Are you ready to dominate this Black Friday season? If you're in procurement, a buyer, E-commerce Manager, or Sales Manager at an online store or franchise specialising in refurbished electronics, this blog post is your key to success. In a world where consumers are more informed than ever, it's vital to equip yourself with the right strategies, data, and planning to thrive during this bustling Black Friday period.
Why It Matters to You
In today's digital age, shoppers are becoming savvier by the minute. Did you know that a staggering 88% of online users conduct thorough research before making a purchase? They invest up to 2 hours scouring the internet for the best deals. Even those visiting physical stores can't resist checking prices online (65% of them, to be exact)(Source: HolisticSeo). And with the rise of mobile, social media, and innovative payment options, 93% of tech-savvy millennials aged 24-35 are gearing up for Black Friday and Cyber Monday shopping sprees. Additionally, a whopping 80% of people are open to trading in their current mobile phones when upgrading (Source: CCS Insights).
Developing an Effective Strategy
To excel during Black Friday, you need a strategy rooted in data-driven decision-making with a delicate blend of inventory management, product selection, and promotions. Unfortunately, there's no one-size-fits-all solution.
Analysing past Black Friday sales can uncover trends and demand patterns, allowing you to tailor your inventory. Collaborate closely with marketing and sales teams to stay updated on consumer behavior and market trends. Keep a watchful eye on social media platforms like TikTok, Facebook and Instagram, where trends can skyrocket. Need help? RecommerceIQ provides monthly insights into top-selling refurbished electronics – follow us on LinkedIn for the latest updates.
While you can create early "teasers" for your deals to build anticipation, keeping the excitement alive can be challenging. This is when marketing costs tend to spike.
But fret not! RecommerceIQ is here to guide you with data that optimizes your marketing budget. Identify standout products and ensure your advertising investments reap maximum rewards, particularly on Google Shopping.
Close Collaboration with Suppliers and Expanding Buyback/Trade-in Programs
Close communication with suppliers is paramount for a seamless Black Friday. Start discussions early to manage expectations and prevent inventory delays. But here's the kicker – consider expanding your Buyback/Trade-in program. These programs not only reduce supplier dependency but also boost margins and customer loyalty.
How We Can Help
Enter RecommerceIQ, your secret weapon for streamlined preparation and pricing decisions. Our tool integrates inventory and market data to provide pricing automation, valuable insights, and competitive analyses across smartphones, tablets, smartwatches, laptops, and more. Try our Free Trial to access this invaluable information.
Leveraging RecommerceIQ allows you to monitor competitors' pricing, identify price-sensitive products, and adapt your resale and trade-in/buyback prices for maximum customer attraction. Plus, it arms you with data for supplier negotiations. Our dynamic pricing and reporting features track real-time changes, ensuring you always offer the most competitive prices for a stellar Black Friday customer experience. Don't just participate; dominate this Black Friday with RecommerceIQ!
Elena Renner
Customer Success Specialist
