E-Commerce is everywhere, with its multi-facet business model, and global outreach, it has evidently changed the way businesses hitherto functioned. Doesn't come as a surprise when the stats point out that, "as of 2020, online marketplaces account for the largest share of online purchases worldwide." End the year with a bang! Is a vision every organization, business process, retail outlet holds on to, and this applies to the e-commerce industry too. No matter how it has been doing the whole year, cracking the numbers during the end-of-year sale is a challenge that businesses can't overlook.
The primary end-of-year sale tactic that the e-commerce industry must use is email marketing. Bells and whistles and the whole enchilada. It is the one time of the year when saying it out loud is a definite must, and with the reach that email marketing provides, you can reach out to all the existing and potential customers in a jiffy. So, here are some fool-proof tips for E-Commerce Industry to Make A Successful End-Of-Year Sale.
What does End-Of-Year Sale mean for your e-commerce business? For certain businesses, it's all about the numbers, while for others it may be about making the brand more visible, and for some all about promoting a new product line. The sale strategy should ideally revolve around the final goal. This can in turn be broken down to immediate and intermediate goals for creating specific plans that can give measurable outcomes.
End-Of-Year Sale doesn't essentially begin at the end. The planning amounts to months of sales monitoring, strategizing and creating the best message, and scheduling without which the entire sale prospect can be a foiled attempt. It is equally important to have a segregated list of the target audiences in the case of email marketing campaigns to create targeted messaging.
Sale, sale, and more Sale. What better way to keep the ball rolling than to get the existing customers to pitch it to new potential customers? Leverage the sale option to create referral programs giving your loyal customers an extra discount or other incentives for spreading the word around. But, even to do so, having a plan is a must.
The clear idea behind the end-of-year sale is to clear stock and increase profits. This requires choosing the products and showcasing them in an appealing way on the website. In addition, the products to be sold individually and in combos, should all be identified keeping the cost-profit margin in consideration. Use this opportunity to also clear out the stocks, do this by offering more discounts or clubbing it with popular products. It's the end-of-year, and so creating space for a new product line too falls in the to-do-list for e-commerce businesses, to run well and be successful. The pricing is important too. While the customers will surely look for low pricing, in the e-commerce business, selling too low can backfire too. So, evaluate the products and determine the sale pricing accordingly. With the current influx in the e-commerce industry, too little can invite skepticism and so underselling may not ensure good sales.
There is no point in sending an email too early or too late. The trick for getting the customers aligned with the sales is to start by dropping hints early on and then wrap it up with flash marketing and sales. Utilize email marketing, Facebook Advertisements, Google Advertisements (Google AdWords), and other social media platforms to spread the word around at the right time, to the right audience.
Use this opportunity to enroll new customers to your subscriber list. Create a landing page asking them to sign up for a newsletter or loyalty program, and an opportunity to learn about other exciting offers in the near future.
Keywords matter, spend ample time in identifying the interests of the audience to create email and marketing content that catches the eye and leaves an impression. However, that doesn't always have to be too salesy or marketing-like. Theme based ideas, associating with brands based on demographic or location to create campaigns that meet the audience's expectations can be the hook too.
End-of-year is about wrapping up, about summarizing the highs and lows. A good way to create a buzz and generate interest is to create an overview of the year in terms of business or trends or the product evolution the top 10s or anything related to the industry. Using infographics, videos, photo reels, etc. as a part of the sale promotions can also help in making the end-of-year sale more popular.
Goes against the whole idea of end-of-year sale? But, works just fine. The customers are busy around this time of the year. With all the efforts that go behind creating the end-of-year sail, tailing it to the new year can help in pushing the sales a tad bit more. It can also give your e-commerce business a competitive advantage over others.
That being said, end-of-year sale in the e-commerce industry is cut-throat competition. Innovativeness and adaptiveness are the keys to staying ahead in this race and in successfully driving sales. So, even with a plan in place, be committed to change, tweak the campaign to build more tractions, and change tactics to improve sales in comparison with the rest.
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