Black Friday and Cyber Monday are separately the two biggest shopping events of the year, and together, BFCM equates to a gigantic opportunity in boosting revenue, acquiring new customers, and increasing brand awareness. In fact, Black Friday 2024 sales are projected to peak at nearly $280 billion, while Cyber Monday is projected to bring in about $12.4 billion. But realizing this as potential sales will require a strategic pricing approach; no shopper wants a generic discount, and too few businesses want to slash prices without maximizing returns.
In this guide, we’ll break down 30 powerful strategies to ensure your Black Friday and Cyber Monday pricing plan doesn’t just compete but thrives. We’ll go beyond typical discounts, covering everything from volume-based incentives to VIP offers.
By the end, you’ll have the ultimate toolkit to make this BFCM your most profitable sales event yet.
Why You Need a Black Friday & Cyber Monday Pricing Strategy
While both Black Friday and Cyber Monday possess huge opportunities, unless you have a very thoughtful Black Friday and Cyber Monday pricing strategy, discounts may not work or they can harm your profits. This smart approach will help attract customers, boost sales, and make every discount count.
Benefits of a Smart Black Friday Pricing Strategy
So, why invest time in a well-planned Black Friday and Cyber Monday Pricing strategy? Here’s the deal: random discounts don’t capture attention anymore.
Customers now expect carefully designed offers that feel personalized and valuable. Strategic discounting not only grabs customer interest but can also increase the average order size and help clear out seasonal or excess inventory, freeing up room for new products.
By having a defined pricing plan, you can:
- Boost customer acquisition and loyalty.
- Increase total sales and average order value.
- Build brand visibility among new audiences.
A smart BFCM strategy looks something like this: you lure in customers with your awesome offers, retain them on your website with more deals, and if possible, they check out with a cart full of items. That way, everyone wins.
When is Black Friday 2024?
This year, Black Friday would fall on November 29, 2024, while Cyber Monday falls on December 2, 2024.
Ideal Timing and Duration for BFCM Discounts
Your timeline for BFCM sales is as important as the discount itself. Here’s a quick breakdown to get the timing just right:
- Pre-BFCM Teasers (Early November): Start teasing discounts, introducing exclusive early access deals, and warming up your audience. This could include social media sneak peeks, email notifications, or even countdown timers.
- Main Sale Days (Black Friday through Cyber Monday): Peak discounts should be reserved for these core shopping days. Use tools like Discounty’s scheduling feature to launch these deals at the right moment, allowing you to stay hands-off while the promotions go live.
- Extended Sales (Post-BFCM): Keep the momentum going with an extra week of discounts for customers who may have missed the main sales event. These “last chance” offers can drive additional conversions without a heavy discount cut.
Essential Steps for Crafting a Winning BFCM Discount Strategy
A successful Black Friday and Cyber Monday discount strategy goes beyond basic discounts. Follow these must-do steps to zero in on the right products to discount, reach your audience, and optimize your promotions.
1. Define Your Goals and Understand Your Audience
Knowing your audience and what they value is essential to any Black Friday and Cyber Monday pricing strategy. Use data from past campaigns to see which types of offers drove the most sales.
Identify the products or categories that performed well, and analyze customer demographics to understand who responded to which discounts.
With this info, you can tailor your offers based on customer preferences, ensuring that each discount aligns with what your audience is most likely to buy.
2. Analyze Last Year’s BFCM Performance
Look at last year’s data to understand what worked and what didn’t. Which products sold the most? Did flash sales outperform blanket discounts? Use insights like these to avoid repeating mistakes and double down on effective tactics.
3. Choose the Right Products for Discounts
Not all products are discount-worthy. For high-demand items, consider smaller, targeted discounts that protect profit margins. For overstocked or seasonal items, a more substantial discount can help clear them out. With Discounty, you can set up bulk discounts and easily filter products by category, tag, or collection, saving you time and ensuring the right items get discounted.
30 Black Friday & Cyber Monday Pricing Strategies
Now, let’s dive into the heart of the article. Here’s a breakdown of 30 actionable discount strategies to make this BFCM your best yet.
1. Dynamic Pricing
Dynamic pricing is a flexible approach where product prices adjust based on demand, inventory, or even competitor pricing.
