Black Friday & Cyber Monday, are the days of shopping extravaganza, & every retailer tries to make a killing. The online giants like Amazon, Walmart, and Best Buy etc. get themselves armed to the teeth to capture a sizable portion of the sales. It is difficult to compete with these brands, but the right strategy and planning can surely help Small and Medium businesses to boost their sales.
It’s About Technology & Strategy
Black Friday is not only about high temperature online campaigns, but it’s also about strategic preparation. In 2011, Best Buy mismanaged Black Friday sales, and had to cancel customer orders; this fiasco resulted not only in lost sales but also in an erosion of its brand equity and trust. According to a study by Lee Resources Inc, a consultancy firm, 91% of dissatisfied customers are certain to avoid the brand with which they had a bitter experience. The hyper-competition leaves no margin for error, as the other firm is there, just a click away.
The lesson here is two folds; firms must invest in marketing that results in customer footfalls and purchases, but they should also ensure that their offers and orders are supported by proper supply chain systems to deliver on their promises.
Black Friday Strategy For Small & Medium Business (SMBs)
SMBs must not compete with retail giants but focus on their strengths to reap high rewards.
Fuse Creativity & Technology
In toto, days like Black Friday are about being prepared to serve customers, be it online or physical stores. A well-functioning e-commerce website which can handle high traffic and deploy automation, coupled with smartly designed offers and creative social media campaigns can give a significant boost to your sales.
Our expertise has helped many firms “Digitalise” their business, and we have collaborated with many startups to deploy technology for creating value. If you are an organisation looking to incorporate technology, or a startup looking for a digital partner, do get in touch.
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