Holiday Price Strategy for e-commerce!

Gepost op 15 December door Stephan Stein in E-Commerce


Let's look at some of the main elements that make up a successful holiday webshop

And here we are again; The winter came to cover the whole continent, snow it’s starting to fall, and lights decorations are lighting our cold nights.     

It’s Christmas time!     

As different as it will be this year, you can still feel in the air the magic of this holiday.  Webshop owners receive this wonderful occasion with great excitement but also with some stress and pressure.    

You know that you have to prepare your shop in time for the festivities by managing stocks, getting ready holiday offers, build campaigns and specifics pricing strategies for your products.    

Working-Hard mode it's ON!   

We are all aware of how important this season is in terms of sales.    

To keep you update with some data:   

Source: https://recommend.pro/

Of course, as we all know, this is not a normal year.

So, to say that some variations can be expected also regarding online customers' purchase behaviors.

In general, following a forecast analysis made by Statista.com, we can presume an overall decrease of nearly 10% in all European countries (see graph attached for the detailed data divided by country).

Source: Statista.com 

Certainly, this is determined by the strong impact of the pandemic on the global economy. But out of these data, if we analyze just the online sales statistics, during the Coronavirus pandemic, we will notice then a large increase.

So, by comparing these two charts, we can affirm that the overall amount of shopping spends is diminishing worldwide, however, the online shopping trend is growing as a consequence of Covid19.

Source: Statista.com

 

This means that for you fellows Shop Owners the upcoming holidays could represent an important opportunity to make cash through your e-commerce.

In that sense, we want to share with you some 5 tips to get your shop ready for the Holiday season and start to maximize your profits:

1. Fill your stock upfront.

As an e-eCommerce going into the hottest period of the year, you don't want to find yourself unprepared.

Making sure you have stocks to meet market demand is an essential component of any online store.

Remember that no supplier will deliver you a majority stock of goods during the holiday season; so, be prepared!

2. Make sure your website is up to date!

Your site is like the showcase of your physical store so, it must also be decorated for the holidays. In this regard, the design must be in line with the holiday season, offering products recommended for the season at the forefront.

3. Build your Price Strategy.

Usually, during this time of the year, the largest eCommerce on the market operates a substantial decrease in the prices of their products.

For this reason, it is important to monitor your competitors' prices and plan your consequent pricing strategy with the use of features like Dynamic Pricing.

4. Compose Holiday Deals & Packages.

Keep in mind that most people who are shopping in this time of the year are doing it as a gift to a loved one.

Therefore, think about preparing some nice holiday compositions, gifts or packages for this special occasion.

5.Prepare your Holiday Marketing Funnel.

All the marketing planned for this special time of the year should follow a strategic marketing plan.

Email Marketing, Advertising, Social Media Posting, BOTs, there are many different ways to increase hype and thus traffic on the site and sales.

Your strategy should follow a common flow reaching the user from multiple fronts.

To conclude, both if you are a bright new e-Commerce trying to raise on the market, or if you are a well-traveled webshop with thousands of monthly orders, this is an incredible occasion to exponentially increase your sales and generate long term clients, that probably, are going to be your loyal customers for the rest of the year.

 

That being said we want to wish Merry Christmas Sales to all!

 


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