Think of it like adjusting movie ticket prices for opening weekend—tickets are higher for high-demand showings and drop for less popular ones.
For BFCM, this can mean applying a higher discount to slower-moving items while keeping in-demand products at a smaller markdown to preserve margins.
Dynamic pricing lets you adapt to real-time trends, helping you maximize revenue by offering just enough of a discount to entice purchases without sacrificing profit.
Example: Airlines and rideshare services adjust prices based on demand, which is essentially what you’re doing during BFCM. If you have products that are flying off the shelves, you might keep their discounts lower while bumping up the discount on slower sellers to capture more sales without losing profit.
2. Volume and Tiered Discounts
Tiered discounts reward customers for buying more, a perfect strategy to boost average order size during BFCM. Picture a “Buy More, Save More” deal, where adding extra items to the cart unlocks bigger savings. For example:
- Buy 2, Get 10% Off
- Buy 3, Get 20% Off
- Buy 4 or more, Get 30% Off
This approach encourages customers to add more items to reach the next discount level.
Pro Tip: Keep it simple. Offering too many discount tiers can confuse shoppers. A straightforward setup, like “Buy 2, Get 10% Off; Buy 3, Get 20% Off,” is easy to understand and effective.
3. Bundle Deals
Bundle deals coupled with complementary products offer a slight discount for a combined purchase. Irrespective, you're your own "combo meal" builder. For example, a skin care brand might package a cleanser, toner, and moisturizer together into a "Skincare Essentials Set" at a discounted price.
This raises the average order value while exposing customers to things they might not have purchased otherwise. Bundles add perceived value, especially if the items in the set work well together.
4. Flash Sales with Countdown Timers
Flash sales create urgency by offering significant discounts for a limited time, often supported by a countdown timer.
Imagine a clock ticking down, reminding customers that the offer will expire soon. This tactic is powerful during BFCM, as shoppers feel the pressure to buy immediately to avoid missing out.
5. VIP Early Access Deals
Reward loyal customers by giving them exclusive early access to BFCM deals. This strategy lets you tap into the “VIP effect,” where customers feel special and valued. It also builds excitement, as customers get a “first look” before deals open to the general public.
Early access can be promoted via email or exclusive links sent only to select customers, helping you drive sales even before the main BFCM days.
Example: Sephora often uses VIP early access for loyalty members, giving exclusive first looks at sales. This adds a sense of privilege for loyal customers and builds excitement for the main sale.
Pro Tip: Use email segmentation to send early-access invitations to your top customers, making them feel like VIPs and helping you secure sales early.
6. Free Shipping Thresholds
Offering free shipping at a minimum spend threshold is a highly effective way to increase cart size. Many customers hesitate to complete a purchase due to shipping costs.
Set a free shipping threshold, such as “Free Shipping on Orders Over $75,” to encourage shoppers to add just a bit more to their cart.
Studies show free shipping can be a bigger motivator than a product discount, as it adds convenience and reduces friction at checkout.
7. Limited Edition Products
Limited edition products are exclusive items only available during BFCM. They create a sense of urgency and exclusivity, making customers feel they’re part of something special.
For example, a fashion brand might release a limited-run holiday scarf available only on Black Friday. This approach not only drives sales but also boosts your brand’s perceived value, as customers associate it with rare, high-demand items.
8. Gift with Purchase
Free gift with purchase is a little that can mean a lot, especially during holiday seasons. For example, in beauty, "Spend $100 and receive a free travel-size lotion" could work. Make sure the gift you are giving out complements their purchase to enhance the overall shopping experience by not having to stretch beyond your means. Free gifts will also encourage customers to spend more and appreciate them.
9. Buy One, Get One Free (BOGO)
BOGO deals are a staple in retail for good reason. They encourage customers to buy more by offering them a clear value on additional items.
Consider variations like “Buy One, Get One 50% Off” to maintain some revenue on the second item while still appealing to bargain-hunters. This strategy is especially useful for clearing out inventory, as it moves a lot of stock quickly.
10. Abandoned Cart Recovery Discounts
Cart abandonment is a common challenge, especially during BFCM when shoppers are browsing multiple sites. To capture these potential customers, use exit-intent pop-ups or follow-up emails offering an additional discount if they complete their purchase.
