5 Best Year-End Sale Strategies for E-commerce Businesses in India
Every year once the last quarter kicks off, many business owners start coming up with plans to maximize their year-end strategies.
If you aren’t prepared to close your year-end sales, it’s time to chin-up. Here are the best 5 strategies that you can adopt at the last moment to shoot up your end year sales and maximize business profits with enticing offers –
Consider Flash Marketing
Flash marketing is one of the most popular tactics of getting your customer’s attention immediately. It creates FOMO (aka fear of missing out) or an urgency to purchase things among the audience and compels them to buy more as the deal is short-lived. You might be running late for a full-fledged campaign, but there is nothing that can beat the last minute quick sale on social media platforms like Facebook or Twitter.
According to a report by social marketing fella, 3-hour flash sales have the highest transaction rates at 14%. Target the channels where your audience is available and then launch your product with creative graphics to back you up. Remember that visual content is always a preferred option over written content, especially when we’re talking about social media. Videos also do a great job of increasing engagement. You can utilize videos to create a buzz and then drop the news of a flash sale.
Create Bundles to Sell
To maximize the sale of your products, create attractive bundle offers. . For example, if item A sells well, club it with item B at a reduced price. It is a great tactic to attract customers and sell your slow-moving inventory.
You can club complementary items together. For instance, if you sell hair color, you can make a bundle containing the serum,, hair colour, mixing bowl, and a separator comb to make the whole process combined into one.
Nykaa uses these bundles to sell makeup products from one brand during their sales.
Review your Customer Purchases
Targeting new customers may seem like the best practice for growing your business. But focusing on your existing customers is also a crucial part of making the most of year-end sales.
Look up at the data and find out whether your existing customers are buying all the products that you’re selling. The insight may surprise you, but your customers do not know about all the products.. Therefore, as an entrepreneur trying to close year-end sales, you must find the products that fit into your customer’s requirements but are not purchased by them.
Once you determine these, you can club them with their actual purchases to drive more sales towards the end of the year. For example, if your customers are buying more jeans from you and not shirts, try creating a combo of shirt and jeans at a discounted price.
Align your Shipping Strategy
Shipping is one of the most crucial business operations, where you should pay attention to closing your year-end sales. Statistics suggest that out of 30% of total eCommerce returns, nearly 20% of them are because the customer received damaged products.
Having said that, it is important that you focus on your shipping strategy and select the right courier partner that can deliver your products timely and efficiently. Here are some of the factors that you must look at:
- Lower shipping rates of your courier partner
- Reach to maximum areas
- Integration (if you’re selling on a marketplace)
- Tracking and notifications
- Post Order experience
- COD services etc.
Order fulfillment involves plenty of hassles, especially during sales. There is a surge of shipments during sales, which is why there is a better need for order management. With Shiprocket’s services, you can not just cater to the demands of your customers efficiently but also reduce your shipping costs b a significant amount.
Furthermore, you can also handle product returns and NDR requests much more efficiently with an automated dashboard. Also, with interesting post-order tracking pages, you can easily utilize marketing banners to promote your sale to the buyer and compel them to buy more while they track their orders.
To close your year-end sales with a higher profit margin, take benefit from Shiprocket’s Year-End Sale. All you require to do is upgrade your shipping plan and save up to 50%. Ship for as low as Rs 23/500 grams.
Turn Over your Inventory
The year-end sale is also an excellent opportunity to turn over your inventory. Offers and deals can make your inventory move at a rapid rate, which is excellent for your business. Furthermore, you can use sales promotions to sell off the inventory that is either toward the season end or about to perish. This practice will help you keep your stock fresh and motivate loyal customers to find what’s new in your store. Utilize this sale to market your products to a larger audience and fulfill them proactively with shipping solutions like Shiprocket.
If you’re fretting over implementing sales strategies at the last moment, don’t worry, there’s plenty of time remaining. The ideas listed above will help you achieve your elusive targets and get the most of the year before it ends. Do not forget to create anticipation about your offers on social media before you go live with them. Let us know if there’s anything else that helped you close sales at the last moment in the comments below.