How can B2B e-commerce stores and marketplaces capitalise on the benefits of the Black Friday buzz? Find out as we explore the 8 most important activities for B2B merchants to cross off their Black Friday checklist in 2021.
Despite originating in the United States, Black Friday is now a highlight in the calendar of many retailers and shoppers around the world. With UK shoppers alone planning to spend an estimated £4.8 billion on Black Friday and Cyber Monday purchases this year, the event has cemented itself as a mainstay in B2C commerce. But what about in B2B trade? Can online B2B merchants and business buyers benefit from the Black Friday buzz?
With e-commerce now the preferred purchasing channel of more than half of all business buyers and two thirds of companies spending more online than they did prior to the pandemic, Black Friday deals and discounts are more relevant to B2B trade than ever before. Tapping into the consumer-led psychology of this annual event doesn’t just simply boost profits, but also provides a surge in B2B sales ahead of the inevitable Christmas lull.
Join us as we explore 8 of the most important activities that all B2B merchants should have on their Black Friday checklists in 2021.
Provide excellent customer service
If you’re taking advantage of the Black Friday hype on your B2B e-commerce store this year, ensure that your customer service team has full and up-to-date knowledge of any deals, offers and promotions that you’re planning to run so they are able to offer effective, timely assistance. Make sure that customer service contact info – such as a phone number, email address or chatbot feature – is displayed prominently on your site.
Get your website up to speed
Is your store equipped to handle an increased number of customers this weekend? We recommend taking some time early this week to check things like your site speed, mobile optimisation and customer journey. According to Sana Commerce’s 2022 B2B Buyer Report, 94% of buyers encounter some kind of customer experience challenge when using B2B e-commerce sites, so it’s essential to make sure nothing on your store will harm your conversion rate this Black Friday.
Take cues from B2C messaging
Tap into the consumer psychology of Black Friday this year with messaging that injects a sense of urgency – but not panic – into your marketing. Your efforts should convey that these offers are exclusive and time-sensitive, thereby playing up to your customers’ fear of missing out (FOMO). Once your messaging and assets have been finalised make sure to promote your B2B Black Friday offers via social media, email newsletter lists and any other marketing channels you use.
Up-sell and cross-sell
Having used exclusive offers and expertly crafted messaging to drive extra traffic to your site, it’s only right to take the opportunity to up-sell and cross-sell to your customers. Use related product recommendations and ‘customers also bought’ features to promote relevant products and upgrades based on buyers’ basket contents or previous purchases.
Get creative with offers
Black Friday isn’t just about low prices. If you don’t want to offer straightforward B2B Black Friday deals – or it doesn’t make sense to do so within your niche – you can still get involved in the event; you’ll just have to be a bit more creative. For example, you could offer upgrades, free shipping or extended warranties instead of discounts on your products.
Provide the right payment options
90% of all business buyers expect the same experience on B2B e-commerce stores as they are used to in the world of B2C, meaning that a quick and convenient checkout is of utmost importance to merchants looking to boost sales this Black Friday. What does this mean in practice? Enabling a variety of payment methods and extending better payment terms such as the option to buy now, pay later on purchases.
Book a demo to find out how Hokodo’s B2B Buy Now, Pay Later solution can help you to increase sales and grow your e-commerce business.
Automate your remarketing
If you are running deals and discounts on Black Friday, there’s a good chance your competitors will be doing the same. Potential customers will likely be shopping around for the best deals and abandoning their shopping carts along the way. Combat this spike in cart abandonment with automated personalised remarketing emails that encourage customers to finish checking out before your B2B Black Friday deals expire.
Review your Black Friday campaign
Make sure to carry out a full review of your Black Friday campaign and assess how well your B2B e-commerce store performed. This is especially important for any merchants and marketplaces trying out Black Friday for the first time and will help when it comes to planning a bigger and better B2B Black Friday in 2022.
