Guest post from LoyaltyLion
For ecommerce, the last couple of years have been pretty turbulent. From pandemics to privacy updates, the goalposts haven’t remained static for long. But aside from all these changes, one thing’s for certain: The countdown for Black Friday Cyber Monday is on (BFCM).
With 21.6% a year-over-year increase of Black Friday purchases being made online, the BFCM of times gone by (which saw shoppers climbing over each other in the aisles to bag the best bargains) has been left in the dust. More shoppers now stay home and shop online from their sofas rather than waiting in lines at malls.
This begs to question, with the event’s make-up changing, have customer attitudes towards it changed too?
Well, new research from LoyaltyLion shows that the consumers of today aren’t as enamored with BFCM as you may think. In fact, the event leaves them feeling undervalued, underappreciated, and deprioritized. Plus, a worrying proportion of shoppers feel like discounts aren’t all they’re cracked up to be, affecting their trust in the brands that offer them.
This distrust and dissatisfaction puts an emotional wedge between you and your customers. Your existing customers are left feeling neglected, meanwhile, the new customers you acquire are only looking for deals and may not repurchase from you after the peak. All in all, the short-term sales gain of BFCM could create longer-lasting pain if it’s solely discount-driven.
A new opportunity beckons
But, LoyaltyLion’s research also exposed a new opportunity. One that gives customers the same high that discounts do. Meanwhile, this golden opportunity helps brands protect their profits while growing their shoppers’ LTV at a time where consumer loyalty is usually under pressure,
So, what’s the secret? Alternative incentives (think shipping perks, exclusive experiences, and loyalty points) that build emotional connections before, during, and after discount peaks.
To give you the tools and knowledge to implement these alternatives as part of your Black Friday strategy, LoyaltyLion has teamed up with 8 ecommerce experts from Klaviyo, Gorgias, Attentive and more to bring you a bootcamp and ebook. Inside you’ll learn more about the alternatives you should offer and how to serve them to customers using your full Martech stack.
- See how brands are using their loyalty programs to offer alternative incentives that keep customers for longer
- Watch bootcamp videos from the experts showing how to set your brand apart this Black Friday
- Read chapters showing the best ways to not just meet, but exceed customer expectations this Black Friday
If you’re wanting to implement discount alternatives for this Black Friday, LoyaltyLion is always on hand to help. Get in touch with the LoyaltyLion partnerships team to hear more about how you can prime your brand for their best Black Friday to date.