Have you made any purchases on this Black Friday? Yes, I have. Even I had yet to make a plan to buy anything, but look around for any good deal. So congrats, we made a contribution to the $10 billion online shopping of this year's Black Friday sales.

The dust has settled, the receipts have been tallied, and the verdict is in – Black Friday 2023 once again breaks the record. Hold on to your shopping carts, folks! Let's unwrap the highlights of this retail rollercoaster – the good, the great, and the downright.

The Shopping Tsunami

Talking about the shopping season, all of us know about the famous Black Friday, but who says the fun has to stop after one day? Nope, we stretched it out like that extra piece of pie on Thanksgiving weekend, making it a retail party till Mr. Santa lands on your roof!

Leading up to the big day, everyone was putting on their prediction hats. Will people spend more than the GDP of a small country this year? Spoiler alert: Yes. Analysts were doing their thing, and the consensus was like, “Get ready to shop like there's no tomorrow!”

As forecasted in Adobe report, this year customers still expected to spend more than ever this holiday season. 89% of the survey respondents said they will shop online this holiday season.

And 62% said deals are important for their shopping. I’m totally related that I live for deals.

So, why did Black Friday 2023 become the shopping superstar? Maybe people were just craving a bit of retail therapy after a rollercoaster of a year. Or maybe it was the marketing geniuses who convinced us that we absolutely needed that talking toaster (because who wouldn't want a toaster that compliments your breakfast choices?).

Whatever the reason, this year's Black Friday set the bar higher than that awkward mistletoe encounter at the office party.

Black Friday sales break records

Now, let's talk numbers – the kind that makes accountants break into a happy dance. Black Friday sales this year were like a jackpot on turbo boost, growing faster than your Wi-Fi signal during a Netflix binge.

And for sure, it’s Black Friday that becomes the MVP of the holiday shopping season. 

Sales revenue from online shopping on Black Friday reached a record high of $9.8 billion, up 7.5% from last year, according to report.

Now, let's talk about the e-commerce maestro, Shopify. This platform was basically the MVP of the MVPs. If Black Friday were a basketball game, Shopify would be the player making almost half of the three-pointers. Seriously, they were like the unsung hero of online sales, helping businesses – big and small – turn their Black Friday dreams into reality.

According to Shopify, their merchants set a Black Friday record with a combined $4.1 billion in sales.

Shopping peaked when collective sales reached $4.2 million per minute at 12:01 p.m. EST on Friday. You can watch their live report about global sales atbfcm.shopify.com.

The mobile decade

This year is set to be the first-ever mobile dominant holiday shopping season.

And more than half of that revenue, about $5.3 billion, came from mobile purchases, lead analyst at Adobe Digital Insights, Vivek Pandya,told CNBC.

Consumers are especially likely to purchase through their phones during peak family time - Thanksgiving and Christmas Day are consistent highs for mobile revenue share. Most mobile users are Millennials, Gen X, and Gen Z.

Otherwise, we can see that conversion rate are not as high as on the desktop. There’re still room for merchants to improve their mobile experience.

Black Friday discount

To incentivize stronger consumer spending and growth while also offloading excess inventory, we expect retailers to provide double-digit seasonal discounts within the range of 12-35%.

The strongest discounts will reach new heights and peak strength starting from November 17 and spanning across Cyber 5 (Thanksgiving through Cyber Monday). Discounts will fall as deep as 35% before weakening to 16% for the remainder of December.

Read more about >>Psychology behind discounts and how to use discounts to boost sales>>

So, dear reader, armed with this retail wisdom, how can you ride the upcoming shopping seasons and conquer the challenges of the next year? Well, here's the secret sauce:

• Learn from the Data: Dive into the sales analytics of Black Friday 2023. What worked? What didn't? The numbers are your best friend in this game, helping you refine your strategy for the next retail showdown.
• Embrace the Online Wave: E-commerce is not just a trend; it's a retail revolution. If Black Friday taught us anything, it's that the online realm is where the action is. So, polish up that website, streamline those checkout processes, and get ready to conquer the digital shopping space.
• Connect with Your Audience: The magic of Black Friday wasn't just in the discounts; it was in the connection. Engage with your customers, understand their needs, and create an experience that goes beyond the transaction. After all, loyal customers are the real holiday miracle.
• Prepare Early:The early bird gets the worm, and in retail, the early planner gets the sales. Start preparing for the next shopping season well in advance. From marketing campaigns to inventory management, a well-thought-out plan is your ticket to a stress-free and successful holiday run.

