Black Friday and Cyber Monday (BFCM) are not just about skyrocketing sales; they’re goldmines of data for ecommerce managers.
Already, Shopify has reported that merchants on the platform have driven over 4.1 billion dollars in sales which is up 22% since last year.
While the sales data is impressive we are more excited than ever for merchants who are using Littledata to collect and send customer data into tools like Google Analytics, Segment, Meta, TikTok and Pinterest!
This data, when analyzed and applied correctly over the next several weeks, can shape strategies for the entire year ahead, helping brands stay top of mind in an increasingly crowded online marketplace.
Here are 7 quick ways merchants can put all this new data that is coming in to work:
1. Understanding Customer Behavior
BFCM sales/purchase data provides a unique opportunity to understand customer preferences and behaviors. Analyze which products were most popular, at what times your website experienced peak traffic, price sensitivity, and which promotions drove the most sales. This information is invaluable in tailoring your product offerings and marketing strategies to meet customer demands more effectively.
2. Refining Marketing Strategies
The data from BFCM can help fine-tune your marketing campaigns. Look at which marketing channels brought in the most traffic and conversions. Was it email marketing, social media, or paid ads? Use this insight to allocate your marketing budget more effectively in the future, focusing on the channels that yield the best ROI.
Note: If you’ve yet to set up server-side tracking you may be missing upwards of 20% of customer conversions in tools like Google Analytics and Meta due to recent iOS updates and privacy blockers. Start tracking 100% of conversions for 30-days free with Littledata’s plug-n-play app.
3. Enhancing Customer Experience
First party data is the best and on BFCM you will get a mix of feedback from new and existing customers. Those folks who may have been sitting on the fence are now motivated by incentives, discounts, or gifts with purchase.
Analyze customer feedback and reviews during BFCM. There are tons of questions you could ask but a few of my favorites are: What did customers love about your brand? Did they spend more time on some pages than others? What areas of your website or product need improvement? Did any of your ads do better than others? Why?
Use this feedback to enhance the customer experience. Simple changes in website navigation, checkout process, or customer service can significantly improve customer satisfaction and loyalty.
4. Inventory Management
Sales data from BFCM is crucial for inventory management. Identify which products sold out quickly and which ones didn’t perform as expected. This analysis will help in managing stock levels more efficiently, ensuring that popular items are always available while reducing excess inventory of less popular products.
Our team put together a handy GA4 Looker Studio Template for ecommerce managers to use. Copy the template and connect your Google Analytics 4 data to make use of the pre-built reports like the sales performance report, shopping behavior funnel, and source/medium report.
5. Personalization and Retargeting
Use customer data from BFCM to personalize future interactions or retargeting Google Ad or social ad campaigns via the data you’ve collected during BFCM. Segment your customers based on their purchase history, preferences, Lifetime Value (LTV), or channels they use. Tailor your email marketing in tools like Klaviyo to drive personalized messaging, suggest new product recommendations, and retargeting creative/education/ads to suit these segments, making your marketing efforts more relevant and effective.
6. Planning for the Future
BFCM trends for your business can indicate broader market demand. Did one product outsell another even with equal or better incentives? Were certain variants better than others? Regionally, did customers show up differently than expected? This information can guide product development and help predict future market trends, keeping your brand ahead of the curve.
Having a clear picture of your customers via accurate data can be a game changer for planning. Having complete conversion data helps inform key metrics like Average Order Value (AOV), LTV, Cost of Acquisition Costs (CAC) and more. All needed for making data determined decisions with precision.
7. Building Loyalty and Retention
Finally, use the data to build customer loyalty and retention. Reach out to first-time buyers with personalized thank you messages or special offers. Encourage repeat business and turn these one-time BFCM shoppers into loyal customers. From the orders you are filling, the follow up campaigns one the item arrives, and the use of user generated content (UGC) to drive social community, including new testimonials and reviews.
When you track the whole funnel you are able to get granular after your large BFCM campaigns to engage with customers who purchased and drive more revenue in the future.
Black Friday and Cyber Monday are not just about immediate profits. They provide a wealth of data that, if analyzed and applied correctly, can drive significant long-term results for your ecommerce business. By understanding customer behavior, refining marketing strategies, enhancing customer experience, and planning for the future, you can turn BFCM data into a roadmap for sustained growth and success.
Remember, in the fast-paced world of ecommerce, data is not just numbers – it’s the voice of your customer. Make sure you are listening by collecting, analyzing, and acting on this valuable information.
Littledata is an industry leader in ecommerce analytics conversion tracking and data collection for modern DTC brands. Our plug-n-play solution makes it easy for brands to own and send their data to the tools they use without the fuss of implementon and ongoing maintenance.