The term “Cyber Monday” – the first Monday after Black Friday – was first used in 2005 as a way to promote online holiday shopping. It has since become the biggest online shopping day of the year. This year, Cyber Monday is predicted to bring in $12.7 billion in sales, up 35% from last year. In fact, due to the COVID-19 pandemic, it is expected that 9% of all holiday shoppers will be making their first online purchase this year.
Here are four tips to increase revenue on Cyber Monday.
1. Bring Customers to Your Site and Make Your Cyber Monday Promotions Visible
Just because people visit your site on Cyber Monday, it doesn’t mean they know what your sales and promotions are. It’s up to you to let them know. You can make them visible and clear on your homepage with a banner that announces special deals. Tell your customers about your best sales and what they need to know about them. You can also get their attention with a modal or pop-up window. Some online retailers send an email or newsletter to all of their existing customers around Thanksgiving Day, letting them know about upcoming deals. This can be followed up with a second volley on Cyber Monday morning.
2. Create Product Bundles
Promotion of products in bundles is a strategy often overlooked by online retailers, but it can be a great selling method for a number of reasons: 1) improved customer experience, 2) increased average order value, and 3) personalized sales and deals. Bundling also helps you get rid of dead stock because pairing unwanted items with your most popular products makes them seem more desirable. Remember that customers are more likely to purchase bundles if you group products that are often bought together. And if you combine a low-ticket item with a high-ticket item, the cost won’t be much more than the high-ticket item by itself, so customers will feel like they’re getting a real deal. Be sure to highlight the cost savings of buying bundled products.
3. Create Quick Lists of Products by Price Point
When holiday shoppers embark on a shopping expedition, they already have an idea of how much they want to spend on gifts. In fact, price is often among the top criteria as they browse through various products. You can make it easy by creating a gift guide that organizes products according to price – group items for $10, $25, $50, etc. Use your analytics data to find common sales data points. When customers can shop this way, they’ll be more likely to stay on your site to see what else is available within a certain price range.
4. Add an AI Chatbot to your Site to Assist With Customer Support
You might have more visits to your site on Cyber Monday than any other day of the year. That requires a lot of customer support. While your FAQ section will likely take care of most inquiries and concerns, an AI chatbot can be added for the harder questions. Chatbots are cheap, easy to install, answer customers’ questions in real-time, and work 24/7 without a single break. So when shoppers hit your site at 3 a.m. and want immediate answers, you can give them the support and information they want; any delay could mean losing a sale. If you can predict questions and script answers, you’ve got a chatbot that is a fast and efficient part of your customer support team.
The message is clear: This could be the best Cyber Monday ever for online sellers, and they should prepare for a lot of traffic to their sites.
