Singapore is one of the top 3 countries where consumers spend the most on Black Friday sales. While the event’s origins can be traced back to 1950s Philadelphia, today, it has become a global phenomenon. In 2024, Black Friday (November 29) is expected to see the most sales growth – US$10.8 billion. For e-commerce businesses, having a solid Black Friday strategy is essential to capitalize on this high-demand shopping event.
If you’re an e-commerce retailer wondering how to prepare for the Black Friday sale, you’ve come to the right place. With the right strategy, you can ensure that your e-commerce business stands out, attracts shoppers, and thrives! In this article, we’ll guide you through everything you need to succeed during the Black Friday Sale 2024.
The significance of Black Friday for e-commerce businesses
Black Friday marks the beginning of the holiday season and end-of-the-year sales. Consumers across the globe rush to discover the best deals and tick off their holiday checklist. Singapore shoppers spent over S$100 million, in just one day with the average person buying 4 products. Sales increased by 511% compared to any other ordinary day. These high numbers are common across the globe. For example, Australia witnessed a sales increase of 871% and UAE 152%.
In 2024, this trend will only continue to grow, with more consumers picking online shopping over traditional stores. As a result, Black Friday has evolved from a one-day event into a global sales phenomenon that spans several days. Data shows that consumer interest starts to grow on Wednesday and fades on Sunday. In Singapore, consumers eagerly wait for the sale to start, and a majority of purchases occur after midnight. For e-commerce sellers, this surge in consumer activity presents a huge opportunity to drive revenue. A well-executed Black Friday strategy is essential for tapping into this massive demand. By aligning with consumer trends and preparing in advance, businesses can capture the full potential that black Friday has to offer.
Step by step Black Friday strategy for e-commerce sellers to increase online sales in 2024
1. Understand your target audience
To craft a winning Black Friday strategy, understanding your target audience is key. With millions of consumers shopping online during the event, it’s crucial to identify what your customers want and how they prefer to shop. This can help you better craft your offerings, drive sales, and increase customer satisfaction. Here are some key findings to get you started:
- Adults aged 25-34 are the most active Black Friday shoppers, with 47% participating in sales
- Most shoppers plan their purchases at least 2-3 days in advance
- Key factors that influence purchase decisions are:
- Free shipping
- Promotions/limited-time sales
- Easy-to-use websites/apps
- Buy Online, Pick Up In Store (BOPIS) options
40% of shoppers in Singapore like to buy online, pick up in store (BOPIS).
With Locad’s B2B services, we’ll deliver products directly to your store, ready for customer pickup!
In addition, consumers also show a tendency to:
- Rely on customer reviews before making a purchase
- Shop from local businesses and locally sourced products
- Buy new products over secondhand products.
2. Leverage data to identify best-selling products
Analyze past data
A great starting point is analyzing your previous sales data. Look at your top-selling products from past Black Fridays, as well as customer buying patterns. Are there certain demographics or product categories that see higher engagement during this time? Identifying these trends can help you target the right customers with tailored promotions.
During a recent double-day sale, Locad found that the top-selling product category was skincare.
Locad provides tailored data reports for each brand, helping merchants understand trends and optimize their Black Friday strategy.
Monitor current trends
Keep an eye on trending products in various categories. For instance, it is estimated that electronics, fashion, and personal care products will drive over 50% of global sales during this year’s black Friday sale. The demand for luxury products also appears to be on the rise. The sale of expensive goods is expected to increase by 19%.
Consider seasonal demand
As Black Friday ushers in the festive season, many customers are looking to shop for Christmas and New Year’s gifts for their loved ones. This shift in shopping behavior means there’s a heightened demand for products suited for gifting, such as electronics, houseware, and beauty items. In addition, the desire for special holiday packaging, gift wrapping, and personalized options increases.
Many consumers seek gift wrapping during the holiday season.
Locad offers gift wrapping as a value-added service to help you enhance your Black Friday offerings!
3. Create bundle deals and special offers
Bundle deals and special offers during Black Friday sales are key in increasing average order value. This technique helps combine multiple products and sell them at a discounted rate. The benefits of creating product bundles are many:
- Helps increase Average Order Value: Bundling products allows retailers to offer a package of related items at a discounted price, which can significantly increase the average order value. For example, a tech bundle might include a phone case, screen protector, and charging cable at a lower total price than purchasing each item separately.
- Quicker purchases: During the busy Black Friday period, curated bundles significantly decrease the time it takes to make purchase decisions.
- Increased customer satisfaction: Discounts help increase your brand’s desirability among customers, making them feel like they’re getting a good deal. This, in turn, helps increase customer retention and repeat purchases.
- Clears out older stock: Bundling is an effective way to move slower-selling items by pairing them with popular products. This approach helps retailers refresh their inventory and prevent losses.
