Black Friday is upon us which means e-commerce businesses are gearing up for one of the most important sales events of the year. With sales reaching record highs each year, and peaking at €30 million in the EU alone, it’s crucial to ensure your payment systems are optimised to handle the surge in traffic, secure transactions, and boost conversions.
At Truevo, we’re dedicated to helping your business run smoothly throughout this high-stakes season, so we invite you to read our latest blog on how you can set your business up for Black Friday success with a seamless payment strategy. We’ve even thrown in a few ‘top tips’ for good measure.
1. Be Prepared for High Transaction Volumes
Black Friday means a significant uptick in sales, and downtime can lead to lost revenue. Studies show that 43% of consumers abandon an online purchase if the checkout process experiences any interruptions. To avoid this, make sure your payment systems are scalable and can handle large traffic spikes. Truevo’s payment solutions are built to support high-demand periods, ensuring smooth transactions even when volumes soar.
Pro Tip: Forecast volume based on previous data to ensure preparedness. Truevo’s scalable solutions adapt to increased demand, meaning you don’t have to worry about lag or lost sales.
2. Secure Your Payments to Prevent Fraud
Fraud is a significant concern during peak shopping periods. Research from Barclaycard shows that nearly 15% of Black Friday transactions are flagged as potentially fraudulent. Strong security protocols are essential to protect your business and customers. Truevo’s multi-layered security, including PCI-compliant processes and real-time fraud detection, can safeguard against fraud and chargebacks.
Pro Tip: Set up additional verification layers to minimise chargebacks and enhance trust. Truevo’s robust payment infrastructure keeps transactions secure and is ready to detect and prevent fraudulent activity before it impacts your business.
3. Optimise Your Checkout Process
Long or complicated checkout processes are a major cause of cart abandonment, with 70% of customers abandoning their purchase due to friction at checkout. On Black Friday, every second counts. Truevo’s fast and mobile-friendly payment solutions ensure a smooth and speedy checkout process, which can help you reduce abandonment rates and increase conversions.
Pro Tip: Ensure checkout is optimised for both web and mobile. Truevo’s mobile-friendly design helps you capture sales from customers shopping on the go, leading to higher conversion rates.
4. Use Real-Time Data for Smarter Inventory Management
Black Friday provides a wealth of real-time data, allowing businesses to better understand consumer behaviour and optimise inventory management. Truevo’s data analytics can help you track top-selling products and adjust your inventory on the fly. Businesses using real-time data experience improved customer satisfaction and better sales performance.
Pro Tip: Use Truevo’s real-time analytics to monitor trends and adapt your approach to what’s performing best, maximising your inventory efficiency and sales potential.
5. Turn New Customers into Loyal Shoppers
While Black Friday is about driving immediate sales, it’s also a great opportunity to build long-term customer relationships. Studies show that most businesses’ repeat customers account for 40% of revenue. Use Truevo’s segmentation and analytics tools to identify new customer segments and nurture them for future purchases.
Pro Tip: Follow up with new customers using personalised offers and email marketing, building on the data gathered from Black Friday. Truevo’s segmentation options make it easy to implement targeted retention strategies, helping you maximise post-sale loyalty.
This Black Friday, you don’t have to leave anything to chance. Truevo’s secure, scalable, and data-driven payment solutions are designed to help your business run smoothly, from handling high volumes to offering real-time insights and fraud prevention. Whether you’re looking to improve checkout speed or retain new customers, Truevo is here to support your Black Friday success every step of the way.
Contact Truevo today to learn how we can help you maximise your peak season sales.
