Black Friday and Cyber Monday sales have become key sources of revenue for many businesses. In fact, 2023 saw Shopify merchants globally reach $9.3 billion in sales over the Black Friday Cyber Monday weekend alone.
Leading marketing, retail, e-commerce, AI and loyalty experts uncover the innovative strategies brands can implement to enjoy maximum returns during this competitive sales season.
Unlock an always on strategy
Impressive head of performance, Jasmine Allen believes it’s crucial for brands to re-evaluate Black Friday Cyber Monday strategies in light of evolving consumer needs and uncertainty.
“Rather than relying solely on seasonal peaks or retail sales events to drive revenue, a more sustainable and profitable ‘always on’ approach involves adopting a consistent, year-round plan that fosters growth and enables strong customer relationships,” she said.
“As per our latest Black Friday and Cyber Monday sales report, transitioning to a robust always on strategy doesn’t mean abandoning Black Friday or Cyber Monday. However, it does involve integrating these events into a broader, evergreen marketing approach.
“By spreading out promotions and new product offerings throughout the year, you create multiple touchpoints with customers, leading to more consistent revenue generation. This steady flow reduces dependency on a few critical sales periods.”
Prioritise a solid customer data strategy
Retailers should prioritise a solid customer data strategy to capitalise on Black Friday’s potential and with 56% of shoppers starting their holiday buying in October, preparation is key, according to Amperity area vice president for Asia Pacific, Billy Loizou.
“Begin by leveraging your customer data to analyse past performance, identify what worked and what didn’t. Focus on customer metrics over channel metrics to gain audience insights, enabling you to craft a sophisticated targeting strategy. This analysis will help pinpoint high-value customers and nurture them with personalised early-access offers,” he said.
“Running early test campaigns is also essential for strengthening customer connections and determining what resonates with them. For new customers, consider implementing a welcome series to showcase your product portfolio, helping them understand your brand better.
“It’s also important to remember that recognising your best customers throughout the year is vital, and the holidays offer a unique opportunity to roll out the red carpet and reward VIP shoppers with exclusive experiences.
“Move beyond generic email blasts and create tailored holiday gift guides that align with customer preferences. By segmenting based on price sensitivity – luxury shoppers versus discount seekers – you can enhance engagement and drive sales.”
Stretch out the sales period
Black Friday eclipses Christmas as the biggest sales period of the year, generating double the revenue of an average week. Recent NIQ GfK research across 15 markets, including Australia and New Zealand, shows it now spans several weeks as brands vie for attention.
“In 2023, it’s interesting to note home appliances and entertainment topped the charts with deep fryer sales soaring 216%, shavers and TVs up 164%, coffee machines at 159%, and mini bluetooth speakers climbing 143% compared to a typical week,” NielsenIQ group account director, Brendan Dowd said.
“Consumers also tend to gravitate towards pricier items during Black Friday with more than 20% of purchases boasting discounts of 20% or higher. Yet, the average price rose 18%, indicating shoppers are willing to trade up for value. For brands and retailers, leveraging customer engagement is essential. Stretching the Black Friday promotions by weeks can help customers feel at ease when scouring through discounts.”
The ultimate stress test for customer experience
Black Friday isn’t just about showing products digitally and hoping for sales; it’s about creating a journey where online browsing sparks in-store excitement, was the view from Eagle Eye head of sales engineering for Asia Pacific, Miles Toolin.
“Picture this: a customer sees something online, and they’re motivated to visit the store because they know they’ll get even more value. This is prime time to convert those first-timers into loyal, long-term customers,” he said.
“Also, don’t wait for the frenzy to hit. Be proactive with your data. Real-time insights are critical. When that hot item sells out, you need to have backup offers and promotions ready to go, live on your e-commerce site, before customers start feeling disappointed.
“Loyalty is king but no one wants the same old ‘do you want to join our loyalty program?’ vibe. Black Friday is your chance to reinvent this moment. Be creative, offer value, and show customers why your brand is worth sticking with long after the sales are over.”
Be proactive with an end-to-end strategy
Retailers should be doing everything they can to encourage loyalty program sign-ups before Black Friday, according to Yotpo head of brand advocacy, Rad Mitic.
“By increasing promotion of your loyalty program in the months leading up to Black Friday and Cyber Monday, your brand can increase engagement down the line. Try promoting your program on multiple channels, including email, SMS, social, and banner ads,” he said.
“It’s also critical to set your holiday shipping strategy. Defining a shipping and delivery strategy is important, but it’s not a one-and-done deal. Customers expect fast and free shipping, or ideally, a combination of the two. If there’s a delay, communication is important.”
Embrace the power of Gen AI
GPT Strategic founder and CEO, Andrew Gunnis believes brands embracing Gen AI to shape the shopping experience will thrive due to its potential to hyper-personalise at scale.
“The long-held marketer’s dream of a ‘segment of one’ is fast becoming reality, where data and AI-driven individual content, offers, and recommendations are generated using a real-time proposition,” he said.
To truly capitalise on Black Friday, brands need to get ready now by optimising platforms, leveraging Gen AI to predict customer preferences, and integrate compelling personalised experiences. Black Friday is more than just an opportunity to sell; it’s a chance to connect, to lead, and to earn the privilege of your customers’ attention.”