5 Ways to Optimize Cyber Monday Data to Scale

Participating in Cyber Monday deals through Amazon.com or other retailers provides extensive data for eCommerce and digital teams.

In 2018 Cyber Monday made $7.9Billion in sales, making it the biggest sales day of the year and Amazon's history.

To capitalize on the influx of consumers and demand increase eCommerce brands seek information in one place-- regarding customer habits, consumer sentiment, and performance against the competition.

Once brands have prepared for Cyber Monday they can optimize the gathered data to scale digital and eCommerce strategies.

5 Ways to Optimize Data from Cyber Monday

1. Campaign Building:

    • With an increase in search, brands can pull search data to discover how consumers are finding their products.
    • Co-marketing opportunities: Brands may identify an unexpected overlap in search results or products commonly bought together. Brands with a common aim or target consumer may collaborate and enhance brand synergy to increase market penetration and sales.

2. Strengthen Customer Relationships: Digital and eCommerce strategists are concerned with two groups of customers - meeting retailer expectations and satisfying consumers.

    • Customer reviews spike in January - after presents have been opened. Brands should watch for a trend in lower star ratings to determine if there is a product issue that needs to be addressed.
      • Addressing product or delivery feedback during this period will be critical to consumer perception.
    • The increase in traffic across multiple channels during Cyber Monday is a great opportunity for account managers to highlight spending and purchasing trends.
    • Brands need to focus on in-stock inventory and be vigilant of any feedback they receive on being out of stock.

3. Analyze Review Language:

    • Use natural language processing (NLP)  to parse out possible digital marketing terms. By identifying common adjectives or topics, marketing teams can be armed with real consumer insights on their products.
    • Brands that conducted sentiment analysis through their reviews saw increased revenue of 3o% and this provides a better understanding of brand resonance.

4. Review Retail Pricing Strategy

    • Identify key value items (KVI) by looking at engagement for different items. These items will drive perceived value for brands. Brands can then compare their pricing against competitors.
      • Three questions that will help brands optimize their pricing are
      1. How many items were sold at a particular price point?
      2. Which items attracted the most customers and were in high demand?
      3. Which items have the highest competitive intensity?
    • Identify how many 3p sellers a brand has on Amazon, see if your brand has hijacked ASINs or counterfeit product being sold without your awareness

5. Conduct Competitive Analysis and Performance

    • Find a solution to measure your brand penetration on Amazon against competitors and positioning in page results
    • Compare your share of voice and the digital shelf among competitors

Conclusion

The most valuable takeaway from gathering data during this period is that it will reveal a strength or weakness in your product, customer service or marketing campaigns.

Remember, digital strategies require constant refinement and adjustments to be successful.

Reviewbox tools provide a holistic view of the customer experience, not siloed intelligence-- allowing brands to guide precise targeting and personalize the customer experience.

To find out more about Reviewbox and how it can help scale your eCommerce business email us at info@getreviewbox.com