The BFCM sale is right around the corner. You’re doing everything you can to give shoppers the biggest of discounts on their favorite products. You’re also ensuring faster shipping options are available to them. But what are you doing to ensure that your BFCM sale strategy actually stands out and your deals don’t get lost in all the noise?
According to Shopify, BFCM 2018 saw over $1.5 billion in sales. Shopify merchants generated over $37 million USD in sales per hour at their peak. That’s a whopping $870,000 USD being made, per minute!
But while some stores saw their sales skyrocket during BFCM, there were those that saw only their ‘traffic’ going up.
The difference between the two isn’t just about the discounts they offered. It’s about how the stores strategized for their BFCM sales.
Yes, we’re talking about the one thing most Shopify merchants and their marketers dread – E-commerce Analytics.
E-commerce analytics is all about diving deep into your store and marketing data. The idea is to be able to understand what kind of shoppers visit your store, what products they’re interested in, what their purchase behavior looks like and what motivates them to really make that purchase. Come to think of it, it is exactly what you need to use in your BFCM sale strategy.
Identifying the right products
As we said before, BFCM is not about who offers the biggest discount. It’s about who makes the most number of sales by offering the product consumers want at the best price possible. But to start with, you need to know which products consumers are really looking for.
That’s where product analytics comes into play.
The data gives you an insight into your best-performing products, under-performing products, most abandoned products, consumer purchase behavior and more to plan inventory better and make smarter marketing decisions.
Some of the metrics that you absolutely need to track include:
- Total inventory
- Active inventory
- Product page clicks
- Additions to cart
- Removal from cart
- Conversion rate
Not sure what these metrics are or how you can measure them? Check out our lesson on product analytics in the E-commerce Analytics Masterclass.
Now you could set up custom reports on Google Analytics to identify which of your products are bringing in maximum revenue, and those that are simply eating into your resources. Or you could connect your Google Analytics to RevTap and turn all that store data into easy-to-understand product segments.
Your most profitable products, products that are trending amidst shoppers, those getting maximum views from organic searches and even those that get abandoned all too frequently – you get it all on one dashboard.
How can you use product analytics in your BFCM sales strategy?
- Re-stock your hot-selling products
- Offer more discounts on products with more profit margin
- Include most searched products in the sale to get more organic traffic
- Exclude most abandoned products from the sale
- Create smart product bundles
- Set up your product upsell campaigns
- Set up your product cross-sell campaigns
Understanding your shoppers and customers
You know which products are performing well, which of them are maximizing your revenue and what discounts you can offer to maximize your profits. But that’s not enough!
If you want to optimize your BFCM sales strategy to convert more and drive more sales, you need to dive deep into customer analytics. Knowing who your shoppers and customers are is the best way to sell to them – pretty much similar to how a salesperson at a brick and mortar store is able to sell you more than the one t-shirt you wanted to buy.
Customer analytics basically takes shopper behavior into account to help you make informed business decisions. It segments your market and leverages predictive analytics to take your shopper information beyond their general demographics like age, gender, location, etc. It taps into market trends, their purchase triggers, purchase behavior, preferences and more to highlight what makes them turn into customers.
To do this, you can start by looking into shopper data on Google Analytics and on Facebook. The two platforms give you data on who is visiting your store and interacting with your social posts or campaigns, and who are converting.
Your Shopify store’s analytics is an untapped opportunity to grow your sales. Make your data work for you. Give RevTap a spin!
Although, on Google Analytics, you’ll need to set up custom e-commerce reports and Facebook insights can be overwhelming to correlate.
Imagine having to identify the different types of shoppers based on the user flow. With every shopper interacting with your store in a different way during BFCM sales, this approach can take more than a week.
That’s where you can turn to Shopify analytics tools like RevTap. When you connect your Google Analytics and Facebook to the platform, it pulls in all the customer data onto one dashboard.
It then does the customer segmentation for you. Breaking your audience into 24 smart segments – big spenders, full-price customers, refunders, VIP customers, cart abandoners and more, it gives you a clear picture of your shoppers and customers. Simply put, it creates the customer personas for you!
How can you use customer analytics in your BFCM sales strategy?
- Identify active customers to promote your pre-launch deals
- Reach out to repeat customers with exclusive deals or early access to boost loyalty and ensure sales
- Turn visitors or subscribers into customers with additional first-purchase discounts on your BFCM deals
- Create an exclusive shopping experience for VIP shoppers to maximize profits
- Turn one-time purchasers into loyal customers
- Customize and personalize shopper journey for higher conversions and sales
Knowing where to promote your BFCM sales
The number of online stores is increasing by the day. While that’s good news for shoppers who wait for BFCM deals and discounts, it’s bad news for the brands offering these discounts. Because now the same segment of shoppers have way too many options when it comes to making a purchase.
There could be at least ten other stores offering the same or similar products as yours. The competition is a little too much and it gets worse during BFCM.
In order to not get lost in the noise and get your deals across to the right shoppers, you need performance analytics.
Performance analytics enables you to track, aggregate and visualize the metrics that define your success towards a goal – a conversion or a successful sale. It also highlights what strategy or channel is really getting you more revenue in turn of the investment you make on them.
For instance, you’ll be running your BFCM sales deals and discounts on Facebook, Instagram, search and maybe even Pinterest. So to measure the campaign success, you’ll look into the following metrics from each separately:
- Email opt-ins
- Conversion rate
- Average order value
- Customer acquisition cost
- Cart abandonment rate
- Return on advertising spend
- Retention rate
- Average customer lifetime value
Then based on all the metrics above for each channel and platform you to promote BFCM deals, you would calculate the revenue per channel. That’s a lot of data crunching and it can take you weeks to identify what works the best for your Shopify store – the very reason why you’ll see most merchants not leverage this data at all.
By connecting your analytics and marketing tools to RevTap, you can aggregate all this data on one dashboard. Furthermore, the Shopify analytics tool can help you clearly see the performance of your campaigns in comparison with one another.
How can you use performance analytics in your BFCM strategy?
- Choosing the right platforms to promote your pre-launch deals
- Identifying the ROI from different marketing channels
- Understanding the revenue in-flow from different marketing channels
- Allocating optimized marketing resources for different channels
- Allocating optimized advertising budgets to different channels to maximize returns
- Identifying channels shoppers are actively interacting with your brand on
- Understanding the checkout funnel for different shoppers
Do you really need so much data for BFCM sales?
You’re offering a whopping 50% off on all your products. But a similar store ends up offering 60% on a similar range. Who do you think most shoppers will flock to?
Now that doesn’t mean you add more discounts to your store. It only means that you choose your products and marketing channels that don’t clash with competitors – or still give you a window to stand out. For instance, your store could be driving in more organic traffic than your competitors – it makes more sense to invest in search ads than trying to battle it out on Facebook with hundreds of brands. Right?
That happens only when you know your product performance, who your shoppers and customers are and which marketing channels bring you into the limelight.
So do you need data to get more out of the BFCM sales period? If you want to fall under the category of those who made sales worth millions of dollars, the answer is YES.
Ready to put all your store and marketing data to use?
Get started with RevTap today!
(Grab the special BFCM deal)