Here are a couple of e-commerce tips to help maximize your sales this year and take advantage of the hoards of romantics looking to impress their loved ones.
High margin retailers: take advantage of your high margins to increase overall volume, but keep it personal!
Highly seasonal retailers are often forced to provide discounts to beat out their competition during their most critical sales weeks. This often manifests in blanket discounts that are highly visible and sharable.
Savvy retailers, however, have come to learn that money is often left on the table when a blanket discount is applied, instead of offering a Name Your Price sale on select (or all) items.
According to WalletHub, Jewelers discount their prices during Black Friday and post-holiday sales cycles more heavily than any other industry, often upwards of 55% and more.
Jewelers using PriceWaiter during the same time period, however, experience much lower discounts, while still being able to not only compete, but out-sell their competition. The average discount requested by Jewelry shoppers is 32%, while the actual average discount on completed orders is 23%. When multiplied by large volumes sold, this can be a multi-million dollar difference maker.
The bottom line is that online shoppers are not conditioned to request massive discounts. By offering blanket discounts, you are leaving money on the table. PriceWaiter transactions are all private, so each customer can receive a personalized price while you can maximise your margins.
A personalized experience will lead to long term loyalty, so you don’t have to work as hard next year.
The psychological advantage of shopper perception that they are “winning” or somehow out-witting a retailer when making a purchase, is powerful. If you are able to give your shopper a unique experience that combines quick service, low pricing, and personalized attention, the long term financial value added could be huge.
According to the Chief Customer Officer Council, repeat customers in the Jewelry and Floral industries represent 33% of total revenue. Allowing a customer to take the initiative on their own pricing, and then following up with direct communication is a powerful tool to lock them into that repeat customer dossier.
Not going above and beyond for your customers not only risks losing an immediate sale, but can also hurt your store long term. In a report titled Enhancing the Customer Experience and Engagement in Retail, PeopleMetrics writes that companies focusing on customer engagement realize a 13% revenue reward, compared to a 36% revenue penalty for those companies obstructing customer engagement.
PriceWaiter represents a simple, efficient, and affordable way to maximise your profit potential this Valentines Day season and beyond.