While so much focus is placed on high revenue months like the festive season, merchants often find themselves caught off guard in Q1. Boost sales and avoid the post festive season slump by taking matters into your own hands, and implementing strategies that excite and engage your audience. Payflex shines some light on 8 key tips that will help transform the January blues into a bright Q1.
Create a loyalty program
Let’s face it, turning a customer into a loyal one isn’t easy, especially in today’s highly competitive eCommerce landscape. Loyalty programs are an often-overlooked aspect of the customer experience, but they can be critical in building relationships and loyalty with your customers. In fact, 71% of consumers say loyalty programs are a meaningful part of their brand relationships. While loyalty program members spend 27% more when the brand establishes a positive emotional connection with them.
Combat cart abandonment
It goes without question to say that cart abandonment is a major thorn in the side of every eCommerce retailer worldwide. After all, global cart abandonments rates average 69.57% across eCommerce industries, meaning almost two-thirds of all online purchases are not completed. This represents a staggering amount of lost revenue. It is therefore vital that you do everything in your power to reduce abandonment and drive sales. One of the most effective methods is engaging shoppers who are about to abandon their cart with an exit pop-up containing an enticing offer or special discount. Another strong incentive to prevent abandonment is offering free shipping. According to Invespro, 61% of consumers are “somewhat likely” to cancel their purchase if free shipping is not offered. An abandoned cart email containing a special discount also presents a strong opportunity for merchants to try and boost conversions.
Launch a giveaway campaign
In an increasingly crowded online landscape, it can be challenging to break through the noise and set yourself apart. A giveaway could be just the thing you need to increase visibility, create interest, and turn an entirely new audience of individuals who may have never heard of your company into loyal customers.
Start a post festive season sale
After a hectic festive season, you may be tired of the sales. But, your customers certainly aren’t! Keep the deals coming and boost sales with special Januworry promotions and discounts. This will be especially effective if you have an excess of stock that you’re looking to clear.
Flexible payments
Consumers are increasingly demanding greater control over their online payment experiences. Alternative payment platforms like Buy Now Pay Later offer consumers the ability to get what they want now and pay for it over 4 interest-free installments. Merchants who provide consumers access to flexible payment options with zero additional costs or hidden fees will incentivize shoppers to purchase, especially in January.
Launch a new product
January is a perfect time to release a new product. While most retailers and marketers are still recovering from the holidays, take a different approach. Boost sales by grabbing the spotlight and unveiling something new and different.
Tap into New Year’s resolutions
Most of us enter a new year armed with a set of goals and resolutions we’d like to achieve. In 2021, we’ll all no doubt have a host of new year’s resolutions after what was a difficult year. New year’s resolutions are a highly effective way to boost sales of products related to popular resolutions like fitness and health. .
Don’t go quiet
After the craziness of the festive season, things tend to go eerily quiet in January. This however is a major mistake. This is perhaps one of the most important things to keep in mind as you enter the new year. While you may be completely exhausted from the craziness of the festive season, don’t make the mistake of assuming your customers are worn out too.
