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How to benefit from Black Friday as a B2B Brand?
For every business and individual that are involved in commerce, Black Friday is the real deal. With a 22% increase in online sales and the daily Black Friday revenue for 2020 staying just short of $190 billion, Black Friday is where shopping habits expand the market for a day with endless deals, free shipments or ‘Buy One Get One’s. Black Friday for retailers is a day to benefit from. All businesses can take advantage of Black Friday’s increasing sales and revenues with just the right strategy.
For starters, Black Friday is all about the fear of missing out on potential benefits, and this goes both ways. It’s not only the customers that are inclined to make their purchases on Black Friday; businesses also tend to save their best deals to Black Friday and take advantage of the shopping craze of the day. The situation is not also highly different for businesses in B2B commerce. They generally reflect the behaviours of consumers when it comes to taking advantage of countless generous offers and partaking in the biggest commerce event of the year. So, how can you, as a B2B commerce brand, also join and benefit from the shopping spree of Black Friday? Here’s cloud-based omnichannel B2B commerce platform Repzone’s tips on how you can manage to make Black Friday work for your B2B brand;
Create a plan according to your past Black Friday experiences
If you have a B2B brand that is planning on making discounts to their products or services on Black Friday, it’s best to use the former Black Friday data to help you put together a plan. If you have already joined the Black Friday discount spree and created offers for your customers for past Black Fridays. Then you probably have the answers to some really important questions; Which products can or cannot be sold with Black Friday offers, which marketing strategy works best for your company, when to start marketing for Black Friday, when to prepare for Black Friday to maximize your revenues, or what can go wrong for your company after Black Friday. Use this data while creating an organizational strategy for Black Friday to get ahead of the competition.
This may be your brand’s first time to be involved in Black Friday, so you might not have said data about your company. Rather than going all-out on your offers and discounts to maximize sales which may look like the right strategy, consider making minor adjustments to your current prices, making non-discount offers like free shipment or bundle products. That way, you can avoid any unprecedented problems or shortcomings and be well prepared for the following year’s Black Friday.
Manage your stocks effectively
If there is one thing you need to carefully monitor during Black Friday to keep your profits high and avoid losing customers, it is your stock. Expectedly, sales numbers skyrocket for a day on Black Friday, and it’s well able to disrupt your usual stock management process. Before Black Friday, you need to examine your stock so that you can foresee any stock outages before they happen. This way, you can always make profits and keep your customers satisfied since none of them will face any ‘There is no stock available’ screens.
Choose the right product at the right time, and the right time is Black Friday
During every Black Friday, there is a number of products that sell more than others. For B2C companies, tech products like game consoles, smartphones or headphones, jewellery, and clothing items are the ones that sell the most. For B2B brands, focusing on repeat sales and low-cost items can help them benefit from the increasing revenues of Black Friday.
If you already have a product you want to release, Black Friday is the perfect time to do so since both people and companies are inclined to take advantage of Black Friday prices. Aside from being a failproof way to launch a product and increased sale numbers, Black Friday is also a good time to release your product just because Christmas, New Year’s Eve, and Valentine’s Day are just around the corner.
Increase customer retention
For nearly all B2C companies, Black Friday is a time to attract new customers and try to turn them into regular buyers. The main goal of Black Friday for them is to reach out to as many possible buyers as possible rather than retaining their existing customers. But for B2B companies, retaining customers means a lot more than it does for B2C retailers since repeating purchases and returning satisfied customers are the key to success in B2B commerce. So, prioritizing your existing customers while planning Black Friday deals and offering them extra discounts or incentives helps your brand affect your current customers and make them consider your brand in their future purchases. Also, B2B discounts don’t have to be as high as B2C counterparts since for B2B; Black Friday is about attracting customers who will make a purchase anyway, unlike B2C Black Fridays, where the main aim is to gain as many customers as possible.
Take advantage of Black Friday with Repzone
Omnichannel B2B ecommerce platform Repzone helps your company with all your B2B retail processes. Whilst managing your stock, determining the discount rates, changing your prices or getting customer feedback, Repzone offers B2B solutions to enhance your Black Friday experience for you and your customers both. With Repzone, you can easily access and manage your stock, create promotions, control and assess your field sales team depending on their locations and sales performance, organize your discounts and many more. Visit our website now to explore all features of Repzone, and request your free demo to experience modern B2B solutions for yourself!