It’s no secret that the Holiday shopping season can make or break a retailer’s entire year. A booming season can lead to soaring profits, while failure to capture holiday shoppers’ revenue can wreak havoc on finances. So, what can you do to make the most of the holiday season? Be sure to keep the following tips in mind.
- Bundle products together. Bundling is an excellent way to entice consumers to spend their holiday shopping dollars. By bundling a number of different products together at a discounted price, you can encourage higher spending.
- Run flash sales. Most retailers run one long holiday sale. But believe it or not, research suggests that running several smaller “flash” sales are actually more effective. In fact, email click-to-open rates tend to be much higher for flash sales than for regular sale campaigns. Why? Well, flash sales – especially those that are only available for a few days or even a few hours – create a sense of urgency, encouraging customers to purchase quickly. Therefore, these short and sweet flash sales can drive more sales than an extended holiday sale.
- Offer free shipping. Free shipping is an excellent way to get holiday shoppers to spend more this holiday season – particularly when you offer it over a specified amount (such as free shipping for orders over $30 or free shipping for orders over $50). Research shows that over half of all customers have previously bought an extra item just to qualify for free shipping.
- Reward your most valued customers. Don’t just cater to the bargain hunters during the holiday season. Instead, take the time to reward your best customers. That means figuring out who your most profitable customers are and sending them tailored promotions. You might also consider sending your long-time customers gift cards or special offers to encourage them to spend. Remember, when planning holiday sales and promotions, focus on where the money is.
The bottom line? With a little bit of planning and creative thinking, you can maximize your customers’ spending this holiday season to get a lucrative year on the books.
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