A little less than a month to go, and merchants are already getting ready for one of the most important shopping events, along with Christmas. This year’s Black Friday will take place in a pandemic scenario, in which containment measures have led people to change their lifestyle and their consumption habits, and merchants to fully review their business and adopt new strategies – such as establishing themselves online, and going digital all the way.
If Black Friday has been playing a relevant role both in e-commerce and brick-and-mortar turnover for the past years, this year it’s expected to be even more important. Therefore, merchants must seize the opportunity, and be prepared to meet the demand and the customer’s loyalty.
Black Friday in the middle of the pandemic
As the Coronavirus pandemic has been imposing social isolation, people have been dragged to an online existence, impacting unprecedentedly online traffic and online shopping. Worldwide, Latin America included, e-commerce has been growing ever since.
At first glance, this growth may seem contradictory in the face of the global economic crisis, but what’s happening is that consumers are spending wisely, avoiding luxury items, and buying more online.
So, what to expect of Black Friday 2020?
This year, Black Friday is likely to go mostly online, as the evolution of the pandemic will determine the extent of the containment measures to be adopted and, consequently, the restrictions to social life and traditional commerce. Therefore, and regarding e-commerce, expectations are that it will bring new customers, merchants will be investing more in promotions, and that it will be the last shopping event of the year.
New consumers, more customers
Definitely, it’s expectable that many will make their first purchases during this Black Friday, as the pandemic drag consumers to online shopping as the only alternative, or the safest one. For brands and merchants, the challenge is to provide for the best e-shopping experience so to retain new customers into loyal ones:
- Make sure that all issues related to website operability are addressed, including the checkout process, return policy and customer care, security solutions and procedures, such as PCI compliance and tokenization;
- Ensure localized content, to meet the consumer’s language, culture and etiquette, and localized checkout, including local currency and preferred payment methods;
- Adopt alternative, local payment methods and payment options.
To ensure that you’re making the best of your e-commerce platform, as well as comply with global security standards and privacy policies, we suggest you provide your business with BoaCompra solutions:
- It offers a simple, easy payment methods integration with your e-commerce platform
- It allows you to offer installments to your customers, but receive your money at once
- It avoids chargebacks disputes by offering refunds
- It offers risk analysis and prevents data breach
- It sustains your e-business
4 tips to prepare your e-business to Black Friday
- Check your stock
It’s crucial that you check your stock, so to meet the demand: study your customer’s profile, see which items are the most popular and which are the most difficult to sell, and assure delivery dates.
- Be prepared to offer good discounts
Since the pandemic outbreak, many brands and retailers have adopted a sales strategy based on discounts and special prices. As a result, this year’s Black Friday is most likely that consumers are expecting an even more attractive deals than last year’s event. So, study your profit margin, and offer real, attractive discounts to not only to increase your sales, but to capture your customers loyalty.
- Keep an eye on the market competitors
Take notice of how other brands and retailers are managing their Black Friday campaign, and if necessary adjust your own, even if it means to rethink your sales strategy.
- Promote your business
Because this Black Friday is expected to be the both the most relevant shopping event of 2020, surpassing Christmas, every brand, marketplace and retailer will be doing their best to retain consumers, so you should consider saving a part of your budget to invest in advertising and promotion. Keep in mind that this shopping event is an excellent opportunity to build your customer’s relationship.
Partnering with BoaCompra to have the best outcome this Black Friday
The best way to assure that your e-business has all that it takes obtain a successful Black Friday outcome is to partner with BoaCompra and PagSeguro/PagBank, digital finance experts that will guide you every step of the way.
Whether you are a savvy merchant or you’re just starting your business, it’s most relevant that you have a payment industry expert on your side. BoaCompra is a payment solution expert and provider with more than 15 years of expertise in helping companies grow and sustain their business, giving access to local payment methods and helping to implement security solutions and procedures, such as the PCI DSS and tokenization.