BLACK FRIDAY (the day after Thanksgiving) officially kicks off the US holiday shopping season. Starting Friday to the following Monday (known as Cyber Monday), over 188 million Americans will shop – either in store or online – with retail sales topping $887 billion.
To ensure that your jewelry store claims its piece of the pie, you’ll need to plan ahead and be ready to execute your strategy. With such a large opportunity, it’s worth investing the time and effort it takes to succeed.
Here are 5 ways to prepare your jewelry business for Black Friday and Cyber Monday to have a very successful season.
1. Improve your website speed.
Patience is a virtue, but not when it comes to ecommerce. If your website doesn’t load quickly, your audience will leave.
It’s been estimated that 40% of people will abandon a website that takes longer than 3 seconds to load. A second or two longer than this and you could lose up to half your audience or more! Why should anyone wait when your competitors are simply a click away?
Your first goal should be to upgrade your hosting servers, then optimize your website to remove any excess code or software which may be slowing it down. Every extra feature added to your site is another item that has to load which seriously drags down your site. Less is more when it comes to loading your website quickly.
If you merely improved your site speed and nothing else, your sales would naturally go up.
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2. Grow your email marketing list.
Email marketing should always be a top priority. Even more so during the holiday season. Every day your goal should be to build your email list. Most people who visit a website don’t buy on their first visit. They’re just browsing or “window shopping” just to get ideas. They’re not ready to checkout yet.
Many people who end up leaving a website have every intention of returning – but don’t! They forget about you or life simply gets in the way. This is where the power of email marketing comes in. Sending an email when someone abandons their cart (with something in it) is one of the most profitable ways to use email marketing.
Another way is to promote a special promo code for a Black Friday or Cyber Monday deal to your list. If you’ve invested the effort to build a sizable following, you should be able to convert at least 1% to 2% of your audience into a sale, maybe more. A Black Friday special jewelry collection on sale is the perfect incentive.
3. Prepare your inventory.
With an increase in shoppers, comes an increase in the need for additional inventory. You’ll want to review past Black Friday sales to estimate how many of each item you’ll need to stock.
Just as with Amazon, online buyers now expect every item to be available all the time. Many people won’t wait. At a minimum you should have all of your lower-priced items in stock (as much as is comfortable for you). With higher-priced items, customers understand that you may have only 1 piece available, but can order more. High-end buyers are also usually willing to wait.
If the customer does have to wait for their order, you can always offer a free bonus item, one of your lower priced jewelry pieces. This way their loved-one has something to open-up on the holiday, until the original item arrives.
4. Review your pricing.
Price matters, especially during the Black Friday to Cyber Monday.
With online shopping, you can guarantee that consumers will price-check your jewelry store against others. A savvy buyer can simply google a style and find another jeweler with a better offer. This occurs online when someone goes to checkout, and it can also occur in your physical store.
People aren’t afraid to take out their phone and research your jewelry prices right in front of you! Remember, unless you offer truly one-of-a-kind pieces you can’t find elsewhere, you should expect to be price-checked. It’s simply the new nature of retail. Every business deals with it.
To combat this, it’s best to review all your prices regularly and surprise the customer by being the most competitive jewelry store because you’ve already done their homework for them!
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5. Review your checkout process.
It’s critical that you review your checkout process at least a few times a year. During the holiday season, and at least 30 days before Black Friday, to make sure that your website is ready and the checkout process is smooth.
You’ll want to place a test order and review the order page, payment options, taxes, inventory management, shipping and customer service. The checkout process is more than just the page you make the payment on, it encompasses everything needed to complete a sale.
It’s very important that no step is overlooked. You want to see and experience what the customer sees and experiences. Think and act like your customer and you’ll know exactly what you need to change and improve.
In closing, the period from Black Friday to Cyber Monday is one of the busiest times of the year. With thousands of customers and plenty of money to spend, make sure you get your fair share. Use these tips to get started and you’ll grow into an exceptional jewelry business.