Our last summer moments are fading, but the fourth quarter is approaching, which means it's time for the all-important holiday shopping season. This year has seen considerable uncertainty in the e-commerce business as a result of these issues. #ThinkWithNiche
As a result of Covid's return and supply chain issues, merchants may have to compete for less Christmas traffic. In this environment, small and medium-sized businesses (SMBs) must define their strategy early. Those who have not begun to plan for the holidays are already behind. Holiday e-commerce sales: how to improve them. For nearly everyone involved, e-commerce sales during the holiday season were a record-breaker. SMBs must supplement their e-commerce strategy with a few new techniques to achieve the same level of success in 2021. I'll give you some of my finest advice:
Decide what you want from your vacation right now!- Going into the Christmas season without a clear purpose in mind may result in chaos. At the absolute least, this can result in a waste of money, wasted chances, and a lack of substantial outcomes. Examine what happened last year to see where you can improve this year. First and foremost, you should set specific goals for the 2020 season based on your study of the season. However, other goals may benefit your business even after the holiday lights are turned on. Assume you want to make new purchases during the holidays so that you may spend 2022 improving the lifetime value of those items. Alternatively, you may reduce expenses by reducing the number of goods in your inventory, allowing you to spend less money on advertising while increasing sales. Remember to use the SMART framework to obtain the best results for your organization.
Make a plan of action to attain your objectives- Once you've settled on your trip objectives, it's important to create a strategy to assist you to achieve them. By targeting three distinct groups, you may use your goals to decide where to spend your limited advertising budget: 1) existing clients; 2) those who are actively seeking the products you provide, and 3) those who are ignorant of your presence. You may decide which audiences are most essential to you and how much money you should spend on advertising to each of them based on your goals. Spend your advertising money where it will have the biggest impact on your business to maximize your return on investment. Using Microsoft and Google advertising networks, email marketing, or loyalty programmers to target current customers is one way to increase seasonal income. If your goal is to create new acquisitions, you may want to spend your money on social media awareness campaigns and collecting current search traffic rather than focusing on social media. Because different advertising platforms and methods may target different customers at different stages of their purchase journey, you may adapt your strategy to maximise results in every circumstance.
Consumer-targeted advertising spending- Many businesses make the same mistake of spreading out ad spending throughout Q4 and not aligning their investment to Christmas client behaviour. Consider your advertising budget for the following year as a bell curve. Starting on October 1, your spending increases steadily until Thanksgiving, then progressively decreases until Christmas. Buyers research and window shop early in the holiday season before purchasing during the "Turkey Five" period—the peak shopping days between Thanksgiving and Cyber Monday—so this technique is more in line with actual customer behaviour. When preparing your holiday advertising strategy, allocate 80% of your advertising expenditure to the weeks preceding and after Thanksgiving.
Provide holiday promotions to persuade people to spend more- When a new customer visits your website, you have only won half of the battle. They must be persuaded to buy something, preferably at a higher price than they had intended. Holiday bundles of related items, products used in a series (such as shampoo and conditioner), or a popular product combined with a new product you'd like to market can all assist improve the number of transactions completed. Another alternative is to provide a gift with purchase, such as a free tote bag with every yoga mat sold. You may use any of these tactics to purposefully encourage consumers to make larger purchases while also giving them something valuable in exchange for their business. While discounting is a fantastic way to enhance your holiday income, bundling and providing presents with purchase are other excellent methods to do it without incurring significant fees.
Maintain your involvement and adaptability- When it comes down to it, businesses must maintain their engagement throughout a potentially turbulent buying season. Advertisements cannot be placed until after the holidays. If something isn't working out as planned, be prepared to alter your advertising budget or double down on a winning strategy. If you're falling short of your goals, you may need to increase your advertising expenditure. Due diligence on your ad accounts is required throughout the Christmas season, as is keeping track of progress toward meeting set goals and making potentially difficult decisions when necessary.
You Are More Likely To Succeed If You Are Active And Adaptive
When it comes to Christmas e-commerce transactions, keep your existing customers in mind.
Another tip to help you plan your Christmas season: current customers will be your most significant source of revenue during peak shopping seasons, as well as a fantastic location to find new customers to extend your market. Google and Facebook both allow businesses to create advertising that targets previous customers of their products or services. Facebook provides tools to assist you to generate lists of people who are similar to your current customers to develop lookalike audiences. Consider this option for engaging current customers during the fourth quarter.
It's Feasible That Your Christmas E-Commerce Sales Strategy Can Help You Win
I hope that after putting all of these pieces together, you'll have a revitalised Christmas strategy that will have you approaching October, November, and December with renewed zeal. The future may be unclear, but having precise goals and a well-defined strategy in place will always give you a competitive advantage.