Sales events can serve as a major boost to your ecommerce store revenue. They not only attract new shoppers but also give your loyal customers an incentive to buy more, or to purchase that item that may not be in their budget. The key lies in effective planning and hype creation. With the right strategies in place, you can build excitement and significantly increase purchases while elevating the experience for your customers.
The power of anticipation
A well-planned sales event creates anticipation that's akin to waiting for a long-awaited movie release (man that was a long writer's strike...when is Yellowstone really going to premiere?) or nearly-impossible-to-acquire concert tickets going on sale (we're looking at you, Taylor Swift and the Eras tour). Customers are eager to participate because they know something big is coming up. How can you achieve Taylor Swift or Kevin Costner level stardom for your ecomm store events?
To achieve this effect, start by choosing dates wisely. It could be around holidays like Black Friday or Christmas when people are already inclined to shop and have some money set aside for gift-giving.
Hype it Up
Once the date is set, get the word out. Utilize every channel at your disposal - email, social media posts, SMS, even push notifications from your mobile ecommerce app if you have that functionality set up.
Your goal should be to make sure that no customer misses out on these announcements due to lack of awareness.
Create FOMO with Limited Time Offers
Fear Of Missing Out (FOMO) is real and quite potent when used appropriately. You could consider time-bound deals or limited stock items during sales events – both these strategies create urgency which often results in impulse buying behavior.
Tailor Your Sales Event According To Customer Preferences
Last but certainly not least: make sure what you're offering aligns with what your customers want. Use insights gained from past sales data and customer behavior to tailor your sales events. You can also survey or poll your customers to see what type of sales they'd be interested in - let them help you create the event!
This could mean featuring products that are popular among your target audience or offering discounts on items often abandoned in the shopping cart. A well-planned sale is one that meets customers where they're at. Pulling off a successful sales event isn't just about cutting prices for a couple of days. It's about strategic thinking and truly understanding your customers. You could also offer added-value products instead of discounting your items, like offering a deal on extended product protection.
With upsell opportunities like Mulberry's product protection, a dynamic pricing model is used to provide real-time product protection offers unique to each product on your ecommerce website. If your business sells warrantable products, the Mulberry AI-powered solution will deliver product protection offers for each of your products to your customers. Learn how you can customize a product protection program for your ecommerce website.