive discounts without compromising on profitability.
Promote them on social media and email marketing campaigns to build interest and increase traffic.
Create a sense of urgency by offering limited-time specials. By creating time-sensitive deals, it encourages customers to make faster buying decisions, increasing conversions without the need for excessive discounts.
Implement cross-selling strategies and recommend additional items that complement your customer's purchase. For example batteries to go with toys, bracelets to go with necklaces, scarves to go with hats etc.
This is a subtle upselling approach that helps to increase the overall transaction value as well as enhancing the customers shopping experience by offering thoughtful suggestions that go with their purchase.
Differentiate your offerings by providing value-added services rather than relying solely on price cuts. This could include gift wrapping services or inclusion of a gift box for a small additional fee.
Offer click and collect so that customers can avoid paying any shipping fees and collect their purchase at a time that's convenient to them.
Provide personalised shopping assistance using a live chat facility on your website, or by email or in-store providing tailored product recommendations to your customers.
Offer Gift Vouchers that can be redeemed both in-store and online.
Provide extended warranties to give peace of mind to your shoppers, especially on higher-value items.
These value-added services can help to differentiate your brand and build loyalty, making them more likely to return long after Black Friday.
And with consumers wholeheartedly embracing the multi-channel shopping experience, its vital to create a seamless journey from initial online exploration to in-store visits and vice versa.
This means ensuring that all touchpoints - your retail shop, eCommerce website, social media platforms and online marketplaces - are all integrated and synchronised, providing your customers with consistent promotions and brand messages throughout.
Additional features like real-time stock levels, click and collect services and flexible return options across all your sales channels all help to improve customer satisfaction and ensure a hassle-free and enjoyable shopping experience for your customers.
By ensuring your staff deliver stellar customer service, making the in-store experience great, as well as merging seamlessly with your online, ecommerce experience so that your customers feel valued and supported now matter where or how they shop, retailers can expect to reap the rewards in the days and weeks beyond Black Friday.
And by taking the time to analyse your Black Friday sales, by understanding which products have performed well and which ones not so well at this time of year, it can help you adjust inventory, promotions, and marketing strategies for future promotions or the run-up to Christmas.
Now more than ever, it's crucial that your multi-channel selling strategy is supported by the right retail platform. For example, does your ePOS till system and eCommerce website work harmoniously, allowing you to easily manage and track your Black Friday promotions, as well as enabling your customers to buy products in-store and online, seamlessly.
And what about inventory? Is this centralised with real-time synchronisation of data keeping you knowledgable about stock levels and what's selling well and what's not?
The right retail platform can help you simplify processes crucial for times like Black Friday, helping with flash sales, adaptive pricing and personalised offers. This way, if you are generating more traffic and sales volume, you can manage it smoothly whilst keeping the customer happy, along with driving your revenues forward during this important time.
Depending on what you want to promote and achieve this Black Friday, ShopTill-e has you covered.
It's easy to set up, run and track your promotions through ShopTill-e's fully integrated ePOS till software and eCommerce platform .
There's no need to worry about tracking your promotions over multiple systems as ShopTill-e's all-in-one retail solution does everything for you.
With ShopTill-e there are no more inconsistencies between your online and physical stores. No more manual inventory checks. No more lost sales due to mismanagement. This is the seamless, multi-channel selling experience you've always wanted.
The multichannel selling software allows retailers to streamline their operations, enhance efficiency and maximise sales and overall customer satisfaction. You're able to manage your online and offline sales, inventory, and overall business operations all from a single platform.
ShopTill-e's all-in-one retail software includes an integrated ePOS system software and ecommerce platform that's seamlessly connected with centralised inventory management providing full data sync and real-time info, as well as delivering a cohesive, seamless shopping experience for your customers.
Our complete multi-channel selling solution also enables you to easily make sales on popular internet marketplaces, such as Amazon, eBay, Wayfair and Etsy, as well as Instagram and Facebook.
Streamline your retail business operations with ShopTill-e and book your personalised demo or try for free .
