The holiday season of 2020 was spectacular. For months, e-commerce experts have been attempting to forecast record e-commerce sales. Besides, the COVID-19 pandemic kept many individuals from seeing their loved ones or shopping in physical establishments. Many of those predictions turned out to be correct. Consumers in the United States will set new milestones for holiday buying through 2020, with digital shopping up 20.6% every year. As the holiday season of 2021 approaches, many retailers are eager to see what surprises await them this year.
E-Commerce experts around the world are struggling to sort out which trends will have the most impact during the 2021 holiday season. So, before you start planning your holiday pricing policy, have a look at the top holiday trends for 2021.
Holiday Patterns during 2021
Even when in-store shopping begins to reopen its gates in some locations as we enter the holiday season of 2021, online shopping will be here to stay and will keep growing. Customers are increasingly purchasing on their mobile devices, and the digital world is entering traditional storefronts. Both offline and online, retail has huge potential. However, the post-COVID era is giving way to the digital age. E-commerce establishments are being converted into fulfillment facilities, although temporarily, as the virus continues to spread. This is one example of how stores are yielding to e-commerce dominance.
Consumers anxiously anticipate and desire a sense of routine this Christmas season, following an unexpected year of epidemic and economic instability. As per the survey, 60% of respondents plan to make the same amount of money on holiday shopping this year as they did last year, aside from a small percentage claiming that their purchasing patterns have changed since COVID-19 began. Furthermore, more than half of customers stated they would spend the same amount of time looking for better deals, spend the same amount of money on their lunch selections, and spend more money on holiday shopping online vs in person this year as people did last year.
The cost is an important consideration. For at least 60% of the possible client base, it is more significant than any other element. However, the appropriate e-commerce pricing for your products could be the only thing standing between you and exponential growth. As a result, to make the most of the 2021 holiday season, businesses will need to improve their holiday pricing tactics.
Pricing Policies that Will Boost Your E-Commerce Sales of 2021 Holiday Season
Here are the best e-commerce price techniques that can be implemented over time to increase e-commerce sales throughout the holiday season:
1. Deeper Discounts and a Wider Range of Offers
According to a survey conducted by Revionics LLC, 45 percent of holiday buyers believe that holiday discount offers would become one of the most important elements in deciding where to spend. This means that to stimulate sales this year, businesses will have to provide deeper and larger offers. To compensate for the pandemic’s high inventory levels and weak sales, retailers around the world are providing larger discounts than in previous years.
There will be discounts this year on a variety of items. Before going all out with promotional offers and bargains, figure out how low you can price your product categories without hurting your bottom line. In this scenario, you must take into account all factors. Investing in modern web scrapers and intelligent price and promotion optimizations, even during the Christmas shopping season, can help you give the best deals.
2. Promote your Pricing
Spending money is difficult. It’s not easy to spend money. Create excitement about your retail product and price bundles to make the process easier. Potential customers can’t buy things they don’t know about, and certainly definitely can’t engage in sales that aren’t widely advertised.
Advertise your competitive pricing strategies through social media and news pages, and also direct marketing efforts to previous consumers. Customers will be enticed to invest today now if you present your prices as a source of economic progress and enthusiasm. As a result, you must ensure that your holiday season deals are promoted at the appropriate scale and in the appropriate locations to attract an increasing number of customers!
So, what are the most successful sales tactics? Buy-one, get-one promotions are always a hit, encouraging consumers to invest extra than they would otherwise since they believe they are getting something for nothing. Sales that include a gift card or coupons to entice customers to make a future purchase can be hugely successful.
3. Ensure Detailed Market Research and Competitor Monitoring
Competitors and customers are the two most significant elements to sustain in the industry. You can’t afford to conduct thorough market research to determine what customers want, what trends are dominating the market this season, what their projected budget is, and what they are willing to spend joyfully!
You must investigate what deals they are making, what advertising strategies they are employing, who their target audience is, and what product lines they are developing, and so on. You can price your products adaptively and outperform your competitors every step of the way with these statistics.
