Mega Monday has passed and early predictions estimate that consumers spent more than £450 million this year. With a 94 percent increase this year in the number of mobile purchases, there is no doubt that online shopping habits are changing and retailers are starting to take notice. There are two good reasons why an idea like Mega Monday has gained some traction in the UK market. Firstly we love an event, we like something new and generally in the world of retail we look to adopt new ideas. Secondly we are increasingly time pressured and Christmas shopping has become more of a panic activity than a shopping pleasure. So anything that helps to condense and focus the activity and enable us to be more efficient and effective is embraced. As Mega Monday increases in popularity in the UK and the number of consumers turning to online shopping continues to rise, companies must consider how to stand out and best reach customers.
Overwhelmed by the spike in customers but also recognising the opportunity, companies blast discounts and deals at broad consumer bases in the hope of increasing sales. Unfortunately, these methods are often ineffective as they simply add to the noise of similar deals that consumers are being bombarded with. So, how do companies differentiate themselves and make themselves heard?
Marketing is all about relevancy – the more relevant the offer the more likely a conversion. Relevancy is the right offer, to the right person, at the right time and now in the right place. That place could be ‘home’ or ‘office’ or ‘Kensington High St’. With internet shoppers no longer sat behind computer screens but now mobile, smart marketers need to add the variable of location to their list of relevancy components. Marketers need to work in a real time world and factor in the ‘here and now’. Location is one of many ‘contextual’ considerations that can influence the success of an offer. In addition location becomes the key to several other contextual factors such as what is the current weather in Kensington High St? What is in the local news? What are the local travel conditions? What is my local competition?
Through customising engagement and outreach around mass sales days such as Mega Monday, companies can actually reach broader audiences than those using mass marketing techniques. Rethinking strategies in a way that utilises emerging technologies, such as big data analytics and location intelligence, will improve the ability of businesses to give customers exactly what they want, when they want it and within a real time context, which will both benefit customers and improve the bottom line for brands.
Mega Monday, and its US counterparts Black Friday and Cyber Monday, typically cause reactions of stress and anxiety and the enormous number of customers and transactions occurring can consume even the most strategic marketing teams. But, as customers increasingly connect to brands via mobile and social channels, changes to shopping habits will only accelerate. Companies that recognise the power of these emerging channels and are able to put a plan in place to better manage and leverage real time data will see significant returns, both in revenue and customer loyalty.