Holidays and BFCM Conversion Rate
Holiday. Whenever anyone hears this word a sudden smile immediately starts showing on their face. Why? Simply because, holidays are the easiest escape from our daily routine and pressure and the perfect time to reconnect with the people we love and cherish; it’s a time to relax, to be our genuine selves, and just be whoever we need to be.
The World Health Organization has conducted a research that proves that approximately all mental illnesses, counting stress-related issues, will be the second reason of incapacity by 2020. Denying the presence of stress and pressure will only make things worse. Therefore, holidays are becoming a necessity nowadays, not only a matter of fun.
Alongside the holidays comes the need to spend money on shopping and activities, and this is exactly when the companies find the need to benefit. So, they start with their sales to expand their traffic and income.
We should note that, one of the most anticipated sales period for all merchants online and in-store is BFCM: Black Friday, Cyber Monday. Seeing how customers are beginning their holiday shopping earlier each year, it appears like it’s continuously the correct time to begin planning for BFCM.
First, we will start by giving tips to an average conversion rate for BFCM:
In the weekend of the BFCM, you’ve got a chance to gain a decent amount of money. How much? Nearly a third of your yearly profits. It’s not bizarre for online stores to create more than 30% of their yearly income in this period.
The key is being prepared for it.
Next, we must clarify what precisely is an average conversion rate.
In ecommerce, the change rate can mean numerous things, including:
• Percentage of individuals that add items to their cards
• Percentage of leads who sign in to your email account
• Percentage of individuals who add items to their wish list.
Basically, a conversion rate remains inactive over the course of a year. But if you play your cards right, it’ll spike on Black Friday. The average value is 8% higher during the Black Friday week, compared to the rest of the year.
Second, we will discuss why we need to decrease BFCM conversation rate:
Expanding your budget, raising brand mindfulness, and running paid advancements will definitely bring more activity and traffic to your website, but you would like to do more than that.
It is obvious that this year’s income will not show very high numbers compared to the previous years in BFCM weekends, but experts conduct that even under all circumstances, BFCM weekends will not suffer a lot.
You will notice an increase in online shopping during this period. Individuals will doubtlessly visit your website, and your goal should consist on making the most out of each visit. Arranging to do that, you just have to lower your cart rate significantly. Despite the fact that the normal cart deserting rate in BFCM changes from a country to another, the number drifts around 70% in most places.
If you oversee to lower it, you will get your deals. Here’s what to keep in mind:
• Boosting CTR on social media advertisements will allow you a little increase in your income
• Getting a lot of product views won’t have a greater impact on sales
• A huge effect can be reachable by a 3% decrease on carts abandonment rate
Basically, by bringing down cart abandonment rates on BFCM ecommerce, businesses have a chance to benefit as much as possible from the sales.
Finally, we will conclude by giving 10 ways you can use to increase BFCM conversation rates:
1. Make sure to highlight the refund and return policies:
You should know that in online shopping 30% of the products are returned. Therefore, you should reassure your customers as much as possible by explaining all details regarding your refund and return policies. And letting your refunds easy to claim back to the customers.
2. Support your customers:
One of the most important reasons why offline shoppers prefer the traditional in-store shopping is the support they receive inside the shops, they are directly assisted and there’s always someone available to help them with any purchase they need and to solve any problem they might have. Therefore, you should always focus on your support team, and let them stay up to date with all customer inquiries for you to gain your customers’ trust in your business and products especially in BFCM period because they spend the most during this time.
3. Prepare answers in advance:
More than 70% of online shoppers expect to be assisted in less than 5 minutes, therefore you should rely on automated replies by researching in advance what are the most asked questions in BFCM periods, and a customer service team that is always ready to keep up with all customers’ needs.
4. Personalize messages for your customers appropriately:
Customers are extremely picky when it comes to online shopping, therefore, make sure you offer them the products they need with the requirements they are looking for. You can also give them personalized recommendations of products they might like so you can increase purchases on your website.
5. Have a customer support team ready at peak hours:
Automated replies and all product authenticity won’t be enough if you don’t have agents available to assist customers especially in the busy hours of your business.
During sales, customers tend to get confused with prices and products, that’s why you should always have a team ready to assist them all as soon as possible.
6. Make sure the checkout process is simple:
A big amount of customers will leave the page and abandon their purchase if they find it hard to process the checkout. So make sure the questions asked at the end are limited to the basic information you may require from the customers, like their name, email and their delivery addresses. In this way you will avoid the decrease of cart abandonment rates.
7. Let them leave as guests:
Just like it is not important to take too many personal information from the customers, don’t make them create an account on your website and waste time because every minute counts to the customers in BFCM period. In this way you will be increasing customer satisfaction and automatically speed up the checkout process. Customers will most likely get back to your profile by themselves if they will need anything else.
8. Accept many payment methods:
Nothing will drive away your customers more than not letting them use their preferable payment methods. Therefore, make sure you have the most commonly used payment methods available on your website.
9. Let your customers know that your business is safe:
Online security is a huge deal to online customers. You need your guests to feel secure at all times. So, you need to improve your validity at each step. This could be wiped out in many ways:
• Make beyond any doubt that you just have SSL introduced at your checkout
• Place pictures of all of the products and payment methods within the shopping cart
• Display identifications so your clients know you’re using website security
10. Put a countdown to trigger urgent purchases:
If a store is offering a 50% discount for like an hour, and you inform your friends about it, they are more likely to visit and shop instantly to benefit from them. That’s because customers are afraid to risk missing out on offers. Therefore, use countdowns to trigger their purchase need.
Last but not least, you should always make sure the customer experience on your website is fun, because after all, you should always keep in mind that this is the holiday season and many visitors tend to use online shopping as an escape to enjoy their purchases and get presents to pamper themselves and their loved ones.