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The Holiday season is in full swing, Black Friday is just around the corner, and you’re ready. You’ve sourced enough inventory, secured seasonal help, optimized your listings, and updated your customer service and returns policies.
But, what about your pricing strategy? Do you have a plan to attract buyers with deals and discounts throughout the season?
It’s not too late to plan a Holiday deals strategy that will attract buyers and increase sales. Here are four deals tactics to consider.
Create bundles to increase order value.
A bundle is two or more products offered together, such as a camera and lens, a yoga mat and free weights, or a PS4 console and some games. There are several different types of bundles, including offering multiples of the same product, adding accessories to a big order, or bundling related items together.
For shoppers, buying a bundle can be a more convenient option than shopping for each item individually. For sellers, it can mean selling more and spending less on shipping. Plus, bundles help differentiate you from other sellers. With a bundle, you’re not competing on price, as it’s more difficult for buyers to price compare a bundle versus a single item.
Consider one-day-only specials.
Studies have shown that consumers are motivated by perceived discounts. In fact, 75% of shoppers are looking for a deal. Deals increase consumer excitement, increase a buyer’s sense of urgency, and can motivate a shopper to purchase sooner. Offering deals, even for a day, can be a successful way to boost sales.
Some of the deals you could offer using Promotions Manager include: order size discounts (such as Buy 1, get 25% off), markdowns (like saving 30%), shipping discounts (offering free shipping for orders over a certain amount), and codeless coupons (such as a discount off the next purchase).
Think of Holiday as a marathon, not a sprint.
If you do plan to offer deals, Black Friday and Cyber week aren’t the only effective times to do so. Many consumers have shifted their holiday shopping patterns so that Holiday is now a weeks-long marathon rather than a one-day sprint. In fact, the experts at Forrester and the National Retail Federation predict that late-season shopping—particularly in the latter half of December—will be stronger than ever this year.
The Chicago Tribune went so far as to declare Black Friday dead—not because people won’t be shopping, but because shopping will be more consistent throughout the season rather than concentrated on a single day. That means that while you want to be prepared for Black Friday and Cyber Week, your deals strategy should be set up for the long term season as well.
Determine which items you can compete successfully on to entice buyers.
Competition, particularly on Black Friday, is fierce. Think carefully about what items you can price competitively. Don’t try to lower your prices to compete on top name-brand items that other retailers are using for doorbuster deals. You’re probably not going to beat the rock-bottom prices that those big box stores are able to offer on items like tvs, smartphones, and gaming consoles.
However, you can think like a big box retailer and create your own “doorbuster” deals that will bring traffic to your store. Instead of competing with other retailers’ deals, choose a SKU for a similarly recognized brand and set your own promotional price, discounting aggressively on a limited number of these items for quick volume sales. Set up a few more sales so that after your “doorbuster” deal brings in buyers, they’ll be enticed to shop more.
For help with pricing guidance, check out the in demand inventory page, which shows top-selling items and their prices. Or, dive into the Growth tab of Seller Hub, which offers insights on competitive pricing. It shows you seasonal shopping activity and trending prices, so you can see when an item is most likely to be sold, and for how much.
Sellers, what's your Holiday deals strategy? How are you planning to win on Black Friday?
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