Worried that this year’s cost of living crisis might affect your Black Friday sales?
Here’s how to leverage Black Friday and create excitement around the biggest shopping day of the year.
Plan ahead for the upcoming sales
As we approach the biggest sales season of the year, now is the perfect time to start developing your Black Friday sales strategy.
When do you plan on announcing deals? What discounts and offers can customers expect from you? How will you ensure you have adequate stock ready?
Now could be a good time to give your website a refresh or invest in some paid ads to promote your sales and reach more customers.
Nowadays, customers have come to expect slick, easy shopping experiences when buying online. Ensure the layout and functionality of your website influence buyer decisions by making it as simple and easy as possible for customers to make a purchase.
More and more ecommerce businesses are using third parties for customers to spread credit and pay for goods over time. A ‘shop now pay later’ model could be something to consider to generate customer interest and influence buyer decisions this Black Friday.
Don’t be afraid to announce discounts early
As the kick-off event of the Christmas shopping season, customers have come to expect impressive Black Friday deals from small businesses and global retailers alike.
In recent years, retailers have maintained a steady focus on Black Friday sales, boasting bigger and better deals with each coming season.
Announcing discounts early gives shoppers plenty of time to prepare for the big day. Creating hype around Black Friday is a good way of letting customers know that your business plans on participating in the Christmas sales. It’s also an opportunity to quickly establish yourself as a key player in the upcoming sales season so you can take full advantage of the potential surge in customer demand.
Prepare for potential supply chain issues and the rising cost of living
With the rising cost of living and current supply chain issues, planning early for Black Friday is more important than ever.
If you are importing goods to the UK from Europe, you may have to contend with timings not being as promised. Ensure you order stock in plenty of time for the upcoming sales and plan for any potential delays.
Also, consider how you will approach this year’s rising fuel costs and increased taxes on goods imported from the EU. You may have to decide whether to absorb them, pass the costs on to customers, or upsell in order to improve your bottom line.
Ensure you have a strong cash flow
In this year’s market, having a healthy cash flow is more important than ever.
With the rising costs of living, we may see a dip in disposable income, meaning some customers may be more reluctant to take advantage of Black Friday sales this year.
Plan for what you would do in a worst-case scenario and set extra funds aside in case you generate fewer sales and shift less stock this upcoming sales season.
On the flip side, it’s still important to have cash reserves in place to fulfil orders and meet a rise in customer demand.
Consider taking advantage of ecommerce funding
Worried that this year’s cost of living crisis might affect your Black Friday sales? Consider taking advantage of ecommerce funding to boost your cash flow this shopping season.
Being proactive and securing funds early could help you sustain your business and stay ahead of the curve this Black Friday.
Why ecommerce funding?
- Fast to receive the money
- Simple to repay
- Repayments are taken at a percentage of revenue
- You retain full ownership of your business
- Your credit score is unaffected
- It’s non-restrictive
- Funds are paid directly into your bank account.
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