Love is in the air, MasterCard’s data has revealed that spending on loved ones for Valentine’s Day has increased by 49% since 2014. The data shows that the majority of Valentine’s Day purchases happen during the last minutes on February 13th, with 47.4 million transactions made globally on that day alone in the last 3 years. Some popular ideas include flowers, candy, gift cards, jewelry, and even pet accessories. People are willing to spend hours online searching for the right gift. This is why it’s important to emerge with Valentine’s Day offers to increase sales. If done right, Valentine’s Day can bring significant revenue. The following graph indicates the conversion rate showing when people spent the most last year.
Here’s a few tips that can be utilized to help boost revenue:
Generate a newsletter
Send a newsletter reminding your followers that Valentine’s Day is approaching. This will increase your reach and inform your customers about the latest offers. Not only that, there is a high chance to generate sales from it as it will directly lead your audience to your promotions or deals that you offer.
Utilize social media
Social media is your most powerful tool to reach your customers and interact with them directly. Businesses that use social media to listen and engage with their customers create a circle of trust. Start by asking your customers what their opinion is about Valentine’s Day, aim to spark a conversation which will increase interactions. Don’t be afraid to get creative, ask your followers if they already purchased a gift for their loved ones.
Promote products as gifts
Offer your products to your followers as the perfect Valentine’s Day gift. Most people have no clue what to purchase, so utilize this moment to promote your products as the perfect gift ideas with a special Valentine’s Day Deal.
Price rules with ChannelEngine
ChannelEngine has multiple options to adjust the price of a product that’s being sent to a channel. Price rules will add or subtract an amount in the used currency. It is also possible to add or subtract a percentage of the price. The price rules can be managed under Channels > Price Rules in the menu at the left. In this overview, it’s possible to add a price rule or a currency conversion or change existing ones. Click “add price rule” to add a new price rule. For more info click here.
The price rules can be applied on multiple levels:
Channel = Applicable on all products for a certain channel
Listing = Applicable on a chosen listing for a certain channel
Note: Multiple price rules are allowed as long as these rules only consist of one type. This means you can have an unlimited amount of channel price rules and Listing price rules, but not combined.
Have a lovely Valentine’s Day from the ChannelEngine Team!
References
Valentine’s Day Preview: 5 Data Insights That Will Be Hot in 2019. (2019, January 30). Retrieved February 8, 2019.
Valentine’s Day spending up by 49%. (n.d.). Retrieved February 8, 2019.
