7 BFCM Strategies to Scale-up Revenue for your Shopify Store in 2023 ---- 6 min read
The clock is ticking, and we are slowly edging closer and closer to Black Friday Cyber Monday weekend 2023. The day following Thanksgiving marks the commencement of the festive season. Black Friday, occurring after Thanksgiving, is a shopping phenomenon characterized by e-commerce brands extending significant discounts on their products. In contrast, Cyber Monday, observed after Thanksgiving, aims to promote online shopping among buyers.
The Shopify BFCM event garners substantial excitement as buyers avail themselves of essential products through discounts, exclusive offers, bonuses, and online gifts.
In the current year, Black Friday is scheduled for November 26, followed by Cyber Monday on November 29. While both Black Friday and Cyber Monday Sales are technically limited to 24 hours, store owners commonly extend Black Friday Sales and discounts until Cyber Monday.
Have you started the preparation yet?
In this article we’re sharing our Black Friday/Cyber Monday (BFCM) checklist to ensure that you’ve got everything planned and ready to go — so you can knock the biggest sales event of the year out of the park.
Table of Contents
- Live Shopping
- Enhanced Customer Engagement
- Increased Average Order Value (AOV)
- Reduced Bounce Rate
- Improved Buyer Retention
- Measurable Return on Investment (ROI)
- How to get Started?
- Prepare your Site for seamless Product Discovery
- Optimize Merchandising for different types of Shoppers
- Incorporate a Gamified Element
- Fine-tune the Mobile Experience
- Integrate your Experience across Channels
- Offer a “Buy Now, Pay Later” Solution
- Wrapping up: BFCM Strategies for Shopify Stores in 2023
In the realm of boosting Shopify revenue during the BFCM season, one strategy stands out as paramount: Live Shopping. With its immersive and interactive nature, Live Shopping has swiftly risen as the most influential tactic. Let us see why.
Enhanced Customer Engagement
Live Shopping presents an exciting avenue for Shopify stores to elevate their BFCM strategy in 2023. By facilitating real-time interaction between hosts and shoppers, it goes beyond the conventional online shopping experience. This dynamic engagement ensures that customers remain engrossed, asking questions, seeking advice, and participating actively. This active involvement not only extends the time buyers spend on the store’s website but also sparks a sense of connection with the brand.
Increased Average Order Value (AOV)
Live Shopping doesn’t just stop at engagement; it strategically impacts the bottom line. The interactive nature of live shopping shows creates a fertile ground for the art of upselling and cross-selling. By showcasing complementary products in real-time and offering limited-time promotions, buyers are encouraged to explore additional items, leading to larger transactions.
This dynamic product presentation taps into the psychology of impulse buying, subtly nudging shoppers to consider items they might have otherwise overlooked. Consequently, the average order value (AOV) experiences a marked upward trend during BFCM events.
Reduced Bounce Rate
One of the prime challenges in the e-commerce landscape is combating the dreaded bounce rate. However, Live Shopping possesses the potential to effectively mitigate this issue. The captivating nature of live shopping shows, coupled with the interactive exchange, captivates users and curbs their inclination to exit the website hastily. This prolonged interaction time is instrumental in lowering bounce rates.
Improved Buyer Retention
The BFCM period not only aims at bolstering sales but also nurturing a loyal buyers base. Live Shopping inherently facilitates this goal by forging a genuine sense of community between the brand and its buyers. The real-time dialogue and shared experiences during live shopping shows foster a lasting connection, which transcends the transactional relationship. This heightened affinity significantly contributes to buyer retention as buyers are more likely to return to a brand that they feel emotionally connected to, thereby enhancing the long-term value of each customer.
Measurable Return on Investment (ROI)
Quantifying the success of a BFCM strategy is paramount, and Live Shopping shines in this regard. Its inherently interactive nature, coupled with analytics tools, allows for comprehensive tracking of key performance indicators. Metrics such as sales generated, engagement levels, and customer interactions during live sessions provide a tangible framework to gauge the Return on Investment (ROI).
This data-driven approach empowers Shopify stores to make informed decisions, optimize their strategies in real time, and fine-tune subsequent live shopping events for even better results.
How to get Started?
