Shhhh!
We have a secret to let you in on….there’s a fifth and final quarter this festive season!
While your competitors are winding down in advance of Christmas festivities, your team can be ramping up and standing out in a less crowded marketplace.
As mentioned in our previous post, it’s not just Black Friday and Cyber Monday that retailers must prepare for. One of the busiest times for online shopping is the days following December 25th. This is a great opportunity for retailers to try and boost year end profits with a final sales push. It’s sometimes referred to as the fifth quarter in the world of eCommerce retail.
While your competitors are winding down in advance of Christmas festivities, your team can be ramping up and standing out in a less crowded marketplace. Maintaining your marketing efforts in the run up to Christmas (even subtly), will keep your brand top of mind for the post-turkey splurge.
Depending on the actions of your competitors, it can also allow the savvy retailer to maintain AdWords marketing spend as advertising costs may drop as some retailers switch off AdWord spend over the Holidays. For the savvy eCommerce retailer, it’s a chance to switch on if your competitors have switched off.
Why wait?
Why wait until the 26th of December to launch your online sales. Get ahead of your competitors with a Winter sale that starts on the 23rd of December. This way, you are ahead of your competitors and top of mind when consumers do plan their sales strategies.
Returns
According to Google (source), global search interest in “shipping policy” peaked in early December 2022, almost twice the search amount as the same period in 2021. Ensuring your returns process is as efficient as your shipping process could be key to securing return customers.
Personalisation
Augment your special offers with discounts tailored to your existing consumers. Encourage repeat customers and loyalty with personalised offerings and discounts. It really is about making your customers feel like the most important person in the world…
Gifting excess stock to existing consumers is a great way to create that “fuzzy” feeling with the consumer (and your fulfilment partner, who might need the space).
New Year, New Me!
Depending on the type of product you sell, there is always an appetite for us to start the year afresh with new ideas, resolutions, and increased positivity. Why not encourage consumers to embrace the New Year with gusto. By positioning your brand as an essential part of this ‘New Year, New Me’ approach, you help build positive anticipation of the year ahead – with your brand out in front.
New Year, New Trends
Retail is changing rapidly, and it can be hard to predict what will happen next. We recommend reviewing existing stock levels and clear out anything that you feel might create blockages in 2024. Gifting excess stock to existing consumers is a great way to create that “fuzzy” feeling with the consumer (and your fulfilment partner, who might need the space).
When it comes to your marketing budget, keep some aside for the last few days in the year. This can be used to capitalise on last minute announcements, news items or simply save until the first quarter of 2024. Finally, leveraging platforms like TikTok, Google Trends and online research will help you build a picture of what trends might emerge. This ensures you are armed with as much information as possible for the year ahead.
Self-Reflection
Just like the ‘New Year, New Me’ Campaign idea for customers, perhaps it’s time to review your own business. This is a good time to get to grips with your processes, review insights, talk to your marketing team and look at ways to optimise your online presence (whether that’s your eCommerce platform or social media campaigns). Don’t forget to check which content drove the best engagement or resulted in the most conversions on your website. Review these metrics to help you create effective content. You can use staff reviews at the end of the year to help staff understand the bigger picture and look at what ways they can help the business achieve profitability in 2024.
Customer Data
When looking at your customer data, what do you look for? Customer retention is deeply influenced by the customer journey or experience. Look beyond the checkout and review your marketing personas – from first impressions to interactions online, with support, delivery, returns and follow up. All this will help you find improvements and ways to increase customer loyalty (and long-term success).
Focus on Growth
When entering a new market, it can be challenging to keep the various plates spinning (growth, compliance, customer loyalty etc). We believe every ambitious retail organisation needs a partner who can manage all the compliance matters.Removing admin overload saves time and keeps your team focused on the business drivers that deliver growth.
Taxmatic automates VAT calculations, filings, and payments for eCommerce retailers selling in EU and UK markets. It integrates seamlessly with eCommerce selling platforms to access sales order data in real time. The process includes secure payments wallet technology to complete sales tax remittance and manage refunds. Our customers have the peace of mind that comes from full regulatory compliance. Plus, the benefits of eliminating manual processes. Gaining more time to expand their online business in new international markets.
