Love it or hate it, Black Friday has long been considered the official kick-off to the make or break holiday shopping season. But as more shoppers trade in Black Friday mayhem for computer and smartphone screens, Cyber Monday is taking over as THE shopping event of the season. In fact, more US shoppers are excited to shop on Cyber Monday in 2017 than any other holiday sales day, according to a new report from Euclid.
What Cyber Monday lacks in news fodder, is made up for with it's sheer sales potential for retailers big and small. With the event just around the corner, here are a couple of things you wish you did...
Get your coupon on
Let’s be honest with ourselves – who doesn’t love a discount? Whether shopping online or in person, being offered a prized item at less than the recommended retail price can often be the difference between a purchase and walking away. In-store, discounts are easily applied at the checkout counter. Online, it’s a bit more complex.
Enter digital coupons: the modern day online merchandisers’ nirvana. They’re easy to produce, track, and more often than not, the resulting spike in sales far exceeds any discount applied.
When online shopping, a whopping 64% of all consumers wait to buy things until they go on sale. And if things aren’t on sale, customers go searching for a coupon anyway – 59% admit to searching for promo codes prior to making any kind of purchase, and 30% sign up for a price-tracking service so they can be notified when the price drops for an item they’re looking at. Coupons or discounts are also the number one factor that encourages impulse buying. Connect the dots and it becomes clear that purchases made with coupons may soon eclipse those made without.
Coupons are also integral to what’s called the abandonment economy – basically the more than $4 trillion dollars of merchandise that online shoppers leave in their carts annually. If applied at checkout, coupons have the potential to reduce cart abandonment significantly – statistics show that 54% of all shoppers would purchase products left in their shopping carts, if those products are offered at a lower price than the original. Coupons, then, could potentially decrease cart abandonment by $USD 2.16 trillion – no small result, indeed.
Coupons are also the ultimate tracking tool. All retailers need to do is associate different coupon codes with different campaigns, and voila – they’re able to understand in detail the effectiveness of different online marketing messages and platforms.
Social buy buttons don't work
Social media is already a premier destination for many, whether for socializing, reading, or job searching. So it makes sense that it’s becoming a premier retail destination as well.
According to Forrester, we spend 80% of our time on our phone within our top five apps, which for most of us, includes multiple social media sites. Retailers need to be present in our social apps, as that’s what consumers are using on a day-to-day basis.
Whist social commerce is viewed by many as 'the next big thing', buy buttons that have launched to 'enhance' social shopping have not worked. At face value a button sending a consumer straight to checkout after they’ve viewed an ad or image of a product they like, should in theory increase conversions, as they’re less likely to fall out of the long sales funnel typically associated with mobile shopping. However, as discussed in one of our previous blogs there are two main issues… alignment with current purchasing psychology and the technology required to support the buttons has some major flaws. FYI: Facebook, Twitter and Pinterest have all walked away or paused their buy button initiatives.
Just add autofill
While coupons and social selling can help e-tailers boost Cyber Monday sales, there is one often forgotten technology that will help maximize their benefits -- autofill. Why? Autofill, and in particular, intelligent autofill, has the potential to create the type of frictionless shopping experience that would make coupons and social selling as effective as e-tailers need and want them to be.
And as more consumers shop from their mobile devices, the technology is taking on an even greater importance. Research overwhelming demonstrates that typing on a smartphone significantly affects consumer behaviour: 27% of all shopping cart abandonments occur due to time restraints (we all know how long it takes to type our details into our smartphone!), and 27% of mobile checkout abandonments occur as users simply aren’t comfortable typing on their mobile.
For e-tailers, the consumer shift from Black Friday to Cyber Monday is good news. Pairing coupons and social selling with intelligent autofill technology, will help e-tailers of all sizes enjoy a strong kick off to the holiday shopping season.
Fillr has built the world’s most intelligent and accurate autofill that will seamlessly integrate into your app. Contact us today to find out how our technology can help your customers to transact faster and more effectively, boosting your conversions and revenue.