The holiday shopping season is quickly approaching, and as an ecommerce or retail marketer, now is the time to start preparing your strategies to maximize revenue. With the 2023 Black Friday and Cyber Monday (BFCM) season behind us, it’s crucial to apply the lessons learned to ensure success in the upcoming 2024 season.
Data from 2023 suggests that holiday sales will likely start earlier than ever in 2024, possibly as early as the first half of October. To capitalize on this trend, marketers should have their messaging, campaigns, and identity strategies in place by Halloween. Implementing and optimizing your technology and identity solutions during the summer months is essential to avoid missing out on significant revenue opportunities.
The 2024 election cycle presents an additional challenge for marketers, as political ad spending is expected to increase substantially. To combat this, consider allocating some of your budget to owned channels like email and text, where you have greater control over your message and how it’s perceived. Text messaging, in particular, can provide similar performance to paid ads but with lower CPMs.
As the deprecation of third-party cookies approaches, finding alternatives to retargeting becomes increasingly important. Owned channels and identification partners offer viable solutions, but it’s crucial to explore these options early to ensure readiness by Halloween.
To prepare for BFCM 2024, start by testing your messaging, offers, and triggers during minor holidays like Mother’s Day, Father’s Day, and the Fourth of July. Observe how shoppers respond to urgency, scarcity, and different types of sales and offers. Use these insights to inform your BFCM strategies.
First-party data collection should ramp up around Halloween, as consumers are eager to sign up for email and text lists to stay informed about early season offers. Tailor your acquisition messages to emphasize exclusivity and early access for subscribers.
Cart abandonment behavior is expected to spike during the holiday shopping season, as consumers browse, research competitors, and abandon carts. To effectively retarget these potential customers, it’s essential to have an identification strategy in place that allows you to capture email addresses or phone numbers. Optimize your holiday strategy to reach and nurture these consumers through owned channels while they’re willing to connect with your brand.
Mobile optimization should be a top priority, followed by desktop and tablet. In 2023, mobile accounted for an average of 76.6% of website visits during Cyber Week, with 66% of conversions occurring on mobile devices. However, don’t neglect desktop, as many consumers still prefer to make purchases on their computers.
Aim to drive most of your sales earlier in the week, as deals typically don’t improve as the week progresses. Use urgency and shipping deadlines to encourage consumers to purchase sooner. However, be prepared for last-minute shoppers by leveraging urgency-driven messaging and reminders to close deals toward the end of the weekend.
Remember, BFCM is more than just a single week or the holiday shopping season. It’s an opportunity to acquire new users and build relationships that last throughout the year. By prioritizing customer journeys and considering the lifetime value of these customers, you can fuel your program not only during the holidays but all year long.
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