The year 2021 was exceptional in many ways. Both brands and customers achieved record high numbers across the eCommerce landscape, and the year 2022 is already shaping up to be an exciting one. However, we cannot continue to grow without reflecting on and learning from past years. This ebook will be divided into two parts.
Part 1 will analyze the top trends from BFCM'21 and provide an in-depth review of what worked and what didn't. Part 2 will closely examine the 2022 trends and offer suggestions on how to implement those strategies today to make this year the best one yet.
In addition, some of our favorite eCommerce consumer and technology brands will share their advice on how to dominate this year.
Here's a sneak peak of our first two findings from 2021...
It’s cyber season, not cyber day or even week.
It comes as no surprise that BFCM sales began earlier than ever before. In fact, it may be time to consider renaming BFCM to Cyber Shopping Season rather than Black Friday and Cyber Monday, although we won't push too hard for that just yet. Given the shipping delays and supply chain disruptions, starting holiday sales as soon as possible wasn't a choice but a necessity. Customers were eager to start their holiday shopping early to ensure timely delivery of the right gifts. However, determining the right time to initiate your brand's BFCM sale is not an exact science. It depends on two factors: finances and product stock. You can't have a month-long sale with 40% off if you have minimal stock and low profit margins.
"We started our Cyber Monday sale the week before, but even that felt like we started a bit late. A good day to start would have been Saturday, or even earlier. We probably lost some sales to other brands because we didn’t start until Monday.” — Nevin Jethmalani, Founder of Bondchain Growth
If you want to fully embrace Cyber Shopping Season, but it's not financially feasible to conduct a massive month or two-long sale, you may consider dividing your sales into smaller chunks. For instance, suppose you already provide a 10% discount as a welcome gift for customers who sign up for your email list. In that case, you could offer a 20% discount on products during November and December, and a 30% discount on Black Friday and Cyber Monday. By being financially strategic, you may be surprised at how much you can provide while remaining profitable, and the additional sales will generate more potential customers (and more revenue!). For this type of model, you might contemplate price-matching for customers who missed out on sales or excluding recent buyers from sales promos. This will assist your customer support team and reduce the volume of incoming tickets.
"We launched this year on Monday, November 8, which was quite a bit earlier than previous. It drove a massive, massive increase in revenue— from what we can tell, it incrementally drove millions of dollars.” — Josh Knopman, Director of Growth and Digital Product at Caraway
Personalization at every interaction.
At Malomo, we understand the significance of personalization at every customer interaction, and this holds true even during the bustling BFCM (Black Friday Cyber Monday) period. Just as you value personalized communication throughout the year, the holiday season should be no exception. Research has revealed that 80% of consumers are more inclined to purchase from companies that offer tailored experiences, underlining the power of personalization.
Given the increased purchasing activity during the holiday season, it is crucial for brands to prioritize personalization strategies and tactics. To kickstart your personalization journey, we recommend implementing the following approaches:
- Customized shipment tracking platform: Enhance the customer experience by providing a personalized shipment tracking platform. This enables seamless communication with your customers, allowing you to share updates, offer upsells and cross-sells, provide educational content, and more. By tailoring the tracking experience to each customer, you can elevate their satisfaction and engagement.
- SMS messaging: Utilize SMS messaging that is relevant to your customers' recent purchases and interests. Send targeted messages that resonate with their preferences, showcasing exclusive offers, personalized recommendations, and important updates. This direct and personalized communication channel strengthens customer engagement and drives conversions.
- Intelligent product recommendations: Boost your conversion rates and average order value by implementing intelligent product recommendation systems. Leverage data-driven algorithms to suggest relevant and personalized product recommendations based on customer preferences, purchase history, and browsing behavior. This level of personalization enhances the shopping experience, guiding customers towards products they are likely to be interested in.
- Individualized email marketing campaigns: Craft individualized email marketing campaigns that inform customers about sales, highlight products they may be interested in, address abandoned carts, or provide educational content on product care. Tailor your email content based on customer preferences and behaviors, delivering messages that resonate with their unique needs. This personalized approach increases email engagement and drives conversions.
By embracing personalization during the BFCM period, you can create memorable customer experiences, foster loyalty, and drive revenue growth. At Malomo, we provide the tools and expertise to help you implement these personalization strategies seamlessly, enabling you to deliver exceptional experiences during this busy shopping season.
"On the personalization side, we’ve just started sending traffic through a quiz, and have found really interesting information through that process. Now we’re updating that quiz to be more strategic for the next nine months."
— Bryan Smith, Ecommerce Director at Ned