The world’s biggest digital sale event is inching closer by the day. The month of November marks the beginning of a massive sale season as Black Friday and Cyber Monday are now not limited to the USA, it has become a global phenomenon. Black Friday holiday spending in 2024 will grow 2.5-3.5% YoY in 2024, reaching around $985 billion globally and on expected lines will yield more value for purchase this season.
However, the challenges have also enhanced with growing demand, convenience, and technology. The fiercely competitive e-commerce space now needs brands to gear up with advanced AI-ML-powered tech for intelligence that can boost performance and help ahead in the competitive space.
Also optimizing the entire marketing effort is the key to making the most of this season.
Black Friday 2024 Expectation
Last year in November, $123.5 billion was spent online! Expectations are quite high this season as every brand across the categories of the bandwagon to score high on the Black Friday sale.
Monitor Pricing and Promotions Trends
Brands must be aware of key trends across marketplaces and what competitor brands are targeting. Low ticket purchases and demand for fashion products and beyond propelled in terms of order volume, but Amazon sold items of higher value during the same period with a massive rise in numbers.
Finding the right balance between pricing and volume is crucial. Offering attractive discounts and deals can drive higher sales volumes, but brands need to ensure that they don’t compromise their profitability. Strategic pricing strategies can help achieve this balance.
Track In-stock and out-of-stock items
Brands must keep real-time track of their stock status, in-stock product availability tracking, and monitoring when & where the products are going out of stock. The stock situation is key during the festive season. Brands must keep track of the trends to set promo offers and match stock to meet expected demand.
Match product demand with Order Fulfilment
One of the critical aspects of these event days is ensuring efficient order fulfillment. Brands need to ensure that they have enough stock available in their warehouses to meet the increased demand during the sales period. Having the right amount of inventory is crucial to avoid stock-outs and ensure customer satisfaction. Also maintaining a well-stocked warehouse is essential to cater to the surge in orders during these events. Brands need to anticipate the demand and stock their warehouses accordingly to prevent any inventory shortages.
Optimize Season specific Sponsored Banner
eCommerce ad banner performance is key to upswing sales during the festive season. Brands must keep track of banner keyword performance, display targeting, and category targeting. Using season-specific banners and advertisements helps brands grab the attention of shoppers who are actively looking for deals during these events. Ensure your banner theme and keywords are compelling and drive more traffic to their online stores.
Need for Digital Shelf Intelligence to Ace the Black Friday Shopping Rush
As brands gear up for the highly competitive Black Friday shopping rush, the need for Digital Shelf Analytics becomes increasingly critical. In a landscape where consumer expectations are high, and competition is fierce, leveraging advanced analytics tools such as mFilterIt can make a significant difference in performance and sales outcomes.
Here’s a closer look at the key components of Digital Shelf Intelligence and their impacts:
PDP Content Optimization
The digital shelf is crowded with options, and consumers are more discerning than ever. Ensuring that product listings are not only visually appealing but also informative can significantly influence purchasing decisions.
- Image analysis: Monitor and analyze own brand health, checking for the presence of high-quality product images, pixel threshold, DPI threshold, white background, 85% space, brand inclusion, subbrand inclusion, and product variant inclusion.
- Check Content Score: Title scores own and competition, SEO friendly, title length, title, product benefits, support images, video presence, description length, brand in description, A+ content, ingredients present
This leads to enhanced user experience and increased conversion rates. By analyzing successful own vis-a-vis competitor listings, mFilterIt can provide actionable insights into what content resonates most with shoppers. This enables brands to refine their product pages, making them more attractive and informative.
Keyword Share Monitoring
Visibility is everything. Identifying the most effective keywords can ensure that products rank higher in search results, attracting more traffic to listings. This is especially crucial during peak shopping times like Black Friday when shoppers search for deals.
mFilterIt offers keyword analysis tools that track keyword performance and market trends. By understanding which keywords drive traffic and conversions, brands can optimize their product listings and advertising strategies to enhance visibility and drive sales.
Pricing Analysis versus Competition
Price sensitivity is a major factor during sales events. Brands must keep a close eye on competitive pricing to remain relevant in the marketplace. This not only helps in setting attractive prices but also aids in determining promotional strategies that can lead to increased sales volume without sacrificing profitability.
With pricing intelligence features, mFilterIt enables brands to monitor competitors’ pricing strategies in real time. This insight allows brands to adjust their pricing dynamically, ensuring they remain competitive and appealing to cost-conscious consumers during the Black Friday rush.
Product Availability Insights
Stock availability is a crucial element in capitalizing on shopping surges. Running out of stock during high-demand periods can lead to lost sales and frustrated customers. Understanding stock levels allows brands to anticipate demand accurately and manage inventory efficiently.
mFilterIt provides real-time inventory tracking and forecasting, allowing brands to make informed decisions about stock replenishment. This proactive approach helps prevent stockouts and ensures that popular items remain available to customers throughout the sales period.
Rating & Reviews Analysis
Consumer trust is heavily influenced by ratings and reviews. Positive feedback can enhance a brand’s reputation, while negative reviews can deter potential buyers. Monitoring customer feedback is essential for improving product offerings and addressing any issues quickly.
mFilterIt analytics capabilities allow brands to track and analyze customer feedback effectively. By identifying common themes in reviews, brands can make necessary adjustments to products or customer service, enhancing the overall shopping experience and fostering loyalty.
Conclusion
As we approach Black Friday 2024, the stakes have never been higher for brands looking to make their mark during this monumental shopping event. With expectations soaring and competition fierce, having a solid strategy rooted in Digital Commerce Intelligence is no longer a luxury; it’s a necessity.
By focusing on key areas such as content optimization, keyword share monitoring, competitive pricing analysis, and inventory management, brands can position themselves for success. The insights gained from monitoring ratings and reviews not only enhance product offerings but also build consumer trust—an invaluable asset in today’s market.
Utilizing tools like mFilterIt can provide brands with the data-driven insights needed to navigate this dynamic landscape effectively. By being proactive and responsive to market trends, brands can better align their offerings with consumer demands, ensuring they stand out amid the noise of Black Friday promotions.
Get in touch to learn more about the e-commerce intelligence.
