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- 2024 BFCM Checklist for Ecommerce Brands
2024 BFCM Checklist for Ecommerce Brands
Plus, Qualified Small Business Stock Exemption
The TL;DR:
Let’s Chat D2C: 2024 BFCM Checklist for ecommerce brands.
What I’m Thinking about this Week: Qualified Small Business Stock (QSBS) exemption - What is it, and how can you take advantage of potential tax savings for your current or new business?
The D2Z Podcast: In this week’s episode, I sat down with Mike Danford, CSO of Adverio, to discuss the evolving landscape of ecommerce marketplaces, covering everything from emerging trends to challenges and opportunities for brands.
App Updates & Highlights: Recharge Win Back campaign updates.
Upcoming Events: For the first time in a while… nothing!
Master BFCM Success: Expert-Led Webinar for Holiday Season Prep
Join us for an exclusive webinar to prepare for the hectic holiday season.
Join top merchants Like Nick Shackelford (BREZ), Chris Lang (Fresh Chile), and industry leaders who've perfected their success (and survival) strategies for Black Friday and Cyber Monday.
Discover proven tactics to optimize your operations, boost sales, and navigate the BFCM rush with confidence.
Don't miss this opportunity to gain invaluable insights that will set your business up for a profitable and stress-free holiday season.
Let’s Chat D2C - 2024 BFCM Checklist
To ensure your ecommerce brand is prepared for the BFCM rush, follow these 25 essential tips inspired by Shopify's latest recommendations. With a strategic approach, you can maximize sales, enhance customer experience, and capture holiday shopping revenue.
1. Plan for a Longer Sales Period
Start early with your promotions, ideally early this month, and extend them post-BFCM to capture early and late shoppers.
Post BFCM, you can target non-purchasers with extended and more significant discounts.
2. Leverage Data to Identify Key Products
Use historical sales data to highlight popular or high-margin items that will be featured in your BFCM promotions.
3. Craft an Irresistible Offer
Create compelling discounts, exclusive bundles, or loyalty rewards that differentiate your offer.
4. Set a Holiday Shipping Strategy
Outline reliable shipping options, provide holiday delivery cutoffs, and consider discounted or free shipping to drive conversions.
Delivery companies have released their holiday shipping deadlines:
5. Reward Loyal Customers
Give exclusive access or extra discounts to loyal customers to foster brand loyalty and encourage repeat purchases.
I like to increase SMS list growth before BFCM by telling customers that we’ll be releasing BFCM deals early but ONLY to our VIP SMS subscribers.
6. Organize Upcoming Sales
Plan your BFCM calendar and align all marketing channels around the critical sales days to create a unified campaign.
7. Double Down on Your Best Sales Channels
Prioritize top-performing channels, be it social media, email, or SMS, to maximize visibility and engagement during peak times.
8. Retarget Past Shoppers
Run retargeting ads for website visitors or previous customers, helping remind them of your brand’s BFCM offers.
Integrate Shopify Audiences and Klaviyo with your Meta, Google, etc. ad accounts to create inclusion and exclusion audiences.
9. Launch Email/SMS Marketing Campaigns Early
Build anticipation with teaser emails/texts and segmented campaigns tailored to your audience’s interests and purchase history.
10. Update Your Homepage with Seasonal Content
Use eye-catching seasonal visuals and highlight BFCM deals prominently on your homepage to improve visibility and increase conversion rates.
11. Optimize for Mobile
Ensure your website is mobile-friendly to provide a seamless shopping experience for mobile users.
12. Prepare for High Traffic
Test your website for increased traffic capacity, stress-test your hosting, and establish backup plans for technical issues.
13. Benchmark and Improve Conversion Rates
Focus on improving the on-site experience and checkout process to maximize conversions, especially during high-traffic periods.
14. Offer “Buy Now, Pay Later” Options
Payment plans can increase the average order value (AOV) by making purchases more accessible for shoppers.
Shopify Payments has this natively built-in and you can easily activate it before the big sales rush.
15. Use Chatbots for Real-Time Support
Chatbots provide instant support for frequently asked questions, helping reduce cart abandonment. My favorite to use is Gorgias.
16. Streamline Checkout
Simplify checkout by removing unnecessary steps, offering guest checkout, and clearly displaying security badges, UVPs, etc.
17. Expand Internationally
Consider international shipping options and localize your website for global customers by adjusting currency and language.
You can easily use Shopify Markets for this.
18. Optimize Order Fulfillment
Coordinate with your fulfillment centers to ensure timely and accurate order processing. Plan inventory management and tracking accordingly.
19. Prepare Physical Locations with POS
For brands with physical stores, align your online and offline sales strategies, and ensure that POS systems are integrated with your ecommerce inventory.
