Valentine’s Day is fast approaching! This is a prime opportunity for the e-commerce industry to take advantage. Let’s talk about why this specific holiday boasts huge retail potential. From flowers to jewelry to candy to specialty items, many items are purchased on a whim or on short notice, which makes online shopping the ideal option for Valentine’s day purchases. While in 2021, about half of U.S. adults planned to celebrate Valentine’s Day and spend a total of $21.8 billion, down from $27.4 billion in 2020, it’s clear that this holiday can mean major sales for brands. With online shopping dominating the retail experience, consumers have more options to choose from. This means that online retailers must have a dedicated strategy to cut through the noise. So how can e-commerce retailers pivot to go beyond the same heart-shaped, cookie-cutter strategies used from year-to-year to stand out in this new normal?
What is a holiday without a good sales or promotions strategy? Promotions are one of the best tactics for attracting new and existing customers to your site this Valentine’s Day. Plan to drop promotions earlier to get a headstart on the competition by incentivizing your customers across all budgets. Early promotions not only give you a head start over the competition, it will give you more time to ensure punctual delivery of all purchased goods. One of the key learnings from last year’s holiday season is that customers are planning ahead to better navigate a bumpy supply chain. This Valentine’s Day, don’t wait until the day before to offer discounts on seasonal inventory so that you can be sure to drive revenue while reducing surplus seasonal inventory long after the rush is over.
Customer Loyalty Programs
Promotions are also an opportunity to build and cultivate loyalty programs leading to an increase in sales and revenue. One might ask, does customer loyalty really matter? The answer is yes. A loyal customer is more likely to repurchase from your business and also recommend to a friend. We are in a competitive market where customers often switch from one business to another. According to the 2018 Bond Brand Loyalty Report, 77% of consumers say they are likely to stay with a brand that has a loyalty program. Don’t miss out on this win-win opportunity not only to help your business build trust with customers but also deliver a memorable customer experience.
Cross-selling Valentine’s Day Products with Main Inventory
A creative way to attract customers is to pair and promote other products that work well together. Bundling products brings in those looking for deals or convenience and allows retailers to target customers with other products that are complementary to the original item of interest. This allows retailers to display the range of products available, both seasonal and beyond. If a customer has multiple needs and your product bundle addresses most or all of them, this is convenient for the customer so that they can make one stop instead of many.