November is a great month in the sales calendar. It plays host to Black Friday – the biggest sales event in the year. The origin of Black Friday is a story for another day, but it’s a tradition that isn’t going anywhere anytime soon.
Sellers aren’t the only ones looking forward to Black Friday. Due to mouth-watering discounts offered, buyers are just as excited, if not more. All roads lead to the marketplace. For e-commerce businesses, there’s a traffic surge.
Regardless of the huge sales opportunity on Black Friday, some sellers don’t get the most of it. They experience little or no sales. If you can’t make huge sales on that day, chances of doing that any other time are very slim.
Here are four ways to sell out on Black Friday:
Identify high selling products
High traffic on Black Friday doesn’t generate sales. What does, is effective use of the traffic. Buyers don’t troop into stores to pass time. They are willing to spend money, but only on items that meet their needs.
Are you selling what customers need?
You probably still have items that weren’t bought during the last Black Friday. Such items may still not fly this year because they aren’t in demand. Opt for trending products; they hardly stay on the shelf for long because everyone wants them.
How do you identify these products?
Research. Leave no room for assumptions. There are tools online you can use to know the highest selling products of all time. Check out the top selling products on various e-commerce stores, and make room for them in yours.
Take a cue from the big brands
Big brands understand the opportunity that Black Friday presents. It’s amazing the amount of sales they make on a single day. They spend a lot money creating awareness about their products in the weeks leading up to Black Friday. Consumers are mentally stimulated for the big day.
Out of the hundreds of products they offer, these brands streamline their campaigns to specific products that they are certain will sellout.
A multimillion-dollar business doesn’t invest in sales promotions based on assumptions; there’s so much at stake. They conduct expert market research on consumer needs and behavior.
Observe what they are doing. Inculcate their results into your campaign. Collect sales copies of major newspapers in town to get products being advertised. Pay attention to other advertising media such as billboards. Make a list of the products, and source for as many as you can to put up for sale.
Offer irresistible discounts
Black Friday is just another day without the exciting discounts presented to buyers. After sourcing products that are high-in-demand, you have to offer competitive prices. Buyers are looking for the best deals, your goal should be to give them just that.
Do you sell at a loss to offer the best deals? No. The essence of running a business will be defeated if you do that. Be strategic in setting your prices. Who are your competitors? What’s their pricing? Basically, the best deals are the most affordable in a given niche. Make a list of your competitors’ selling price and drop yours just a little. People like to buy things in bulk on Black Friday. A little difference in the price of a single item saves a reasonable amount in the total sum.
Offer free shipping
Perhaps you have never offered free shipping before, you can’t afford not to do it now. Free shipping has a magnetic effect on consumers especially on Black Friday. After ticking other boxes in getting the best deals, the icing on the cake is shipping. In the spirit of the event, buyers prefer sellers who don’t make them part with more money for shipping. If you don’t offer free shipping, you may have to deal with many abandoned carts.
Put yourself in buyers’ shoes, would you patronize the seller who offers free shipping or the one who doesn’t? There you have it. Sellers who offer free shipping make a lot more sales than those who don’t. Your total revenue will be high enough to cover cost of shipping, and you’ll be left with some profit.
Selling to an unwilling buyer is like beating a dead horse. On Black Friday, buyers are willing and ready to buy. All they need is the right product for the right price. Grab the opportunity. Make this Black Friday a memorable one for both yourself and the customer.
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