As we wrap up this Black Friday saga, remember that every shopping adventure is a chance to learn, adapt, and triumph. So, gear up, entrepreneurs and shoppers alike. The retail rollercoaster never stops, and with the right insights, you're not just riding the wave – you're making it. Until next year's shopping spree, happy strategizing and may your carts be ever full! 

Every business, big or small, relies on a consistent and reliable sales cycle to generate revenue. However, the sales process can often be complex and time-consuming, leading to lost opportunities and delayed revenue. This is where the "Quote to Cash" (QTC) process comes in, providing a streamlined solution to improve the efficiency and effectiveness of the sales process.

What is Quote to Cash?

A quotation process starts right at the moment when your prospective buyer shows interest in your offerings and asks for a quote. A sales quotation process can be simple or complex, depending on the depth of your offerings and the type of organization. 

The Quote to Cash (QTC) process is a workflow that encompasses all the activities required for a business to generate revenue, from the initial quote to the final payment. The process involves several stages, including quoting, contract management, ordering, invoicing, and payment collection. By integrating all these stages into one streamlined process, QTC helps businesses accelerate their sales cycles and improve their cash flow.

How Quote to Cash improves sales cycles

The QTC process offers numerous benefits for businesses looking to improve their sales cycles. Here are some of the ways that QTC can push your sales team into faster sales cycles:

Streamlined workflow

By integrating all stages of the sales process, QTC creates a unified workflow that simplifies the entire process from start to finish. This means that sales teams can quickly move from quoting to closing deals, leading to faster sales cycles and improved revenue generation.

Improve accuracy

The QTC process reduces errors and ensures that all information is accurate and up-to-date, reducing the need for manual intervention and improving the overall efficiency of the sales process. This accuracy also increases the likelihood of closing deals, as customers are more likely to trust businesses with a reliable and accurate sales process.

Increase visibility

The QTC process offers increased visibility into the sales process, allowing sales teams to track deals, monitor progress, and identify areas that need improvement. This visibility helps businesses make informed decisions and adjust their sales strategy accordingly, leading to improved sales cycles and increased revenue.

Enhance customer experience

By streamlining the sales process and improving accuracy, QTC also enhances the customer experience. Customers appreciate businesses that offer efficient and accurate sales processes, and this can lead to increased customer loyalty and repeat business.

Implementing Quote to Cash

To implement QTC effectively, businesses need to consider the following steps:

Evaluate the current sales process

The first step in implementing QTC is to evaluate the current sales process and identify areas that need improvement. This evaluation should consider factors such as the length of the sales cycle, the accuracy of the information, and customer feedback.

Choose the right QTC solution

Businesses need to select a QTC solution that meets their specific needs and integrates with their existing systems (ERP or CRM). QTC solutions vary in terms of complexity, features, and cost, so businesses should carefully evaluate their options before making a decision.

You need to collect quotes from your online website with accurate information so your sales team can handle it seamlessly.

Train sales teams

To ensure successful implementation, businesses should provide training to sales teams on how to use the QTC solution effectively. This training should cover all aspects of the QTC process and include best practices for optimizing the sales cycle.

Note: You can invite up to 10 members for handling your quotation requests together.

Monitor and improve

Once QTC is implemented, businesses should monitor its effectiveness and continuously improve the process. This may involve making adjustments to the sales strategy, updating the QTC solution, or providing additional training to sales teams.

Conclusion

The Quote to Cash process offers a powerful solution for businesses looking to streamline their sales cycle and generate revenue more efficiently. By integrating all stages of the sales process, improving accuracy, increasing visibility, and enhancing the customer experience, QTC can push your sales team into faster sales cycles and improve your bottom line. To implement QTC effectively, businesses need to evaluate their current sales process, choose the right QTC solution, train their sales teams, and continuously monitor and improve the process.