4 minute read
The 2023 holiday shopping season is underway and online sales are expected to reach $1.19 trillion globally in just two months.
In this article, we highlight strategies to help you meet customer expectations and generate revenue during this year’s peak shopping season.
4 ways to increase sales this holiday season
Here are four ways to boost sales this holiday shopping season.
1. Start early—and be flexible
Since 2020, holiday shopping has started earlier and earlier. Last year, 25% of consumers began gift shopping before October. This year, many sources indicate a similar pattern. To help offset price concerns and take advantage of the elongated holiday shopping season, holiday discounts started in early October as well.
But consumers are not just looking for discounts; they’re looking to spread the cost of bigger ticket items over a period of time. Offer flexible payment options like buy now, pay later that allow your customers to pay over time, while you get paid in full. At checkout, customers simply choose the plan that works best for them—including delayed payment, split payment and monthly installment payment plans.
On Amazon Prime Day, BNPL transactions increased by 20%, suggesting customers want to spread payments over an extended period this holiday season.
And with early shopping, you’ll want to be more flexible with your return policy as well. Does it accommodate gift returns after the new year? If not, consider adding a gift policy with longer-than-usual return times. Or could you offer branded gift card refunds for returns outside of your regular policy?
2. Tap into social and live commerce
Social and live commerce were top payment trends in 2023. That’s because they offer quick, easy and affordable ways to sell across multiple channels. And they provide a competitive advantage: LinkedIn found that 78% of social sellers outsell peers who don’t use social media.
78%
of social sellers outsell peers who don’t use social media
Social commerce generated about $728 billion in global revenue last year. Statista forecasts a compound annual growth rate (CAGR) of nearly 32% from 2023 to 2030. And live commerce could account for as much as 10%-20% of all ecommerce sales over the next few years, reaching $55 billion globally by 2026.
It’s not too late to sell across social and live platforms. Turn any channel into a checkout by using payment links: Instagram, TikTok, YouTube, email, SMS and more. You get paid faster, reduce your chances of fraud, and save your business time and money—without needing a website.
3. Deliver a seamless, omnichannel shopping experience
With 85% of consumers interacting with businesses through omnichannel shopping, it’s important to deliver the consistent, seamless buying experience they expect. Omnichannel shopping blends in-store, in-app and online buying into a single streamlined customer experience—across physical and digital touchpoints.
This holiday shopping season, let your customers choose the most convenient channel for their needs—wherever they are, whenever they want, however they want. Deliver a seamless, omnichannel buying experience to increase customer engagement and drive higher sales—across whichever channel they choose.
4. Reward loyal customers
Customers want to feel valued and appreciate being recognized for their loyalty. By rewarding your loyal customers with special offers, discounts, VIP memberships and more, you give them even more reasons to return—and buy more from you. And repeat purchases help boost your bottom line.
Offer customers a well-designed loyalty program to attract and retain a more loyal customer base. It helps you improve customer satisfaction, generate repeat business, and increase sales.
A bonus: When you show customers that you value their loyalty, they will likely tell others. (And that’s free advertising for your business!)
Holiday headwinds
Consumers are still feeling the pinch of inflation-related price increases. While the International Monetary Fund (IMF) expects global headline inflation to decline from its peak of 8.7% in 2022 to 6.9% this year, a "return to target inflation"—an indicator of price stability in the economy—is not expected until 2025 in most countries.
The result: Consumers worldwide continue to struggle with higher prices for food, energy and household goods. And many are delaying big purchases and postponing vacations to keep up with monthly expenses. Others may purchase smaller quantities or switch to lower-priced brands. All factors that could impact this year's holiday shopping.
Successfully navigating these headwinds will require you to be more flexible and forward-thinking than ever. Using the four ways to increase sales this holiday season, you can turn these challenges into opportunities.
Make this peak shopping season your best yet
Economic uncertainty may seem like the new norm, but it doesn't have to slow your business down. By starting early, embracing social and live commerce, offering a seamless omnichannel experience, and rewarding your loyal customers, you're well on your way to holiday sales success.
If you’re ready to capture even more holiday sales, contact us today. Our team of experts is here to help.
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