SKULabs’ Post

Black Friday and Cyber Monday are around the corner! Shoppers spent $9.8 billion online during Black Friday 2023. Cyber Monday 2023 smashed records with $12.4 billion in online spending. A record-breaking 196.7 million consumers shopped online and in store during Thanksgiving 2022 weekend. Here are three things your retail and e-com store need to do to prepare: 1. Stock up now, retailers and your competition is going to be ordering their BFCM and holiday inventory this week, give your suppliers plenty of time to deliver your order 2. Promote your discount before BFCM, the 5-6 weeks before should be prepping your customer base for your discounted deals 3. Speaking about discounts, make sure to decide early what those will look like, don't just blindly offer x% off, have a plan in place Start your plan with some analysis: A. Review Previous BFCM Data B. Monitor Competitor Discounts C. Identify High-Margin Products in your catalog D. Identify Overstocked items E. Define what percentage increase in sales or revenue you aim to achieve during BFCM. F. Determine Discount Types and Amounts G. You have some time to run Pre-Sales or Flash Sales to see what works #SKULabs #Ecommerce #Startup #Business #EcommerceTips #Shopify #Innovation #Tech #Technology #BlackFriday #CyberMonday

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