This small incentive can nudge hesitant shoppers to follow through, saving potentially lost sales. With Discounty, you can set up these offers in advance to target abandoned carts.
Pro Tip: Use an exit-intent pop-up or a reminder email with an additional 5-10% off for customers who abandon their cart. These gentle nudges can be very effective, especially during BFCM, when shoppers are already motivated to find deals.
11. Holiday Gift Cards
Gift cards are the go-to gift when a person is undecided and for last-minute shoppers. Advertise gift cards as easy, "no-brainer" presents that let the recipient choose—you can even offer a little extra, such as, "Buy a $50 gift card, get 10% off your next purchase," to tempt people to buy gift cards and come back.
12. Print-on-Demand (POD) Seasonal Products
Print-on-demand is ideal for very limited-run products with zero inventory risk. This will enable one to sell a few unique and branded items, like holiday-themed T-shirts, mugs, or tote bags. Seasonal items really appeal to the holiday shopper who looks for gifts with a touch of festivity. With POD, one can easily extend their catalog at very little risk since items are only produced upon ordering.
13. Loyalty Discounts
Reward loyal customers with unique discounts, such as returning buyers or loyalty program members. This isn't just a way to improve holiday sales; it's one that has your customers coming back for more, even after BFCM. Loyalty discounts make repeat shoppers feel special, building a connection with your brand and improving their lifetime value.
14. Holiday Gift Guides
Help customers shop easily by creating gift guides tailored to different categories, such as “Gifts Under $50” or “For the Outdoor Lover.” Gift guides simplify decision-making, helping customers quickly find products that fit their needs. They’re especially valuable during BFCM when people are buying gifts for others and may need guidance on suitable options.
15. Gamified Discounts (Spin-to-Win or Mystery Offers)
Gamification adds an element of fun to shopping. For instance, a spin-the-wheel discount lets customers “win” a random discount or small prize. This interactive experience increases engagement and encourages customers to explore more products. Gamified discounts make shopping feel like a rewarding game, boosting session time and conversion rates.
16. Upsells and Cross-Sells at Checkout
Upselling and cross-selling at checkout add value to the order with suggestions for additional, complementary items. A store selling outerwear, for instance, will recommend a matching scarf or gloves to go along with a winter coat. Checkout suggestions give customers one last chance to add something to their cart and maximize the potential of each sales visit.
17. Timed Tiered Discounts
Timed tiered discounts apply different discount levels at set times. For example, offer a 30% discount for the first two hours, followed by 20% for the next few hours. This structure creates urgency, encouraging early purchases for the best deal. Timed discounts are ideal for BFCM, as they allow you to spread out offers over the day and manage inventory while keeping shoppers engaged.
18. Personalized Discount Codes
Special treatment can be as simple as a personalized discount code. This code, specific to their purchase history, rewards loyalty and encourages them to come back for more. For example, if someone buys pet products from your pet store, you could give them "LOVEMYPET10" so they know you know them and appreciate their business.
19. Flexible Return Policies
Offering a relaxed return policy for BFCM purchases makes shoppers more comfortable buying, especially for gifts. Many customers hesitate to purchase if they’re unsure about return terms. Extending the return window during the holidays can build trust, leading to higher conversion rates, especially for high-value items.
20. Influencer-Exclusive Promo Codes
Influencers can help you reach new audiences by sharing exclusive promo codes with their followers. These codes add exclusivity and build trust, as followers often rely on influencer recommendations. Work with influencers whose audience aligns with your brand to maximize impact, and watch as new customers come flocking to your BFCM deals.
21. Social Media-Only Discounts
Reward your social media followers with platform-exclusive codes, like “INSTABLACKFRIDAY” for Instagram followers. Social media-only deals drive engagement and increase traffic from your online community. This tactic can be a simple yet effective way to strengthen your brand’s presence on social channels while giving followers a reason to shop.
22. Rewards Points for Purchases
By offering rewards points for BFCM purchases, this will encourage repeat visits and drive loyalty. During BFCM, customers can gain points, which they can redeem against discounts in the future. This kind of incentive converts a one-time holiday shopper into a loyal customer—a fact that is a win-win for your brand and the buyer.
