Retail sales strategies can make or break your brand. Select the wrong approach and watch your business flounder as it wastes money on useless marketing ploys. The right strategy, by contrast, can yield success you never imagined, assisting even struggling businesses. So which retail sales strategies can infuse your business with new life and impressive profits? Try one of these eight winning tactics. Continue reading “8 Retail Sales Strategies That Drive Success”
Price matters. In fact, it matters more than any other factor to at least 60% of consumers. More and more consumers are turning to eCommerce platforms for holiday gifts. In 2015, Cyber Monday sales alone totaled more than $3 billion. That being said, pricing your merchandise right may be the only thing standing between you and skyrocketing success. Continue reading “7 Pricing Strategies to Supercharge your eCommerce Christmas Sales”
In any business, strategy is often the difference between a soaring success and a futile effort to connect with the customers you crave. However, with its continuing evolution and increasing competition in recent years, the eCommerce space might be even more reliant on the strength of retail sales strategies in order to capture business.
After all, the way you price, present and market your online products defines the way in which consumers perceive the value you offer and guides their decision to make a purchase or wait for one of your competitors to scoop up the opportunity.
The Pricing Is Right
The most obvious obstacle standing in the way of more sales is often the pricing. Customers are rightfully discerning of how they spend their hard-earned money, and it’s up to you to decide how best to convince them that your product is worth a try. Here are a few must-have pricing strategies you should be using to entice customers.
- Loss-leader pricing: Selling your product below market value may initially seem like a no-win scenario. Yet, conventional wisdom isn’t always useful when it comes to the sales game. This approach, known as loss-leader pricing, opens up the potential for future marketing to customers and presents the chance to boost the average revenue per user, encouraging customers to add more items to their carts. (Find out how you can automate this process.)
- Bundle pricing: One of the most widely used pricing formats, this one simply relies on grouping related items together to jointly persuade customers to make a purchase. By combining multiple products into a simple bundle, you’re able to streamline the decision to buy and create the perception of increased collective value.
- Personalized pricing: Because of all the data out there, you may very well be able todetermine optimal prices for each specific user. Using a number of different factors, this system creates a real-time understanding of a customer’s purchase history, product searches and customer loyalty. Personalized pricing is often best employed with regular customers or in concert with newly available products.
Offers They Can’t Refuse
Though the pricing associated with a specific product could ultimately make or break a potential purchase, don’t forget to finetune the offers themselves. How you present a product to consumers can be just as instrumental in closing a purchase as pricing. So let’s review some tips you can incorporate into your product offers as soon as possible.
- Free shipping: Companies like Amazon have set the tone within the industry, and now customers all but expect free shipping to be on the table. Perhaps it’s a blanket offer, or it might be one that only applies when users hit a certain minimum purchase price. Regardless, shipping options like this one are among the biggest incentives to buy from one site over another. It’s not an area that your business can afford to ignore.
- Featured products: When you present too many options to consumers, the result can overwhelm them to the point that a purchase decision actually becomes more difficult to achieve. By focusing in on just a single product on your homepage, you’ll have more space to highlight its benefits and be able to more successfully guide consumers through to checkout.
- Urgent offer: There’s a reason that so many retailers rely on impulse purchases to boost their bottom line. No matter what your product is, urgency sells. The very fact that a limited-time offer might slip past consumers is enough to drive sales up, especially if you have done your homework from a marketing and pricing standpoint. Act now to make this technique part of your regular strategy.
Revisit the Marketing
Long before customers can ever even be presented with your products (no matter the pricing), you must first establish a sense of trust and confidence with them. Customer relationships have to start somewhere, and luckily, several key strategies can help you boost awareness and spread word about your business and the products you provide.
- Customer connections: Although social media should be a key part of your marketing efforts, it’s even more essential that all of your communications with customers centers on engaging them in a conversation. Today’s consumers are too savvy for cold sales pitches to remain effective. Get to know your customers, and hone in on the benefits your products can offer them.
