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It’s that time of the year again. The day after Thanksgiving that marks the start of the unofficial shopping season, when the sales are supposed to go up, prices go down, and all the shoppers are up and about catching hold of all the items on their shopping lists. As retailers/business owners, we are sure you would want to make as much as possible out of this fresh shopping season.
We all have come across those big bright red “Sale” signs in retail shops for Black Friday, Cyber Mondays and ever green Tuesdays. They work wonders in attracting a lot of footfall in each store or a lot of visitors to your website via well placed PPC ads on multiple sites. But how do you ensure minimal abandoned carts or make the optimum profit despite the obvious Sale season? We have come up with a list of actions to help you maximize your profits this season. Whenever in a fix, you can always fall back on data to guide your next action path. Scroll down to read how!
Come up with Best deals & Offers: Making a sales strategy plan becomes so much easier if you know what works and what doesn’t. You can identify what has worked for you in the past and which products/offers were an instant hit among your customers and which product offer did not move from the shelf at all. Also, you can analyze your competitors’ sites to see what offers are they running and which one has maximum traction on their website to help shape your sales strategy as well.
Gauge product demand: Avoid those embarrassing “out of stock” moments by estimating the demand and availability for each product correctly. This requires crunching all the sales data available from previous years and the latest sales trends while keeping a tab on your inventory status so you can ensure availability in queue of each product well in advance each time it gets added to cart. This can be accomplished by accumulating fresh real time data after each transaction via Live Crawls. Herein, every time a customer clicks on a product and adds it to her cart, an internal request to crawl that product’s inventory status gets generated and you receive real time inventory stock updates within seconds of the order getting placed. Now it is up to you to take an action of getting more SKUs of the product or wait it out!
Competitive Pricing: When you go to a shop to buy any product, you don’t buy it blindly, right? You compare it with other offers and in other outlets to see where you can get the best deal? Same is the case with your customers. They like to evaluate all deals before coming to a conclusion to buy in order to make the most out of the Sale season. But wait! Don’t give up just yet. Try crawling your competitor’s prices in order to stay ahead of the pricing curve and land maximum conversions. Easy Ha!
Bundle products to move up the inventory: No this is more a merchandising challenge than a Conversion one. While you stock up your shelves, you exactly know which product shelf moves faster than the other. You also gauge your inventory limits from each product unit accordingly. But with the sale rush coming, it is obvious that you would want to haul out your inventory to make way for fresh stock. So how do you ensure an equal movement of all units? Just analyze from your inventory and sales data the average sales velocity of each unit. Also, run analysis on other offers available online and offline for products and combo offers and their sale price. Now identify the product with a high demand and bundle it with a low demand product in the same category and price it just a little higher than your competitors. Stumped? Well you are offering combo deal whose combined value is higher than the average competitor price. Customers do not mind paying a little extra for a combo deal!
Upsell: The golden rule to all sales deals is to upsell your products to all customers. If you are buying a lantern, then why not this candle holder, it will go perfectly with the shade of the lantern and hold your candles in lace. Get my point? So start investing time on researching your consumers and their buying habits based on the transaction data trail they leave behind and suggest products they might have an inclination to buy if pitched.
Get Creative: Last but not the least, the best advice we can offer you in the end is to get as creative as you can with your sales techniques. Create micro targeting plans, pirate themed direct campaigns, just go out of the ordinary defined norms to break through the traditional marketing clutter and see an immediate rise in returns.
We wish you have a great Black Friday sale with the help of above tips. Till next time, Sayonara!