23. Seasonal Clearance Deals
BFCM is the perfect time to clear seasonal inventory, and offering steep discounts during this period makes a lot of sense. You take off last season's space without undercutting current, in-demand products by discounting their prices. Seasonal clearance deals drive bargain hunters looking to find something at cheap prices, too.
24. Custom Chatbot Recommendations
Chatbots can make shopping much easier for customers by suggesting things they might be interested in, based on their preferences or previous purchases. This tactic is especially useful if your catalog is very big, since it helps guide shoppers to the products they might have the most interest in and increases the likelihood of a purchase.
25. Localized Pricing by Region
For international sales, localized pricing adjusts discounts to align with regional spending habits. For example, if one region tends to have a lower average order value, you might offer higher discounts there. This approach makes your offers relevant across borders, ensuring customers in each region feel valued.
26. Limited-Quantity Flash Discounts
Flash discounts for limited quantities create urgency by giving customers a "now or never" feeling. When they realize that only a few items are left, customers are more likely to buy immediately rather than risk missing out. This works especially well with items already in high demand when supply lags behind demand.
27. Email Subscriber-Only Deals
Drive email sign-ups by offering exclusive subscriber-only discounts. These deals reward loyal customers and encourage people to join your mailing list. Subscriber-only discounts are a great way to grow your email list while converting subscribers into active customers.
28. Holiday Packaging Offers
Offering free or discounted holiday packaging adds a thoughtful touch that customers appreciate. During BFCM, holiday packaging can make gifts feel extra special and saves customers the hassle of gift wrapping. It’s a small gesture but one that can increase customer satisfaction.
29. Extended Discounts for Email Subscribers
After BFCM, consider offering extended discounts exclusively for email subscribers. This gesture rewards loyal customers and gives last-minute shoppers a final opportunity to snag deals, creating a sense of appreciation that can encourage ongoing engagement.
30. Seasonal Add-Ons
Small, discounted extras like holiday gift tags or festive wrapping paper make purchases feel complete and enhance the customer's shopping experience. These can increase cart value while giving customers everything they need for gift-giving in one place.
Essential Shopify Discount Tools for BFCM Success
Shopify discount apps simplify the process of setting up complex discounts, managing bulk discounts, and automating deals for a smooth BFCM. Discounty is a top tool that enables you to create tiered discounts, schedule campaigns, and add visual touches like customizable badges—all with minimal effort. For more app recommendations, check out our Best Apps for Black Friday Discounts guide.
How Discounty Elevates Your BFCM Campaign
Discounty is the ultimate discount tool for Shopify stores, offering unique features that make it easy to set up and manage a variety of promotions. Here’s why it’s essential for BFCM:
- Flexible Discounts: Set multiple tiered pricing levels based on customer spending.
- Automatic Updates: Keeps discounts current by updating automatically as you add products to collections.
- Customizable Widgets and Badges: Highlight discounts with customizable visuals to increase engagement.
- Countdown Timer: The upcoming countdown feature will help create urgency during flash sales, making shoppers more likely to buy quickly.
Using Discounty’s comprehensive suite of tools, you can run complex, attractive discount campaigns with ease.
Final Words
As you prepare for BFCM, these 30 strategies offer a detailed approach to making the most of this year’s busiest shopping season. Keep in mind that effective discounting isn't just about lowering prices; it's about creating excitement, attracting loyal customers, and giving each shopper a reason to choose your store over others.
Take your BFCM campaign to the next level with Discounty, the all-in-one Shopify discounting tool. It features tiered discounts, scheduling, and custom badges to help you set up powerful campaigns quickly, allowing you to focus on driving sales.
Explore More: Curious about the best discount rates for Black Friday? Check out our guide, How Much is the Discount for Black Friday, for additional insights to refine your approach.
FAQs on Black Friday & Cyber Monday Pricing
What is the discount price on Black Friday?
Discounts vary, typically ranging from 10% to 70%, with most businesses finding the optimal range for driving sales without overly impacting margins is around 20-30%.
What is dynamic pricing on Black Friday?
Dynamic pricing allows flexible product pricing based on demand. Smaller discounts for high-demand products help maintain profits, while larger discounts encourage sales of slower-selling items.
How much discount should I offer on Black Friday?
The ideal discount depends on your goals. A moderate discount (20-30%) is great for in-demand items, while deeper discounts (50% or more) can help clear out seasonal or excess inventory.
