Black Friday: What's the big deal?
Want to Win on Black Friday?
Black Friday and Cyber Monday have pretty much become the official start to the holiday shopping season, with online sales hitting their peaks on those two days. As eCommerce continues to grow, accelerated by the impact of the pandemic, Black Friday and Cyber Monday will be more significant this year than ever before. If you’re a seller on Amazon, this is your chance to really make some money and build your brand from those eager shoppers who are more inclined to buy products which are on sale! But, as you might have guessed with the number of deals that happen during this time, there are also pitfalls with deals and promotions.
Here are some of our tips for getting the most out of this peak season:
1. Do your research and make a plan
Trying to navigate Black Friday without a plan in place would be setting yourself up for disaster. You need to understand which products will benefit your business with promotions, and which are sure-fire winners. Check out what the competition is doing, so you can see if your offers will stand up next to theirs. Having this information at hand will empower you to make even better business decisions.
2. Use analytics to your advantage:
You need to understand not just how much you are making, but why. This helps you understand the importance of Black Friday and the risks of spending too much time on discounts. How much of your business relies on returning customers? Are you selling in a niche category? These factors should all be influencing each decision you make this Black Friday and Cyber Monday.
3. Take advantage of the opportunities Black Friday presents
Amazon Black Friday is the time to make your best deals stand out. If you want them noticed, submit more than one product at a competitive price and be ready for Amazon's holiday onslaught!
If your products are more suited to one-off purchases, then offering significant discounts can often be a winning strategy. Or, maybe you just need to offload some of your inventory? In this case, Black Friday and Cyber Monday can offer a great opportunity to make profitable one-off sales.
On the other hand, if your products would have been purchased anyway, you risk losing out by offering deals which aren’t necessary.
The bottom line? Know your customers inside-out
Black Friday is not just about generating revenue with discounts; it’s also about making sure you can continue to profitably grow down the line. Understanding your customers is how you beat the competition, improve your business, and stay on track for long-term growth...
With Nozzle's Customer Analytics tools, we make it easy for Amazon sellers to get all of these customer insights - so you can feel confident that you're making the best decisions to grow your Amazon business.
Find out how you can use data and analytics to stay ahead and attract more customers this season (and avoid making mistakes that will cost you in the end.)