The biggest shopping event of the year is just around the corner. Are you ready? Black Friday Cyber Monday 2024 promises to be packed with exciting deals and discounts from favourite brands around the world. But what types of offers truly stand out to customers? While Shopify has a number of options to help you create discounts, it can be hard to gauge which discount option will yield the best results and when. The last thing you want to do is build your discounts without a cohesive strategy.
If you’re a business owner looking to maximize your potential this BFCM, we’ve got you covered. Here’s a rundown of the top discounts to consider this holiday season.
1. Percentage Discounts
Percentage-based discounts are one of the most common and effective offers for BFCM. They’re simple, easy to understand, and can have a high impact. Here are some of the most common percentage discounts brands use:
- 25% off sitewide: A straightforward sitewide discount is perfect for driving large volumes of traffic and simplifying your messaging. If margins allow, consider bumping it up to 30% to catch the attention of more deal-hunters.
- Up to 50% off select products: “Up to” offers create urgency and encourage customers to explore what’s on sale. This approach is also great if you want to focus on clearing specific inventory.
- Buy more, save more (e.g., 10% off $50, 20% off $100): Tiered percentage discounts encourage customers to add more items to their cart to unlock higher savings. This structure is particularly effective for increasing average order value (AOV).
If you decide to run a sitewide discount, consider excluding new arrivals or high-demand products. This will help maintain your margins on best-selling items.
2. Dollar-Off Discounts
Dollar-off discounts can be more compelling than percentages, especially for high-ticket items. The bigger the savings, the more likely customers are to make a purchase.
- $25 off orders over $100: This type of deal works well when you want to increase your average order size. It incentivizes customers to spend more to unlock the discount.
- Flat dollar-off discounts (e.g., $10 Off Any Order): Flat discounts are easy to communicate and offer instant gratification. They work well when combined with other promotions, like free shipping.
- Bundle savings: Encourage customers to buy more by creating bundles that offer a set discount, like “Buy 3, Save $50.” This can work wonders for product lines that naturally complement each other.
Highlight the total savings customers can earn by combining multiple deals, such as stacking a $25 off discount with free shipping.
3. Free Shipping and Free Gifts
Sometimes, the best deals aren’t tied to a percentage or dollar amount. Offering free shipping or a free gift can be a powerful way to sweeten the deal and encourage conversions.
- Free Shipping on All Orders: Eliminate any hesitation customers might have about additional shipping costs. Free shipping is a low-risk, high-reward promotion that customers love, and it can be a great add-on to existing offers.
- Free Gift With Purchase: Include a small but valuable item or accessory with orders over a certain amount. It not only boosts perceived value but can also help you introduce customers to new products. You can set up a free gift with purchase in Shopify using the Buy X Get Y discount code option.
- Free Upgrade: Offer a free upgrade to expedited shipping during the BFCM period. This will appeal to last-minute shoppers looking to receive their items faster.
If you’re offering free shipping, communicate it clearly across your website, email marketing, and ads. Make sure customers are aware of it before they reach the checkout page.
4. Limited-Time Deals
Creating urgency is essential during BFCM, and limited-time offers are one of the best ways to do so. Here’s how to craft compelling limited-time deals:
- Flash sales: Offer steep discounts for a short window, like 30% off for 4 hours only. Flash sales create a sense of urgency and can spike sales during typically slow hours.
- Early bird discounts: Give your most loyal customers early access to your Black Friday deals, either through a special email link or a password-protected page.
- Daily deals: Unveil new deals every day leading up to Cyber Monday. This strategy keeps customers coming back to your site repeatedly, boosting overall engagement and traffic.
Use countdown timers on your site and in your emails to amplify the urgency of your limited-time offers.
5. Buy X, Get Y Deals (AKA BOGO)
BOGO deals are great for increasing units per transaction and clearing out slow-moving stock. They’re particularly effective for items people need or want multiples of, like clothing, household goods, and beauty products, or to capitalize on holiday gift giving.
- Buy One, Get One free: This is the most straightforward and eye-catching BOGO offer. Use it for items that have high margins or are difficult to move.
- Buy One, Get One 50% off: This variation is slightly more conservative and is good for protecting margins while still offering a strong value proposition.
- Mix and match: Offer “Buy Two, Get One Free” across multiple product lines. This encourages customers to try new items and increases the average order value.
Make your BOGO deals easy to understand and clearly communicate the value to avoid confusion or hesitation at checkout.
6. Tiered Discounts
Tiered discounts reward customers for spending more and can be a great way to increase your overall BFCM sales and AOV.
- Spend $100, get 20% off. Spend $200, get 30% off: This approach works well for brands with a wide product catalog and can incentivize customers to buy more to unlock the higher tier.
- Gift cards for higher tiers: Offer a free $20 gift card with purchases over $150, or a $50 gift card for purchases over $300. Customers love getting “free money” they can use on future purchases.
- Free services or upgrades: If you’re a service-based business, consider offering tiered discounts for service upgrades or future bookings.
Make sure to promote your highest tiers more prominently to encourage customers to reach for the top offers.
To Wrap It Up
Black Friday and Cyber Monday 2024 are prime opportunities to attract new customers, re-engage past buyers, and reward your most loyal fans. By choosing the right discount strategies for your brand and executing them with clear, compelling messaging, you can turn BFCM into a revenue-driving event for your business.
Ready to plan your promotions? Mix and match these discount ideas, test what works best, and watch your sales climb this Black Friday and Cyber Monday! Looking for tips to perfect your email newsletter strategy? Check out our previous blog, Your Black Friday Cyber Monday 2024 Email Marketing Strategy.
If you’re ready to take your Shopify digital marketing to the next level, get in touch with us at Good Commerce today!