Market research and demand forecasting are essential for retailers. One of the most effective strategies to go forward has been to use Google Trends to keep track of holiday wish lists. Another option is to look back at previous holiday season data and analyze key parameters like the most popular products, the average order value, the busiest times of the year, and so on. An expert web scraper is the best person to contact for this because they know how to accomplish it quickly and efficiently!
4. Providing Excellent Experience
A satisfied customer is of the utmost importance! Make every effort to provide the greatest possible client experience. Customer loyalty can be strengthened by customized packaging, expedited delivery, and free shipment. Give the services and give it your best shot to keep the same consumers for the coming years! Put yourself in the shoes of a customer and assess whether or not you are satisfied with the company’s service. Due to concerns about the coronavirus, a growing number of customers are asking for curbside pickup and purchasing online and picking up in-store (BOPIS).
Many merchants are expanding their BOPIS offers as a result of the rapid rise in popularity. This is something to think about if you want to boost client happiness.
5. Try Bundle Pricing Policies
Bundling is one way to get people to spend more on a product. Bundling brings together similar things to give the impression of a discount. Customers may be persuaded to spend a bit extra on an item they would not have purchased otherwise if they are offered a bundle.
Customers will buy the bundle together with a plethora of other connected products if you sell related items together at a slightly higher price. To pique curiosity, consider marking your bundles as limited editions or utilizing unique packaging to sell them as Christmas gifts. Bundling is important to Big Bazaar, for example. Three Good Day family packs, for example, are available for Rs 60.
6. Focusing on Multi-Channel Pricing
Clients are constantly using mobile devices to shop and moving to online retailers. In-store holiday shopping, on the other hand, is not dead. To provide the multi-channel shopping experiences that people anticipate, retailers should have a firm Holiday pricing policy both online and in-store. They should also be aware of which networks have the best lineups. Stale prices are a common holiday pricing blunder that should be avoided at all costs.
When your customers find alternative pricing on your website after seeing a great bargain someplace else, it upsets them. By looking into data from prior promotions, retailers can employ data analytics to consider developing patterns and successfully execute this multi-channel approach.
7. Narrating Value-Based story
Even though the price is an important component in all purchasing decisions, customers do not always choose the cheapest option. They are searching for a good price-to-quality ratio. Emphasize the item’s long-lasting quality, but don’t rely only on sales text. Consider how customers buy things based on how they believe they will make their lives better. Customers are more likely to pay more if you introduce an item as an asset with long-term value. One technique to get customers to spend the money without decreasing your rates is to employ decoy pricing, which uses a more expensive option.
Examples of E-Commerce Pricing Policies Used by Brands During Holiday Seasons
Promotional Pricing
The primary principle of psychological discounting (Rs. 99, Rs. 49, etc.) is primarily compelling to attract customers and enhance conversions. This strategy is used by big brands like Reliance, Flipkart, and Samsung to create the illusion of lower rates.
Low-Interest Finance Options
Consider providing low-interest financing. In addition, we provide Special Event Pricing. Close to various festive seasons in various package sets to appeal to clients based on their seasonal requirements. For example, Kurkure and Cadbury provide a variety of holiday gifts, hampers, and certificates based on the festivals.
Competitive Pricing Policies
Another pricing approach utilized in Indian retail is differentiated pricing, which a tariff distinction is made depending on peak and non-peak hours or days of shopping. During the holidays, brands like Monte Carlo, Swiggy, and Zomato provide significant discounts, special deals, and differential pricing. Rather than maximizing profit, they want to maximize holiday sales.
Conclusion
Consumers have more opportunities to plan their purchases and spend more money because online purchasing needs less effort. You may increase sales and make this holiday season the most sophisticated yet by using appropriate e-commerce pricing models. A solid, long-term Competitive pricing plan and a consistent marketing strategy are the keys to gaining a loyal customer base throughout the year. As the holiday season approaches, certain retail outlets may be short on time, or you may be unclear on how to deal with your competition.
It is prudent to invest in modern web scrapers and intelligent price and promotion optimizations to deliver the finest deals even during the holiday shopping season.
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