Tips for Selling in the Holiday Season
Are you now ready to boost up your holiday sales? Note that according to consumer reports, total sales between the months of November and January are expected to top $1 trillion. In fact, as mentioned by the National Retail Federation, some businesses can represent up to 29% of their annual sales during the holiday season. But not all businesses are the same since some rely more on actual store visits while others tend to focus on online shopping.
So here are some tips for selling to be prepared to satisfy the intense Holiday demand that lies ahead:
Execute a Flash Sale
Running a flash deal for a short period of time gives customers that extra jolt to act fast and buy now. The statistics: 56% of businesses have higher click-to-open rates from flash sale emails compared to their yearly rate; 3-hour flash sales have the highest transaction rates at 14%; flash sale emails sent after 3 pm have 9% higher open rates than lunchtime sales; and, overall, flash sales generate a 35% lift in transaction rates. Spread the word via email and social media, and consider including a countdown timer to further emphasize the sense of urgency. You may consider Deadline Funnel for that, which even allows having nice countdowns inside the emails to send.
Consider Free Shipping with Minimum Thresholds
Research shows that 93 percent of shoppers will take action to qualify for free shipping, and the most frequently taken action is adding items to a cart to meet shipping requirements. However, you should set minimum order value thresholds as a way to encourage larger orders and reduce risk. Use shipping to improve your business across the board this holiday season.
Create a Bundling Strategy
When you create a bundling strategy, start with your most popular items and see what other products you want to start promoting. During the holiday season, when shoppers are tasked with finding gifts for everyone on their list, bundling could help to make their purchasing decisions easier and could result in bigger profits for you. Business leaders know that the bundle drives more sales and higher profits per sale.
Offer Tiered Discounts
Posing a three-tiered discount structure offer buyers greater discounts for purchasing greater quantities. For example, if someone spends $500 or more, they’ll save 10%. If they spend $750 or more, they’ll save 20%. But if they spend over $1,000, they can save 35%. This will motivate your customers to buy more, and can also help to boost sales.
Send Coupons to New Subscribers
Rewarding new subscribers with a unique coupon code is a great strategy to promote list growth and the fact that they took the time to subscribe shows that they’re at least interested in your product.
Offer Special Discounts to Your Loyal Customers
The goal for Q4 should always be to ramp up sales, and that most certainly means rewarding your most loyal, valuable, and likely-to-buy customers with personalized interactions and incentives. Consider it a great way to say “thanks for your business.”
Like all those kids Santa will be visiting, your customers are also waiting. Are you ready to deliver?