5 Ways to Improve Post Holiday Sales Now

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It’s hard to believe, but the holidays are almost over. Most retailers love the holidays because sales and profit jump as shoppers buy gifts for loved ones. But what usually happens next is a huge drop for Q1. I won’t pass you any tissues because we’ve come up with a list of the five things you can do to keep the momentum going through the new year and beyond.

Here is a preview of three of the top selling tips:

1. Loyalty: Everyone wants it, but not everyone has it. Returning customers spend 67% more than first time buyers. You want these folks in your corner, because not only do they spend more, but they are also less costly to get onto your site. It costs about 5 to 10 times more to acquire a new customer when compared to getting a previous shopper to return. A great way to do this is by building it into your sales process. Say a shopper buys a gift on your site,. Collect their email address and send them a complimentary coupon that goes into effect 2-4 weeks after their initial purchase. Don’t forget to make it a limited time offer to incentivize them to return sooner rather than later.

2. Retargeting: We’ve all abandoned carts before and shoppers on your site are no different. About 72% of shoppers are likely to abandon their carts, but only 8% will return to complete the purchase. Retargeting ads remind them that they have awesome items in their cart that they should go back to. When cart abandoners are retargeted with display ads, the number of shoppers who returned to checkout jumped to 26%. One popular medium is Facebook Exchange ads, as 67% of online advertisers use them to retarget shoppers.

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3. Inventory and Pricing: Each holiday season is a learning experience for retailers. What did well? What didn’t? Data holds the answers to these questions and more. Taking note of the best selling items helps retailers figure out the optimal amount of inventory to stock up on for the next few months and even the next holiday season.

Doing a gap analysis helps retailers learn how their stock compared to competitors. Products that are unique to your business can be a great asset if they sell well. For the products that you’re missing, it’s a part of the learning experience and ordering those items can help your business be a more viable option for shoppers in the future. Shoppers usually prefer to get all their shopping done at once, instead of spending more time and money at several different stores.

The overlapping products are where pricing optimization comes in. Shoppers love comparing prices to make sure they’re getting the best deal. Retailers either need to have prices that are comparable to competitors, offer extra value for premium pricing, or risk getting looked over. Gaining competitive pricing insight is the first step to an effective internal pricing strategy.


Want to learn more? We’ve got you covered in our new infographic below. Check it out and let us know what you think in the comment section!

 

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About Wiser

Wiser provides a complete suite of solutions to give retailers, brands, and manufacturers the edge to stay both competitive and most importantly, profitable.

Wiser’s core product is WisePricer, full-featured dynamic pricing and merchandising engine that monitors, analyzes and reprices retail products in real-time. WisePricer enables retailers to boost profit margins and revenue, price with confidence, and improve merchandising through powering the development of a sound pricing strategy.

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Angelica Valentine

Angelica Valentine is the Content Marketing Manager at Wiser, a dynamic pricing and merchandising engine for online retailers, and a contributor to VentureBeat, Business Insider, The Future of Commerce, and more. She holds a BA from Barnard College of Columbia University.