- Enhancing product visibility: Grouping products together can draw attention to items that may otherwise go unnoticed.
Product bundling is a key strategy that can help drive online sales.
Locad offers bundling and kitting services to help you increase your basket value while clearing out inventory!
4. Map the entire customer journey
Mapping the customer journey ensures you capture attention before, during, and after the sale. This approach helps reduce cart abandonment, increase conversions, and create repeat customers.
Before the Sale
Customers begin looking for Black Friday deals a week before the actual sale, while retailers start promotions in November. More than 75% of them prefer online shopping for the convenience it offers. Therefore, It’s crucial to test your website and prepare for increased traffic to avoid crashes. If you have an online store on Shopee or Lazada, you can use third party tools to test performance. Prepare contingency plans, such as additional server support and a streamlined checkout process.
During the Sale
Approximately 60% of sales are driven by FOMO (Fear of Missing Out) marketing. For instance, Amazon frequently runs “Deal of the Day” promotions, Shopee hosts “Flash sales,” and Lazada displays countdown timers. To leverage FOMO, create urgency by notifying customers when an item is running low on stock. Use real-time inventory updates and countdown timers to encourage immediate purchases. Highlight limited-time offers or low-stock items to prompt quicker buying decisions, ensuring you make the most of high-traffic moments.
After the Sale
Once the sale ends, focus on nurturing customer relationships for future purchases. Send personalized thank-you emails, offer loyalty discounts, and keep them engaged with your brand through post-sale promotions. Keep the momentum going by preparing for seasonal sales and encouraging repeat business.
5. Invest in marketing to promote your online store
About 61% of shoppers discover promotional deals via emails. While 51% of them rely on social media ads for the same. Case in point: effective marketing needs to be a core aspect of your black friday strategy.
Social Media: Engage your audience on platforms like Instagram, Facebook, and TikTok by showcasing your Black Friday offers with eye-catching visuals. Campaigns that feature influencers generate an 11X higher ROI than those without. Try and use paid ads and influencer partnerships to expand your reach, targeting both new and returning customers.
Email Marketing: A report from Mailchimp shows that personalized emails can lead to open rates as high as 29%, with click-through rates reaching 5.4%. Personalize your emails by segmenting your mailing list to deliver targeted promotions that resonate with each group. Build your list by offering incentives like exclusive early access or discounts. Retarget past visitors and customers with tailored offers to reignite interest.
Landing Pages: Create dedicated Black Friday landing pages that highlight your best deals and guide customers to the products they want. Ensure that these pages are optimized for mobile and feature easy navigation, fast loading times, and clear calls-to-action to increase conversions.
6. Utilize multiple sales channels
During Black Friday, using a multichannel approach is essential to reach a broader audience and boost sales. Focus on the platforms that drive the most traffic and conversions for your business.
Marketplaces: If you sell on popular platforms like Lazada, Shopee, or Amazon, ensure your listings are optimized with compelling product descriptions, high-quality images, and clear pricing.
Social Commerce: With the rise of social commerce, platforms like Tiktokshop are becoming key sales drivers. Use their shopping features to let customers purchase directly from posts or stories. Engage with your audience through live selling events to create excitement and urgency around your offers.
Your Website: Don’t overlook your own online store. Ensure that your website is fully optimized for Black Friday by offering an intuitive shopping experience, a fast checkout process, and promotions exclusive to your site. Enhance customer trust by offering clear return policies, reviews, and FAQs.
Retailers who sell on two marketplaces can increase revenue by 120%!
Locad integrates with leading marketplaces like Amazon, Lazada, Shopee Tiktok Shop and provides custom integrations!
7. Optimize your website for mobile traffic
A report from Adobe indicated that approximately 54% of online orders were completed on mobile devices during Black Friday 2023. Ensure your website is designed with mobile users in mind. This includes a responsive layout, easy navigation, and larger buttons that make it easy to browse and purchase on smaller screens. Streamline your mobile checkout process to reduce friction and abandoned carts.
Mobile shoppers expect fast load times. If your website takes too long to load, you risk losing potential customers. Optimize images, reduce unnecessary scripts, and use tools like Google’s PageSpeed Insights to ensure quick page loading on mobile devices.
8. Set up a sound fulfillment workflow
As a part of your Black Friday strategy 2024, a well-organized fulfillment process is essential. Locad’s comprehensive solutions ensure that each stage of the fulfillment process is handled efficiently, allowing your business to scale during high-demand periods .
- Order Placement and Multichannel Integration: The fulfillment process starts with receiving orders from various channels. Locad’s platform integrates seamlessly with popular e-commerce platforms like Shopee, Lazada, Amazon, TikTok Shop, Shopify, Zalora and custom websites. This integration ensures that all orders, regardless of the channel, are synchronized, allowing you to manage your inventory and orders in real-time.
