The holiday season is notoriously a battlefield for retailers who must fight to win consumers’ attention. As the holiday season approaches, many online retailers are implementing strategies to drive traffic to their website.
With a total online consumer spend of $1.5 billion during Black Friday in 2014 – that is an average spend of $159.55 per consumer – and a whopping $2 billion spent during Cyber Monday, the value of the holiday season shopping phenomenon for online retailers cannot be ignored. This is followed closely by a grand total spend of $9.5 billion on Green Monday and $9.4 billion on Free Shipping Day.
Online retailers who scored the best sales figures on these major holiday season shopping days did so by offering consumers promotions on sought-after clothing and electronic items. Free shipping also ranked as the number one deal breaker for consumers shopping online with 36% declaring they would not consider making a purchase unless free shipping was offered and a further 42% saying they actively seek out free shipping promotions.
While online paid ads are also known to produce considerable sales, there are other online marketing strategies available that can give retailers that all important edge over their competitors. The impact of these strategies not only helps retailers boost sales during the holiday season but can positively influence their sales figures well into the New Year.
The good news for retailers is that holiday sales are projected to increase by 5.7% this year – the biggest jump since 2011 according to eMarketer.
Here are two must-have strategies for retailers looking to ensure they receive their fair share of the revenue spend both during and post the holiday season.
Reaching out to your website’s visitors through emails is still recognized as one of the most effective means for sending them personalized promotions/discounts and driving online and in-store sales. Furthermore, email is an easy way to reach your mobile customer base and keep them informed. Email also provides retailers with a cost-effective marketing channel that can be customized and integrated into their wider marketing campaign with relatively little effort.
1. The ideal email acquisition strategy is to pick up the email addresses of your website’s visitors directly from the relevant product page. For example the Social Connect app, leverages Facebook connect to acquire genuine email addresses and rich user profile data. Additionally, each Facebook connect is accompanied by a Facebook post which brings in even more subscribers virally.
Take the case of Incipio®, a leading designer and manufacturer of mobile device accessories and technology, who used ShopSocially’s Social Connect app to gain a conversion rate of 43.87%. Certainly ShopSocially’s Social Connect app provides a social endorsement opportunity that online retailers cannot afford to miss out on.
2. Alternatively, you can incentivize your website’s visitors to share their email addresses in exchange for a voucher or discount coupon; the success of this strategy relies on consumers’ underlying desire to feel they’ve ‘earned’ their incentive. ShopSocially’s Get-an-Email app is designed to tap into this need and has the power to increase your website’s conversion rate by 5-7 times and convert 10-15% of your visitors into email subscribers. ShopSocially’s Get-an-Email app is mobile friendly and can be customized to fit your website’s brand or image.
Leading eyewear retailer, Gaffos.com, for example, was savvy enough to recognize the benefits provided by incentivized email acquisition and since implementing ShopSocially’s Get-an-Email app has been able to realize an email subscriber conversion rate of 13.52%.
Customer Loyalty Program
Online retailers underestimate the power of a loyal customer base at their peril. In fact customer loyalty has never been more important than in this age of instant social media where satisfied customers are your ultimate brand ambassadors, literally acquiring more customers on your behalf. If you consider that it can cost up to 5 times more to create a new customer than to retain an existing one and that loyal customers drive up to 80% of your revenue, it becomes clear that rewarding your customers appropriately is not only smart but can ensure they remain true to your brand when holiday season shopping fever strikes.
ShopSocially’s Loyalty program fully utilizes the power of social media to convert your customers into devoted brand ambassadors. This revolutionary program enables your business to actively reward customers for their purchases, social advocacy, email sign-ups, product reviews, photo testimonials and more. ShopSocially’s Loyalty program can be tailored to complement your brand or image and has the potential to boost repeat purchases by 26% and customer longevity by up to 5 times.
Take for instance FSAstore.com, an online ecommerce site that exclusively retails Flexible Spending Account eligible products, which implemented its ShopSocially powered loyalty program – FSA Perks™ – to reward its dedicated customers with points that can be redeemed for special discounts.
Found these strategies interesting? To know more about these strategies and find out how you can implement them using ShopSocially platform, contact us here.