The Black Friday/Cyber Monday period is one of the more predictable times of year for planning promotions. It’s simple: This time of year, manufacturers put their best sales game forward to take advantage of the busiest stretch of consumer shopping.
But we all know 2021 is anything but simple. This year has brought layers of complexities to many parts of the home furnishings business, and the “Cyber 5” is no exception.
Some home furnishings manufacturers have canceled or opted out of holiday promotions with retail partners for a variety of reasons: extremely limited stock, already high demand, or a long list of unknowns about what the rest of the year will look like.
At BrandJump, we’ve observed every type of manufacturer promotion for more than 10 years. And more often than not, brands running a Black Friday/Cyber Monday promo by far outdo their regularly scheduled, weeks-long promotions during other points in the year.
While many things certainly remain in flux, it’s important not to forget that the promotional power of the Black Friday/Cyber Monday period remains the same.
“I’m expecting demand to be bananas,” said Luke Schonely, Senior Brand Manager at BrandJump. “I think people will consume every single thing in stock. And given what we’ve seen in the last 18 months, that will naturally happen online.”
Following in step with the rest of 2021, manufacturers continue to be in a hard spot for Q4 planning. But there are still ways to make the most out of the holiday season in ecommerce.
Rather than scratching any planned promos or opting out of retailers’ invitations to participate, find a way to make it work. You may not be in a position to promote your entire brand or your entire bestseller list, but evaluate stock and see what you can include in a promotion.
Furniture Today said it succinctly in a recent blog post: What’s on-trend is what’s in stock. So what sells in Q4 might not be the usual suspects in your catalog, and this can be an opportunity to sell through products you might not normally. Look at different categories or a more select list of products. Anything you can get together to be a part of online retailer’s Black Friday/Cyber Monday promotions.
Because participating in promotions isn’t only about selling the products on sale. Being a part of a retailer’s sale offers a level of exposure for your brand that boosts sales across your entire product line. It allows your brand to be seen by the millions of eyeballs from customers shopping at that time.
Because the home furnishings industry continues to experience so many unknowns, manufacturers must stay nimble.
We all know that everything from production to logistics is not as controllable today as they once were—which means they could change quickly. Those who can make quick pivots when needed will ensure that they’re competing in the fourth quarter.
One way to be “ready for anything” is to know your promotional parameters upfront. How much can you discount? For how long? If that math is done beforehand, you can respond quickly to retailers’ requests that can come in at the 11th hour.
And being able to participate in something at the last minute can be advantageous. Your competitors may not be as flexible, and you’ll be able to get the increased exposure among a smaller list of brands in a promotional event.
That said, the wait-and-see approach doesn’t apply once a promotion has started. Ensure you can participate for the agreed-upon duration and don’t rely on a plan B to pull out halfway through if needed. This causes chaos all the way around—and there’s already plenty of that around the holidays, right?
There are a few other ways to ensure you are ready for the Black Friday/Cyber Monday surge:
Secure inventory for top products. Focus on keeping those “A” items in stock and ensure they are ready for the promotions you’ve committed to.
Audit your operations. Before the hustle-and-bustle hits, take the time to evaluate some of the ins and outs of your business, like:
Make sure staff support is ready. Time is of the essence this season and manufacturers risk order cancellations for items that don’t ship within a customer’s expectations. Make sure your shipping team is ready to get items out promptly. Because Black Friday/Cyber Monday fall across the weekend, there is usually an influx of orders on days the warehouse is closed. Consider adding a weekend shift or thinking of other ways to get ahead and make sure orders can get out the door the week after the holiday.
For those of us in the home furnishings industry, it might not feel like a typical holiday season. But to the consumer, it is, and they’ll be ready to spend come Thanksgiving. Finding a way to make it work will make your business as competitive as it can be at the end of the year.