Everyone – buyers and sellers alike – always look forward to the holiday season, the time of year when shopping means big business. Online sales reach their peak and bring in big profits at this time of the year. This is definitely the best time to go at full throttle in your marketing and sales efforts.
Promotions flood marketplaces and the Internet in general weeks before the Black Friday sale, which is the starting point of the 2020 holiday shopping season.
In the face of the pandemic, many consumers deem online shopping as a better and safer option. Sales projections made by CNBC, which are estimated to reach $1.152 trillion, propel sellers to launch early campaigns to maximize sales, increase profit, and achieve their business goals.
Launching marketing ads and sales promotions are just some of the things that will keep sellers busy this season. You’ll want to keep checking your inventory, as well, to make sure that you won’t run out of your fast-moving products.
You’ll also want to check if your products need reprising considering that a lot of sellers will be pricing their products competitively.
Sales and Discounts Prior to Black Friday
Another strategy that merchants resort to is flaunting their sales discounts and other promotions online weeks prior to the Black Friday event. This makes their site more visible to early shoppers.
This marketing strategy could benefit budget-conscious consumers because this enables them to plan their holiday spending.
Be Competitive in Your Pricing
While it’s important to reprice competitively, sellers must always prioritize profit and strive to minimize losses. Price-motivated buyers are likely to watch their spending amidst the shopping blitz, and some sellers end up racing to the bottom to win them over.
In the sellers’ desire to get a big share of the market, some would engage in price wars. They may win the customers over, but if it ends up destroying their profit margins, it’s not a good trade-off.
Selling Products in Bundles
Another strategy employed by sellers is bundle-selling or selling in bulk by grouping related products. If you’re selling coffee makers, for example, it is a good idea to bundle these with coffee beans or nice looking cups. They go together, and if you throw in a good discount or free shipping, the customers are likely to take the bait.
Not only will your customers enjoy the special offer and the savings that they make but they’re likely to look forward to more similar offers from you in the future. We’re talking about repeat customers who will be browsing through your sites to check for new offers.
Repricing bundles may be more tedious and may take time when done manually because we’ll need to focus on each product, and reprice individually. The more advanced algorithmic repricers are able to update the prices of these bundles almost instantaneously. Getting AI repricing software is definitely a good investment.
Site Check
To ensure that you don’t lose a customer, regularly check your site’s checkout page. A customer who finds this unavailable is likely to check out other online retailers, and you certainly wouldn’t want this to happen.
Marketing Via Social Media and Email
Consumers spend a lot of their time online. As such, retailers are quick to utilize emails and various social media platforms to push their advertising campaigns.
Since the holiday stretches over a long period of time, because shops will continue to offer discounts up to January, you’ll want to keep your customers engaged all throughout. Post your products and your offers online consistently. Use targeted marketing. Other sellers invest in PPC ads. After all, it’s the final stretch of the year, so you might as well go all in.
Check Your Inventory and Restock Accordingly
Since heavy purchases are made at this time of the year, make sure that there is enough stock on hand. Check your inventory. Stock up on top-selling items. You don’t want to find yourself turning down orders because the products are not available. This doesn’t only translate to a sales loss, but it also may affect your ranking. Amazon, for one, penalizes merchants who oversell.
There are inventory management systems that you can utilize to help manage your stocks. These apps may alert you when you’re running low on certain products. You’ll never sell out when you have something this reliable.
Payment Options
In online shopping, customers don’t feel comfortable going through complicated steps – whether this be at the product selection stage or at checkout. It can be inconvenient or even unnerving for any customer to go through the whole nine yards only to find out that your store cannot accept his or her payment because of your limited payment options.
Customer Assistance
With the influx of incoming orders and outgoing products, you’ll want to anticipate possible hiccups. There is nothing more satisfying to a customer than a seller who shows genuine willingness to help. Customers feel valued and appreciated when you have knowledgeable customer service associates who are ready to help them.
It is truly a very exciting time of the year for buyers and sellers. It works best to be prepared for anything. Experts are expecting online sales to explode this holiday season, so don’t underestimate the need to prepare. Avoid sales losses and optimize your profits this merry holiday shopping season.
0 Comments