Channelize.io Live Shopping Platform is one such Platform that can help you to reap the benefits of Live Shopping this BFCM. The Shopify App is easy-to-install, and fast to get started to offer enhanced Product Experiences, Boost Buyer Engagement and Retention, and eventually increase Sales. The best part is that you can install the App and do Live Shopping Shows for Free and Upgrade as you Scale-up!
Prepare your Site for seamless Product Discovery
Amid the BFCM frenzy, as you highlight your prime offers, the goal is to keep potential buyers engaged in your online store. To accomplish this, streamline the shopping experience, ensuring it’s devoid of hassles, while swiftly connecting shoppers with their desired items.
Consider crafting a dedicated landing page exclusively for BFCM, revamp your holiday collections to cater to diverse shopper motivations, and fine-tune your website’s navigation – from dropdown menus to filtering options. Neglecting to provide fluid and user-friendly digital shopping journeys could result in the loss of both buyers and profits, potentially deterring up to 70% of potential buyers.
Optimize Merchandising for different types of Shoppers
Beyond the urgency inherent in BFCM, buyers generally prefer expedient access to deals rather than extensive browsing. Shoppers seek optimal discounts promptly. To deliver this value, fine-tune your website to ensure buyers derive maximum benefit from their purchases.
Achieve this objective by enhancing the visibility of pertinent products on your online store. Employ personalized approaches and robust automated product tagging mechanisms to showcase items aligned with each customer’s distinct preferences. This might involve showcasing product recommendations directly on the homepage or ensuring precise outcomes through the website’s search functionality. Additionally, BFCM serves as a prime opportunity for cross-selling and upselling, augmenting the cart’s value and thereby elevating revenue derived from a single customer.
Incorporate a Gamified Element
To infuse a unique twist into your BFCM offers and entice bargain-hunting shoppers, contemplate integrating gamification into your marketing approach. Beyond the conventional ‘add to cart’ or ‘checkout’ options, explore alternative methods of engaging with shoppers. This could involve introducing a video game element that introduces new products or implementing a spinner wheel mechanism that determines the discount a customer can apply. By inviting customers to partake in playful interactions to secure rewards, brands heighten engagement levels and deliver a remarkable shopping experience that solidifies their position in shoppers’ thoughts.
Fine-tune the Mobile Experience
Is your mobile application or website primed for BFCM action? Back in 2021, a notable 42.4% of the total Black Friday online revenue, amounting to a substantial $3.7 billion, was generated through smartphones. A suboptimal mobile experience could result in substantial profit loss during this retail event. It’s crucial to ensure a seamless user experience across various mobile devices.
Can BFCM products be effortlessly located? Is the addition of items to the shopping cart a straightforward tap away? Payment processes should be comparably hassle-free. Dismissing mobile shopping as a trend exclusive to younger demographics is a missed opportunity; astonishingly, 66% of Boomers are now active digital shoppers.
Integrate your Experience across Channels
The customer journey rarely takes place in one channel. Often, shoppers go through multiple touchpoints before purchasing. They could discover a product through social media or email, check out prices on mobile apps and marketplaces, and find the best deal on a website.
These channels are all unique, but it’s important to provide an integrated brand experience as shoppers move through them. Beyond messaging and aesthetics, functions should also be consistent, such as prompt customer service and shoppable social media content. In general, omnichannel shoppers spend more, averaging $812 per transaction.
Offer a “Buy Now, Pay Later” Solution
Potential buyers may be eager to make purchases, but financial constraints could hinder their immediate ability to do so. To compel them into seizing exceptional deals in real-time, incorporating a “buy now, pay later” (BNPL) alternative can be highly effective.
By offering the option to secure holiday gifts for loved ones while deferring payments until January or beyond, you position yourself ahead of competitors and cater to evolving consumer preferences.
Wrapping up: BFCM Strategies for Shopify Stores in 2023
Amidst all strategies, Live Shopping emerges as a game-changer due to its interactive nature. It offers an immersive experience, forging stronger buyer relationships. To excel in Live Shopping this BFCM, consider Leveraging Channelize.io Live Shopping Platform. Their expertise can make your Shopify store stand out, promising a highly successful BFCM season 2023.
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