20. Provide Prompt Customer Support
Equip customer service with FAQs and quick-response resources to handle increased inquiries promptly and efficiently.
21. Offer Easy Returns
A simple return policy increases customer trust and reduces purchase hesitancy.
22. Create Contingency Plans
Prepare for unexpected issues, such as stock shortages or supply chain delays, by developing backup solutions.
23. Monitor Analytics in Real-Time
Track key performance indicators (KPIs) like conversion rate, traffic, and revenue throughout BFCM to make timely adjustments.
24. Convert Seasonal Shoppers to Long-Term Customers
Post-BFCM, re-engage new customers through email campaigns, personalized offers, or loyalty programs to encourage repeat purchases.
25. Reflect and Refine Your Strategy
After BFCM, evaluate the campaign’s performance to understand what resonated with your audience and identify areas for improvement in future campaigns.
With this comprehensive BFCM checklist, your ecommerce brand can be prepared to capture holiday demand and retain new customers, setting up for a successful holiday season and beyond.
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What I’m Thinking About This Week - Qualified Small Business Stock (QSBS) Exemption
The Qualified Small Business Stock (QSBS) exemption, under Section 1202 of the U.S. Internal Revenue Code, provides a substantial tax advantage for eligible small business owners by allowing them to exclude up to 100% of capital gains from the sale of qualified stock in certain small businesses.
I’ve gone through a lot of research on this topic when forming my new business SCALIS, so here’s a summary of what the QSBS treatment entails and how entrepreneurs can leverage it to their advantage:
What is QSBS?
QSBS allows founders, employees, and investors to exclude a large portion or even all capital gains from the sale of stock in qualified small businesses, offering potentially significant tax savings.
To qualify, the stock must be held for at least five years and issued by a domestic C corporation with gross assets not exceeding $50 million at the time of issuance.
The stock must be acquired directly, typically as original issue shares. This means it applies to founders, early employees, and angel investors rather than later-stage investors or secondary market buyers.
Key Benefits of QSBS
Capital Gains Exclusion: The QSBS exemption allows for the exclusion of capital gains up to the greater of $10 million or 10 times the adjusted basis in the stock.
State-Level Benefits: Many states mirror the federal QSBS exemption, making it even more beneficial for business owners in these states. You can go here for a full list of which states do and do not confirm.
Taking Advantage if You Already Own a Business:
Conversion to C Corp: If your business is not currently a C corporation, consider converting it to qualify for QSBS treatment. However, this requires careful planning and may have other tax implications.
Structure for Future Issuances: Future investments or stock issuances can be structured to meet QSBS requirements. For instance, issuing new stock that qualifies as QSBS to founders or key employees can create the potential for future capital gains exclusions.
Documentation: Ensure all stock issuances and corporate records meet QSBS requirements to secure future eligibility.
Starting a New Business with QSBS in Mind:
Incorporate as a C Corporation: Structuring as a C corporation from the beginning is critical for QSBS eligibility. You can also convert from an LLC into a C corp at a later date, but your 5-year clock won’t start until your conversion.
Keep Asset Threshold in Mind: Be aware of the $50 million gross asset cap, as exceeding this disqualifies stock from QSBS treatment. You must convert into a C corp BEFORE your business surpasses this cap.
Documentation and Planning: Establish clear documentation for stock issuances, record keeping, and compliance with QSBS rules to maintain qualification.
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This Week’s The D2Z Podcast
#128 – The Future of Ecommerce Marketplaces
🎧 Listen Now 🎧
In this week’s episode, I sat down with Mike Danford, CSO of Adverio, to discuss the evolving landscape of ecommerce marketplaces, covering everything from emerging trends to challenges and opportunities for brands. Specifically, we explored the following:
💡 Key trends shaping the future of online marketplaces
📲 How brands can differentiate themselves in crowded digital spaces
🧠 Navigating the complexities of multi-channel selling
🔑 The impact of AI and automation on marketplace efficiency
🚀 Strategies for staying competitive in a rapidly changing ecommerce environment
App Updates & Highlights - Recharge Win Back Campaign Updates
Recharge just released some awesome updates to WinBacks before the holidays, giving you even more powerful ways to re-engage churned subscribers.
Offer a discount or free shipping on multiple orders after a returning subscriber reactivates, encouraging them to stay engaged and continue purchasing.
Create and share a perfectly timed sequence of personalized offers and experiences to re-engage inactive subscribers, customize emails to resonate with your audience, and drive higher engagement through tailored landing pages.
Orders from Win Back campaigns can now be processed immediately upon reactivation, allowing you to charge customers as soon as they reactivate
Upcoming Events
For the first time in a while… nothing!
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