Your online store had a great holiday sales season. But now you face a sales abyss in the new year — a steep dive in sales that often comes after the buying frenzy that runs from early November to the end of December. What now? Here are some simple ways to move inventory during one of the slowest months of the year for many online retailers.
There’s nothing quite like a good old-fashioned sale to move some inventory, even after the holidays. Your online store can use our platform to access in-market shoppers on both comparison-shopping engines and deal sites, two critical destinations for shoppers looking for coupon codes and other promotions online. You could offer a coupon code for a discount or for a free gift if shoppers meet a certain spending threshold. Not quite convinced that these destinations are where your online business needs a presence? Take a few moments to review these statistics.
Product bundling can be an extremely efficient way to increase sales and customer satisfaction. It’s simple: Consumers are looking for value, and they often perceive more value in a bundle. Emphasize the savings and/or convenience of the bundle. Many retailers sell a significant portion of their stock via bundles. Consider strategically bundling fast-moving and slow-moving products together. Depending on the product, you also could offer multiples of the same item in a bundle at a discounted price.
A significant share of consumers did not purchase everything they wanted or planned to buy during the holiday season. So, now’s the time to retarget shoppers that showed interest in your products over the holiday but didn’t make a purchase. At SourceKnowledge, we can help you instantly create retargeting ads that use your product catalog and promote your top-selling products.
Offer a limited-time inventory reduction sale. The key is to create urgency and offer deep discounts. A one-day (or less than one-day) sale can help you move unsold holiday inventory. You can also offer the sale until a specified number of units are sold. Flash sales are heavily used around the holidays, but they can also be employed after the holidays are over to generate excitement in the new year. Done right, flash sales can accomplish several important goals — increase website sales, brand awareness and customer satisfaction. It also can help your store bring in new customers. You could also highlight a specific product.
Invite customers back to your store with a promo code or special offer advertised on social media or via e-mail.
Did you realize that consumer spending for Valentine’s Day is double that of Black Friday? While there are plenty of last-minute shoppers, there are several consumers who begin shopping in January for this uber-important holiday. It’s a super-important sales event for online retailers and you’ll want to start promoting your solutions for finding the perfect gift for a special someone in mid-to-late January.
At SourceKnowledge, we’re here to help your e-commerce business grow and succeed. Connect your store and we’ll help you reach 100 million in-market shoppers. Learn more about us by visiting our website.