November 30th, 2020 is when Cyber Monday falls this year — are you ready? Since Covid-19 has accelerated e-commerce adoption rates the expectation is that this year will surpass all estimates and previous records. As you are reviewing your brand and product readiness here are some quick tips to consider.
Cyber Monday Quick Tips
- Product in-stock rates – Do you have enough supply currently on hand? Do you have enough in the pipeline that can maintain your sales velocity through Black Friday & Cyber Monday? Shock waves of COVID-19 have rattled supply chains to their core. Sickness, social distancing, government shutdowns and business capital losses have all led to unforecasted disruptions. If you are a retailer and have not felt this count yourself lucky. It is important to do some due diligence with your supplier(s) to ensure you are in good shape not only now, but in the future.
- Pricing strategy – Is your plan to be full price and ride the increased traffic bump in sales or do you lean being promotional to further push your top line revenue? What are you up against from last year’s Cyber Monday? Did it work? What did your competitors do? What will they do? Many DTC (direct-to-consumer) brands who said they would “never go on sale” have pivoted and decided that being promotional isn’t the worst way to convert customers. Whatever makes sense for you just remember how you position your product or brand on this day is equally as important as any other day of the calendar year. It will further your brand voice and can change it’s position in the marketplace based on the decisions you make.
- Order fulfillment – When and how your product gets to your customers at this critical time of year is important to think about. Because you are busy managing your online marketplaces and developing new products you should consider using a trusted 3PL (Third Party Logistics) partner for this important time of year. Lessgistics understands e-commerce fulfillment and has all the expertise needed to succeed. We have a deep understanding of the velocity surrounding Cyber Monday and are here to help you.
- Shipping – There has been a lot of chatter this year regarding how all the national carriers (USPS, FedEx, UPS, and DHL) have suffered with their on-time performance due to record e-commerce volume plus COVID-19 logistic complications. The carriers have been operating at peak levels for the past few months. There is a lot of concern in the market that when the holiday shopping season hits it will further complicate things. There literally is not enough warehousing, trucking, and labor to handle these volumes. All retailers should plan for this by having much earlier holiday cut-offs vs. previous years. If you are shipping Ground services we suggest you plan up to an additional week in transit times for your packages. It really doesn’t matter if you hedge with sending 50% of your volume with one carrier and the other 50% with another. They are all at capacity and will suffer this peak season.
- Marketing – Spread the word on your Cyber Monday strategy with both your existing and potential new customers. Use your social media channels, your own website, influencers and pay per click advertising on marketplaces such as Amazon to drive traffic. This is not a one size fits all approach so weigh all of your options. If you have an amazing product that you are looking to promote be sure to tell people about it!
Once Cyber Monday is over make sure to jot down some notes on what you did, what worked, what didn’t and changes you should make either immediately moving forward or for next year’s Cyber Monday. It’s best to do while it’s fresh in your mind and also will give you and your team enough time to implement going forward. Remember to consider in-stock rates, pricing, order fulfillment, shipping and marketing. These tenants of retail will translate for 2021 Cyber Monday as well! Remember, if order fulfillment was a pain point be sure to reach out to Lessgistics. We are here to make Cyber Monday and every day a success for your business and your brand! We provide free evaluation and strategy sessions.