In this episode of Selling on Giants: The eCommerce Marketplace Show, Will Haire, BellaVix’s cofounder, an expert with extensive experience in the direct-to-consumer retail industry and a proven track record of implementing successful marketing strategies and on renowned platforms like Amazon, Walmart and Target, talks about the results from the latest Black Friday and Cyber Monday 2023 “Black Friday & Cyber Monday Wrap-Up”.
In this episode, we unravel the thrilling aftermath of the ‘Black Friday & Cyber Monday Wrap-Up.’ Will skillfully dissects the highs, lows, and unexpected twists of this monumental shopping extravaganza. Bellavix experienced remarkable growth during Black Friday, and we uncover the cost-effective allure of Amazon’s pay-to-play platform compared to the general website and retail market. Witness Amazon’s grand ambitions as it forges a media empire through strategic partnerships with Facebook, Meta, Snapchat, and Shopify. We also delve into the intriguing trends shaping the landscape for 2023, navigating through the currents of inflation and a touch of economic downturn. Don’t miss out on “Black Friday & Cyber Monday Wrap-Up”.
Tune in on December 14th, 2023, at 12:00 pm EDT to listen to the whole conversation. Tune on some of BellaVix’s social media:
Key takeaways: / Short Summary:
Here are the top 10 key takeaways from the conversation:
- Black Friday & Cyber Monday Performance: Will shares that Black Friday recorded $9.8 billion in spending, with 54% of purchases made via mobile devices. Cyber Monday reached $12.4 billion in sales. The episode discusses the overall positive performance during the holiday season.
- Inflation Impact: The episode touches on the impact of inflation on eCommerce. Despite increased spending, the buying power is affected, with sellers needing to be strategic in managing discounts and promotions.
- Advertising Costs: A notable trend is the rise in advertising costs. While ad spend increased, CPC (Cost Per Click) also rose, indicating a more competitive landscape. The challenge is aligning discounts with consumer expectations while managing costs.
- Early Start of Holiday Shopping: The trend observed is that holiday shopping, including discounts and deals, is starting earlier each year. Approximately 55% of consumers took advantage of early holiday sales, emphasizing the need for sellers to adapt their strategies accordingly.
- Online Shopping Dominance: More people are choosing to shop online than in physical retail stores during the holiday season. The operational stability and efficiency for Amazon sellers are improving, contributing to the preference for online shopping.
- Preparation for Future Events: Will emphasizes the importance of being prepared early for major eCommerce events. He shares a case study outlining a detailed plan for Black Friday and Cyber Monday, covering different advertising strategies and promotions.
- Discounting Strategies: Will recommends testing different discounting strategies but advises against overly aggressive discounts that may indicate product issues. He highlights the importance of finding the right balance to optimize conversion rates.
- Future Trends: Looking ahead to 2023 and beyond, the episode suggests exploring emerging opportunities such as programmatic advertising, streaming TV, and partnerships with platforms like TikTok. Sellers are encouraged to stay updated on evolving trends and leverage new tools for brand growth.
- Mobile Optimization for Listings: With 54% of Black Friday purchases made via mobile devices, the episode emphasizes the importance of optimizing product listings for mobile views. Sellers are advised to pay attention to the first 70 characters of their listings, ensuring they are impactful and engaging for mobile users.
- Utilizing Multiple Marketing Features: In addition to advertising strategies, the episode highlights the effectiveness of leveraging various marketing features provided by Amazon. This includes promotions, brand tailoring performance, Amazon Posts, and other tools to enhance the overall customer experience and drive sales during major events.
Overall, the key takeaways include the significance of early preparation, adapting to changing consumer behaviors, and strategically managing advertising costs and discounts for optimal results during major eCommerce events.
Tune in on December 14th, 2023, at 12:00 pm EDT to listen to the whole conversation. Tune on some of BellaVix’s social media:
Or listen to the previous episodes on the different platforms:
Links:
- LinkedIn – Personal: https://www.linkedin.com/in/willhaire/
- Branded – LinkedIn: https://www.bellavix.com/
“Selling on Giants: The eCommerce Marketplace Show” is sponsored by BellaVix. To learn more, head over to https://sellingongiants.com/
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