BFCM 2020 ECommerce: Will Consumers Spend Less or Go Big?
Black Friday and Cyber Monday are a big topic for digital vendors and marketers this year. Experts have had a lot to say, but how exactly is BFCM 2020 eCommerce going to be affected?
If there’s one thing that all the experts agree on, it’s that this year’s holiday spending will look very different. Before COVID-19, Black Friday 2020 was set to be a major retail event. Needless to say, things have changed.
So, let’s get into it.
BFCM 2020 ECommerce Projections
IBM and the NRF both reported a rise in the “always-on” consumer earlier in 2020. They found that 71% are willing to pay a premium to support brands practicing transparency.
On top of that, 35% of consumers make impulse purchases online at least once a week. Why is this important? Because consumer behaviors have changed, and convenience has become the theme of 2020.
Consumers are Spending Less
Sure, eCommerce sales are on the rise. But customers are spending in specific categories in part because of lost jobs. For example, PWC found that consumers are spending most on groceries, home improvement, and entertainment.
In other categories, consumers have actually cut spending:
New Online Shoppers are Here
Traditionally, Black Friday includes waiting in lines and an adrenaline rush of going into a physical store to grab limited-inventory items. This year, however, a large percentage of those shoppers will be online instead.
Though Google estimates half of US shoppers won’t be shopping on Black Friday, 75% say they prefer to shop online. Given that advance notice, capturing customers early and giving them the best experience possible from the get-go is crucial for seasonal success.
How To Boost BFCM 2020 Deals
The flipside of consumers going to online shopping is that lots of stores are looking to create or expand their digital offerings. As the competition increases, then, you’ll need to stand out.
Create Omnichannel Marketing Campaigns
When you create omnichannel marketing campaigns you’re giving customers an experience they’ll never forget (if you do it right).
You’ll want to personalize and capture buyer personas from all possible touchpoints to stand out.
Omnichannel marketing covers everything from brick-and-mortar locations to mobile and in-app browsing, online shopping, social media ads, and retargeting. Most importantly, customers spend more on brands that provide a unified experience with a smart omnichannel strategy.
For a deep dive into this strategy, check out this Shopify post.
Simplify Customer Support
Did you know that 5 out of 10 customers won’t buy again if they had a bad experience? And this goes beyond your website -- actually, it has more do with customer support.
Why? Because it’s far more expensive to gain new customers than to retain them. Make sure you’re following through with customers and being transparent. During BFCM 2020, it’s important to streamline your support efforts to create a seamless experience.
Will BFCM 2020 ECommerce Be Profitable?
No matter what, consumers will still want their share of Black Friday deals. The holidays always inspire higher spending, and BFCM online sales are still set to skyrocket with in-store retail being limited.
If you’re looking to dive into BFCM 2020, you’re going to want to start your campaigns now and focus on your customer support initiatives to do it right.