During 2022, we faced many problems that affected us a lot. One of the most common ones was inflation. Inflation has caused many products and services to have high prices. That is one of the reasons why people decided to begin their Christmas shopping earlier this year. Statista discovered that most consumers start their holiday season shopping in October and November. For that reason, sellers face a tough challenge to offer good deals and, in the process, not hurt their margins. We are giving you tips and tactics to boost your profits during the 2022 holiday season. 

1- Monitor your stock and competitors’ 

You must take every chance to improve your profits, and one of the ways to do it is by knowing your stock availability. Make sure you do not run out of stock during the holiday season. When customers enter your store and see that you do not have that product, they might not visit you again. Netstock discovered that 21% to 43% of people buy from one of your competitors if your business does not have the item they want. But your stock is not the only thing you have to monitor. You also have to know the information on your competitors’ stock availability. 

When you see that they are out of stock in one item, you can take advantage of that and raise your prices, considering the product has a high demand. That price increase will not scare your customers, and it will increase your profits. 

2- Track your competitors 

One of the ways to beat other sellers is by offering competitive prices. Therefore, you must monitor your competitors to know their prices and strategies. But manually doing this takes too long, and by the time you finish doing this, your competitors will have new prices. Use an automated program like PriceTweakers to help you with this and stop missing new market opportunities! 

3- Use pricing strategies

For the holiday season, you must have pricing strategies for your products. There are many you can use, but during this season, dynamic pricing and promotional pricing are the way to go. Dynamic pricing is when you modify your products’ prices according to demand, supply, and other factors. Promotional pricing is when a seller temporarily reduces the price of a product or a service to attract more customers for a limited time, creating a sense of urgency.

4- Offer bundles 

Bundles are perfect for the holiday season. It allows you to incentivize shopping and get rid of old stock. The products bundled together must relate to each other. For example, you cannot bundle a pen with a graphic tee because they do not correlate. The best example of bundle pricing is buying one, get one free (BOGO). BOGO promotions are also popular with customers because these deals are perceived as great value.

Conclusion 

For the last principal sale days in 2022, it is necessary to implement pricing tactics to increase your sales, traffic, and profits. These are some of the tips we give you that will help you with that, and remember that with PriceTweakers, you can do this and many more! Our software automatically monitors your competitors, and you can create different pricing strategies. Also, you can craft a minimum advertised price (MAP) policy for your product and control it.    

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