Three Black Friday tips to help small retailers boost sales and stand out
Writing for Business Advice, Francesca Nicasio, retail expert at ePOS software provider Vend, provides readers with three Black Friday tips to maximise trade across the sales weekend.
Black Friday and Cyber Monday, which will take place this year on Friday 24 November and Monday 27 November, are famous for huge deals and steep discounts. That’s why participating in these days can make it feel like it’s just for the big retailers.
But can small and medium retailers reap rewards (and profits) from these two shopping events too? The short answer is yes.
Exclusive Vend customer data from the last two years shows that Black Friday weekend is becoming an increasingly critical period for smaller UK retailers as well. Last year, the weekend gave UK independent retailers a 32 per cent boost in retail spending compared to the November average a 22 per cent increase from 2015.
So how can you ensure that your business nails Black Friday this weekend?
Consider the three following Black Friday tips:
Discount whilst remaining profitable
Trying to compete with the steep discounts of big box stores will eat dangerously into your margins. So, instead of attempting to match the prices and deals of retail giants, level the playing field by focusing on things that you’re good at. If you do decide to run sales on these days, be strategic with how they’re carried out.
You can do this by discounting bundles of products rather than individual items, or offer discounts on older merchandise that you want to get rid of, rather than new or popular items.
You could also set conditions with your discounts. For instance, you could offer free shipping with a minimum purchase amount.
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Another tip is to offer promotions thatadd value.for example, you could throw in a gift when people purchase above a certain threshold (e.g. free tote bag for every 75 purchase.) Or, you could offer an added service with each purchase (e.g. free makeover with every purchase?).
Use social media to your advantage
Generate buzz and excitement beforehand by posting Black Friday and Cyber Monday teasers online. Using social media is a great way to accomplish this, so get on the networks that your customers are using, and post sneak peeks of your offers.
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