- The omnichannel approach: Mobile technology has necessitated the importance of a more multifaceted way to tackle your marketing. Tapping into the current omnichannel philosophy, you can unite your desktop website, mobile-optimized site, mobile application and other venues customers use to engage with your business. The possibilities for boosting sales and cross-promoting are limitless.
- Content marketing: We can’t say enough about the advantages of implementing content marketing into your business. The internet is so often used as a free source of information that creating blogs, whitepapers, ebooks, videos and endless other forms of content is undoubtedly one of the best ways to hook consumers and keep them with you for the long haul.
For more details about how you can tailor your retail sales approach to optimize the success and reach of your business, check out our eBook, “A Comprehensive Guide to Competitive Online Retail Pricing Strategies.”
For obvious reasons, consumers are naturally drawn to any way in which they can save some of their hard-earned cash. So it stands to reason that free shipping has become such a popular feature to promote eCommerce sites. In addition to the built-in appeal of giving customers the chance to cut down their purchase total, such a tactic has a tremendous impact on customer service and, in many instances, may directly lead to the formation of long-term customer relationships. However, like any marketing tool, free shipping delivers the best results when used strategically to accent your business.
The splashes of red and romance in the air- Valentine’s Day is when all and sundry capitalize on love. Love is the music of the soul- at least that is what numerous ads will have us believe. 14 February may fall on any day of the week; but we are prepared for it, even before the month of February begins.
At IntelligenceNODE, we have been looking at the various ways that love is built up into the best commodity there is. And why not! Valentine’s Day is an opportunity for you, the retailer, to gift the carefully crafted dreams of the people, by the people and for the people, to them.
We realize that some of the best deals, the whole year round, are on offer in preparation for or on Valentine’s. To cite an example, this year, the city of Newark sold 100 vacant lots for just $1,000 to couples, with the condition that each couple must build a home on its lot within 18 months and become full-time occupants. We think this was a great deal! And an amazing way to build a community, augment the job market, spread some more love…
LOVE IS NOW MOBILE!
Consumers are in the zone these days, where experimenting with different products and ideas has become their new way of life. When it comes to gifting that ‘special someone,’ there is no holding back. Consumers are prepared to buy on impulse and at the last minute. The huge rise of mobile usage and online shopping means that mobile increasingly plays a key role in the path to purchase.
Data collected from a random sample of 500 million online shopping experiences showed that retailers gained up to $35.3 million in incremental revenue and experienced an 11% improvement in average order value the week leading up to Valentine’s Day. Total conversions also increased by 24%. All this circa 2013.It has only increased now!
After all, If the Indian Online Retailer Myntra can contemplate going exclusively mobile…
The trend has been mobile was winning. Now it has WON.
-Eric Schmidt, Google
CAPITAL IS ON CUSTOMER EXPERIENCE OPTIMIZATION
Get personal. Get real. Get recognized. These words seem to be the new mantra. We find that people like to see and feel real- not larger than life- real. And marketers are getting this too. A lot of brands have done just that. Engaging their consumers through the social media- marketers have successfully created product stories.
Be it a cool video series like GAP’s new campaign, where the brand has teamed with The Daniels on GAP’s first Instagram micro-series as part of its Spring “Dress Normal” campaign. Or Hallmark’s #PutYourHeartToPaper Campaign which already has a couple of million views! These ads ensure that conversions happen- online and offline.
ONLINE & IN STORE ARE CONNECTED
Valentine’s Day happens to be one of those holidays tied to emotions. So an element of surprise and generosity are the most important aspects that retailers need to keep in mind while designing their marketing strategies.
Creating an amazing and innovative omni -channel experience is the major target for retailers worldwide, on any given day. But even more so on Valentine’s. And this works online as well as in store. In one example, BloomSnap, a feature found on the online flower marketplace BloomNation, allows customers to see the bouquet of flowers they purchased in the form of a photo sent directly from the florist before the bouquet is shipped.
Valentine’s Day is all about love. But these insights we have come across are for the daily as well we think. As a retailer, you are involved in the amazing business of making sure that love is tangible. After all, who needs cupid when we have you? At IntelligenceNODE, we hope to honor this connection through our link with you!