5 Ways to Boost Sales and Profit During the New Year
- Forecasting Inventory Requirements
Online stores should have a clear idea of how much should be in stock in the store or warehouse, online stores need to sell more products during the Christmas and New Year holidays, online stores need to have accurate inventory quantities, and analyze and accurately based on data Predict, otherwise online stores may end up with too little inventory, causing delays in the order fulfillment process. Or, the online store may also have too much inventory, the products are slow to sell, and the funds will be squeezed. These are wasteful activities that every business must avoid, whether online or offline.
Therefore, it is important to be able to forecast inventory needs this holiday season. Online stores need to browse last year's sales data to understand customer buying patterns. Find out which products are selling the most and which are not very popular. Analyze and forecast inventory needs based on data.
- Combined products and special offers available
No matter what type of products the online store offers, the store owner can sell them together during the holiday season, grouping multiple product groups into a set price, and also for certain items that do not Products that affect the profitability of the store use the "buy one get one free" marketing strategy.
And another thing to do is have a big sales day on New Year's Eve. Focus on items that have been in your store or warehouse for a while, not new items (remember that inventory is FIFO). This is a quick and effective way to increase sales while controlling inventory.
- Optimize your website content
This is very important for those who run an online business. First update the theme of the website. Consider adding Christmas and New Year themed banners to your online store. Here's a practical way to add a pleasing impression to your brand during the holidays.
The following are some common and effective holiday marketing strategies for online stores
- Countdowns make people think they should buy your product right away
- Rewrite your product description and include a gift reference to the gift, lobbying that it would be a good gift
- Display holiday-related products and make them easy for your website visitors to find
- The content of your website needs to be SEO-friendly so that people can find your website more easily when searching for certain products through search engines
4. Use a New Year's theme in email marketing
Email marketing is important to a successful holiday marketing strategy. This holiday season, add festive elements to your email campaigns with Christmas and New Year congratulations, pictures, and special offers, and use the following marketing strategies
- Send weekly reminders to abandoned cart buyers to encourage them to complete their purchases
- Discount for those who have not completed their payment after a period of time
- Improve email lists by actively organizing categories ahead of the new year and re-engage buyers by sending them New Year's congratulation emails
- Offer coupon codes on products of interest to potential guests to offer special offers to loyal buyers
5. Create a fun social media campaign
December is a good time to use social media as a promotional tool. If the online store doesn't have a Blog page in Shopify that is actively managed, then it's time to relaunch the Blog content.
In addition, to post promotional graphics on Facebook, Twitter, and Instagram, create a new creative campaign, such as an Instagram photo contest, asking participants to showcase their brand, review products positively, and use interesting themes Label.
In return, guests can be offered discounts or other attractive offers, such as merchandise or exclusive membership cards. In addition to increasing brand awareness, another great benefit you can get from a social media campaign is that store owners can reuse this year's docs for next year's promotions.