‍

The post-pandemic economy has brought new challenges for e-commerce and retail. Uneven recovery is prompting brands to reassess revenue and profitability, while shorter attention spans and multiple digital touchpoints demand more agile strategies, even from an established player

Consumers often begin holiday shopping early, but a survey of 8,000 global shoppers shows that October and, especially, November are the most critical months. Notably, eCommerce brands generate 35-40% of their annual revenue in November, making a successful BFCM essential. The following tips will help you plan for a successful BFCM 

•  Gain a First-Mover Advantage: Target consumers in their exploratory phase as early as Q2. Start connecting with them via email and SMS, to keep your brand top of mind in this phase. If you had a slow start to your season, remember you are not alone in this and you could rewind the clock.some text
  • Make small bets in awareness campaigns. 
  • YouTube is a great channel for generating low-cost-per-view awareness metrics and higher ROAS.
• Reshift Focus from Revenue to Profitability:  In Google ads, we can adjust metrics to meet gross profit rather than revenue to align with what you see in the bank and share an adjusted and more meaningful ROAS. All our client partners that TRIBBUTE has tried this with are very happy to see the metrics aligned with bank statements. 
• Maximize the Power of Email and SMS: Communication will be key to getting successful this holiday season and communicating to the right audience even more importantly the frequency of communication for generating engagement 
• To discount or Not to discount: A burning question for many and the correct answer is - ‘It Depends’some text
  • If a discounting strategy works for your brand, offer early access to BF/CM sales. According to the consumer insights report, 70% of people actively search for discounts for BFCM. If discounting is used as a strategy, maintaining profitability becomes important, and careful inventory and stock planning is crucial. some text
    • Offer discounts over a shorter period to make it exciting and generate impetus for sales 
    • Connect with your customers and send them special and exciting tips about your brand. Explore email and SMS to maximize ROI. TRIBBUTE helps several clients navigate success with email marketing 
  • No Discounts Strategy:  offer action-based incentives such as a ‘welcome bonus’some text
    • Understand what your customers love about your brand and offer brand  differentiation through communicating socio-environmental initiatives and impact, explain the why behind a ‘No Discount’ strategy, offer product education 
    • Refocus on prioritizing nurturing relationships with repeat customers and loyal consumers. 
  • Choose your shipping wisely. The looming Canada Post strike underscores the importance of diversifying your shipping options. The selection of shipping carriers plays a crucial role in both customer satisfaction and operational efficiency. Many eCommerce companies frequently depend on a single shipping or logistics partner. The potential Canada Post strike highlights the importance of diversifying shipping options on eCommerce platforms to mitigate risks and ensure continuity.

While economic headwinds indicate that the consumer economic outlook is cautious and they are feeling inflation hard, optimism is in the air for holiday shopping, however, there is expected to be a deep reliance on value. Price followed by quality are expected to be the two most important factors in decision-making this year. Contact TRIBBUTE to understand how we can help relay the right messages using the correct channels for your audience.