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.
