2019 was a good year for retailers: NRF predicts that retail sales will reach $3.8 trillion this year, despite talks of trade wars, stock market volatility, and government shutdowns. What’s more, NRF reports that retail remains the nation’s largest private sector employer, supporting 1 in 4 U.S. jobs, or 42 million Americans. With the new year upon us, it’s high time to start planning initiatives to hit your 2020 retail sales goals.
Here are some of our tips to get an early jump-start on the competition:
Learn from the 2019 Customer Journey
Many eCommerce retailers have a wealth of data at their fingertips about the customer journey, based on 2019 spending patterns and user activity across a variety of marketing channels. By studying this data, teams can map the customer journey and orchestrate more effective, personal campaigns for the next decade. According to a recent Harris Poll, 73 percent of consumers felt that brands struggled with the rising expectations for a personalized experience. By analyzing 2019 data, retailers can send more specialized offers, recommend products or additional services based on what was already viewed, send reminders for abandoned shopping carts, and more. Each of these activities on their own can help increase conversions and improve the overall customer experience.
Create New Upsell and Cross-Sell Opportunities
Retailers are constantly looking for new upsell and cross-sell opportunities, but may be overlooking a very lucrative and simple place to start: extended warranties. Extended warranty companies like Mulberry can be a major asset to retailers, by integrating with major eCommerce partners and making the extended warranty process dead simple to implement. Product protection can account for 40% of profits at big-box brands, and may be a major, untapped revenue opportunity for your organization in 2020. Mulberry provides insights such as visits, purchases, and clickthrough rates so you can A/B test campaigns to optimize and increase sales.
Drive More Repeat Purchases
Driving long-term customer value should be a major agenda item for 2020, if it isn’t already. Luckily, customers are 2x as likely to return if they’ve purchased product protection from you previously. By paying attention to what these shoppers care about and their lifestyle habits with existing products, you can often engage them further on future purchases. With the peace of mind of transparent, easy-to-understand extended warranties, many customers will feel confident making big-ticket purchases with your brand in the future.
Interested in offering extended warranties to your customers? Reach out to us at Mulberry. We support most major platforms, are receipt-less, and customers love us.