For entrepreneurs, July is the brand new September.
As Black Friday has change into Black October, if it appears like we’re kicking off our Black Friday Cyber Monday (BFCM) planning earlier and earlier every year, it’s as a result of we’re.
And staying forward of the curve and strategizing for Black Friday Cyber Monday primarily based on the newest knowledge and tendencies is a should.
So sit again, we’ve obtained you lined — trying on the newest Drip buyer stats and tendencies, listed below are 4 actionable insights to maximise your BFCM success this yr (then you’ll be able to go proper again to planning that impromptu journey to Portugal).
Go All In On Retention and Loyalty Applications
In 2023, repeat purchases accounted for a staggering 56% of all transactions, a 180% enhance from the earlier yr.
First-time purchases represented 44%, down by 45% year-over-year. This shift underscores the significance of investing in retention and loyalty methods this vacation season.
This yr, prioritize loyalty, referral, and winback workflows. Have interaction present prospects with unique provides, early entry perks, and personalised suggestions to foster repeat purchases and model loyalty.
The Spice Home makes their winback electronic mail private and seasonal by providing a free jar of their best-selling floor cinnamon if you spend $25. Good for that do-it-yourself cinnamon apple pie.
Phase Your Viewers Successfully
Segmented electronic mail campaigns proved extremely profitable in BFCM 2023, driving a 29% enhance in income in comparison with the earlier yr.
This isn’t a shock.
In our Advertising and marketing Automation Report, we discovered that solely 20% of ecommerce retailers segmented their electronic mail lists. That very same 20% earns almost 80% of all of the income generated.
Use a mix of buy, engagement, and shopping for conduct knowledge to phase your viewers. The variety of segments will increase as your listing grows, however on the very least, you need to discuss to non-purchasers and purchasers otherwise.
Listed below are a number of methods to phase your viewers this BFCM:
Save Your Greatest Presents for Cyber Monday
There’s little question that the vacation buying season begins earlier every year, however Cyber Monday was nonetheless the most well-liked buying day in 2023, with consumers splurging a staggering $12.4 billion—a 9.6% enhance year-over-year.
Benefit from the longer vacation buying season to seize early hen consumers, however save your most compelling provides and promotions for Cyber Monday.
Past Yoga emphasizes the exclusivity of recent kinds added to drive urgency and most conversions of their Cyber Monday electronic mail.
Deal with Worth Over Reductions
Regardless of a 52% enhance within the variety of reductions supplied in 2023, gross income solely rose by 20% in comparison with the earlier yr. This discrepancy highlights that buyers are in search of extra than simply reductions.
With shoppers trying to store with manufacturers they know and love, a 20% low cost merely isn’t going to face out within the sea of different reductions.
Take into consideration the distinctive worth you present, and create a compelling provide round that. Worth goes past reductions – it may be free transport, a free reward at checkout, sooner transport, reward wrapping, and so forth.
Golde is understood for his or her 100% pure matcha, and so they created a suggestion round gifting their best-seller on orders over $100.
As you gear up for BFCM 2024, use these insights to tell your advertising and marketing technique. Stand out by prioritizing buyer retention, segmenting your viewers successfully, timing your promotions strategically, and specializing in value-driven provides.
Able to make this your most profitable BFCM but? Getting began with Drip is a breeze and free for 14 days.
Get Prepared for Black Friday Now.
