Turbocharge Your Black Friday Sales on Amazon & Walmart with Data-Driven Strategies
Get ready for an electrifying Black Friday season as we bring you a trove of data-driven tips and tricks to supercharge your sales on Amazon and Walmart. Black Friday is fast approaching, and the competition is heating up. It's not just about submitting deals on time; there's a lot more to it. So, rev up your engines and join us as we dive into the world of data-driven marketing to make this Black Friday your most successful one yet!
Save the Date: Black Friday on Amazon and Walmart
Mark your calendars because Amazon's Black Friday sale in 2023 starts on Thanksgiving Day, November 23, and continues through Black Friday, November 24. Meanwhile, Walmart is expected to unleash its Black Friday deals on Monday, November 20, 2023.
So, Are you prepared to conquer the Black Friday battlefield?
Mind-Blowing Stats from Black Friday 2022
Let's kick things off with some eye-popping statistics from Black Friday 2022:
- Online retail consumers shattered records, spending a whopping $9.12 billion in 2022, marking a 2.3% increase over the previous year.
- U.S. Black Friday online retail sales reached a staggering $17.2 billion, a remarkable 10.2% surge from 2021.
- Mobile shoppers took the lead, accounting for 48% of online sales in 2022, up from 44% in 2021.
- Ecommerce sales contributed to about 21% of global retail sales, showcasing a phenomenal 50% increase from pre-pandemic levels.
- Total U.S. sales witnessed a jaw-dropping 10.9% year-over-year increase over the Thanksgiving weekend in 2022.
- Black Friday sales were a mind-blowing 663% greater than the usual average, making it a sales bonanza.
- Paid search continued to reign as the biggest driver of sales for retailers during Cyber Week 2022.
Now that you're pumped up with these stats, let's move on to the strategies that will make your Black Friday a resounding success.
Checklist to Prepare for Black Friday Sale on Amazon and Walmart
- Review Past Performance: Your previous experience during the Black Friday sales on Amazon and Walmart can be valuable for your success this year. Sellers should carefully analyze their top-selling items on Amazon & Walmart, as well as identify the products and advertisements that performed exceptionally well. By recognizing these top-performing products and items frequently bought together, sellers can create an effective advertising and inventory strategy based on past success. Pro Tip: Review your Prime Day performance to pinpoint the best-selling items and deals that boosted your revenue and sales. Having a data warehouse as your ultimate source of ad and inventory measurements can make it easier to assess your past performance. Discover how a data warehouse can improve your return on investment (RoI).
- Master Inventory Management: Get your inventory ready to manage unexpected spikes in holiday demand. This will enable you to meet all your orders promptly and enhance the overall customer experience. Begin by pinpointing your best and worst-performing products (Amazon) or those with high return rates (Walmart). Analyzing past performance can help in more accurate inventory predictions. Once you've identified underperforming products based on factors like ad clicks and conversions, the next step is to stop promoting these products in your marketing campaigns. This can substantially cut down your campaign costs and bidding expenses.
- Optimize Your Product Listings With Holiday Search Terms: Enhancing your product listings plays a pivotal role in tailoring customer delivery experiences. To begin preparing your product listings, consider incorporating terms like "holiday" or "holiday deals." Another effective method involves integrating high-performing keywords into your listings. Identifying these keywords can be achieved through platforms like DataChannel, Amazon Seller Central, and Walmart. Our integration with Amazon Seller Central provides comprehensive reports on your ASIN/SKU performance on Amazon and furnishes your Listing Quality Score on Walmart for custom time frames, such as 60, 90 days, or any period you prefer. Furthermore, this effort is a one-time endeavor, as our advanced scheduling feature ensures that your Seller Central/ Walmart data is delivered directly to your data warehouse. This grants you access to up-to-date information anytime and anywhere.
- Use Different Advertising Strategies to Get More Sales: Advertising can greatly benefit sellers during the Black Friday Sale. The initial step in forming an effective marketing strategy is optimizing your campaigns to boost conversions within a set budget. Leverage Amazon Sponsored ads to target customers across the sales funnel. Keep in mind that the cost-per-click (CPC) tends to rise during the sale season due to increased product searches. Thus, it's crucial to manage your ad budget effectively by monitoring metrics . To ensure your products consistently rank high in search results throughout the sale season, closely watch CPC, CTR, ad impressions, and views. This proactive approach not only keeps you competitive but also prevents overspending on your ad budget.
Note: Read our blog on Amazon Sponsored Ads to understand more about maximizing your ad strategy during the Black Friday Sale.
- Retarget your customers better: Even if your ad conversions are low during the sale season, consider retargeting customers on various platforms. Utilize Amazon Sponsored Display or DSP Ads on platforms like Instagram, YouTube, and Facebook to enhance conversions with personalized discounts and offers. DataChannel can help you in monitoring DSP Ads performance, tracking off-Amazon metrics such as clicks, impressions, add-to-cart, Custom Marketing Landing Pages data, and more to optimize your retargeting strategy. For Walmart, our integration provides access to customer demographic data, including shipping details, email, method, and fulfillment channel. This data enables more personalized and efficient customer retargeting both on and off Walmart.
- Monitor Competitor Performance: By taking a look at your competitor’s data and analyzing metrics such as keyword rankings, CPC, and search volume, you can also target, and optimize the top-converting keywords in your product listing & ad campaigns With DataChannel your Conversion attribution window for monitoring your competitors on Amazon and Walmart can range from (1,7, 14, 30 days to 90 days or more). This kind of attribution can help you with both short and long-term trend analysis to help you prepare and react better for changing customer preferences.
- Monitor your sales and overall performance: Your responsibility doesn't end with the conclusion of the Black Friday sale. The crucial task is to continuously monitor the sales performance of your products, especially when you're utilizing multiple channels like Amazon Ads, Seller/Vendor Central, DSP, Walmart, and Social Media to boost sales and conversions. To efficiently track your performance across these channels, you require a unified and comprehensive solution for performance assessment. Enter DataChannel, with integrations covering almost the entire Amazon Portfolio and Walmart, you can avoid the hassle of relying on disjointed spreadsheets and various tools. DataChannel handles the heavy lifting, assisting you in data extraction from all these channels, ensuring data is always up-to-date, and creating a single source of truth that enhances customer satisfaction and sales performance.
- Track New to Brand Customers: When it comes to assessing the effectiveness of your advertising campaigns, one often overlooked metric is the "new-to-brand" (NTB) customers. To identify these NTB customers, you can easily utilize Amazon Marketing Cloud or Amazon Ads DSP. By pinpointing product categories with repeat purchases, you can develop awareness campaigns for similar products, expanding your reach to customers who are new to your brand or haven't made a purchase in over a year. You can then compare this group to non-NTB customers to establish a customer base with a strong intent to purchase your product, making them suitable for targeted sponsored product ads.
Ready for a Record-Breaking Black Friday?
The holiday season is both exhilarating and competitive for sellers. But it's also brimming with opportunities to maximize your revenue. By following these data-driven strategies, you're poised to make this Black Friday your most successful one yet. If you have lingering questions or need further guidance on your Black Friday preparations, don't hesitate to book a quick demo call with us. We're here to answer all your queries and help you conquer Black Friday, Cyber Monday, and the entire Holiday Season with flying colors!