- Inventory Management: The next step is inventory management once the orders are received. Locad’s real-time inventory tracking system ensures that stock levels are accurately reflected across all platforms. With multiple fulfillment centers strategically located across Singapore, Asia-Pacific region, USA, and GCC, you can manage your inventory across regions more effectively, reducing the risk of overselling. Locad’s smart inventory lock feature allows you to lock inventory for peak periods like Black Friday, ensuring you reserve stock for high-priority orders and avoid overselling.
- Demand forecasting: Accurate demand forecasting ensures you have the right stock at the right time. Locad’s logistics engine gives real-time insights into sales trends and inventory movement, helping you predict demand. By knowing which products are selling fast, you can adjust inventory and promotions accordingly.
- Pick and Pack Process: Locad streamlines the pick and pack process with its same-day pick and pack services. Orders are quickly and accurately prepared for shipment, minimizing delays. Locad’s system allows for efficient handling, even during seasonal spikes like Black Friday.
- Value-added services: Locad offers a range of value-added services designed to enhance your customer’s shopping experience and boost your sales. With custom packaging, you can create a unique unboxing experience that aligns with your brand, while bundling and kitting allow you to offer attractive product combinations that drive higher order values.
- Shipping and Delivery: Locad partners with leading last-mile carriers and automatically assigns the most cost-effective shipping options. If you want to choose your own carrier, that option is available as well. This system ensures faster and more efficient shipping, helping you deliver products quickly.
- Post-Sale and Customer Support: After an order is shipped, the focus shifts to customer service. Locad’s platform provides real-time tracking, so your customers are kept informed about their order’s status. In case of any issues, Locad’s dedicated customer support team is available to assist with order tracking, troubleshooting, or any inquiries.
- Cross-Border Logistics: If you’re selling internationally, Locad’s global fulfillment network makes it easier to manage cross-border logistics. With a robust network of partners, your business can enter new markets and fulfill international orders effortlessly, expanding your reach and increasing revenue.
- Continuous Optimization: Throughout the entire fulfillment process, Locad’s data-driven platform provides insights to help you optimize your operations. From inventory restocking alerts to real-time analytics, Locad ensures that your logistics are always running smoothly, helping you scale operations and reduce costs during busy seasons like Black Friday.
9. Monitor analytics for insights
Monitoring analytics is crucial for optimizing your Black Friday strategy and improving overall performance. By regularly analyzing your sales data, customer behavior, and website traffic, you can gain valuable insights into what’s working and where improvements are needed. Track key metrics like conversion rates, average order value, and inventory levels to ensure you’re making data-driven decisions.
Real-time stock monitoring is essential for managing high-demand sales events.
Locad helps you track stock movement in real-time, ensuring you stay ahead of inventory needs.
10. Expand to global markets
Black Friday sales have no borders. Data shows that 52% of shoppers buy products sold from foreign countries during BFCM. Hence, expanding to global markets can be a key aspect of your Black Friday strategy for 2024. If you consistently see orders from international customers, it’s time to tap into the opportunity that awaits!
Here’s how Locad can help you expand to global markets:
- IOR (Importer of Record) & SOR (Seller of Record) services: Locad ensures compliance with local customs and import/export laws, simplifying complex cross-border e-commerce. With IOR and SOR services, we handle the responsibility of your goods entering international markets so that you can focus on your business growth.
- Freight forwarding: We offer efficient freight forwarding solutions that help move inventory from Singapore to the destination warehouse. Locad’s global logistics network optimizes shipping routes and ensures timely delivery to international customers, whether in Southeast Asia, the UAE, or the USA. We can also help you partner with last mile carriers that deliver internationally!
- Local marketplace registrations: Expanding your online presence is made easy with Locad. We assist with seamless marketplace registrations on Lazada, Shopee, Shopify, Amazon and Tiktok shop.
- Navigate local laws: With extensive knowledge of local regulations, Locad helps you navigate and comply with international laws in each market you enter. From customs regulations to taxes and trade compliance, our expertise ensures smooth entry into new markets.
- Dedicated account manager: As part of our service, Locad provides you with a dedicated account manager for 12 months. Your account manager will guide you through the complexities of global expansion, helping you plan and optimize fulfillment processes, troubleshoot challenges, and support your growth during peak periods like Black Friday.
Wrapping up: Black Friday strategy 2024
Black Friday represents a massive opportunity for e-commerce businesses to drive sales and enhance their online visibility. With the continuous growth of online shopping, especially in 2024, understanding customer behavior and using data becomes key to success. By implementing a comprehensive Black Friday strategy, you can tap into this global sales event and boost your revenue!
