Easter is at the door, are you ready to boost sales? Don’t worry if you haven’t started preparing yet, because we’ll give you three tactics to outrank your rivals on this special day.
You’ll learn how to:
- Optimize pricing strategy
- Tell an exciting story
- Make joyful bundles
If you’re ready, let’s dive in!
Optimize your pricing strategy
Holidays come with rising expectations. We already know that customers want an excellent shopping experience at the best price, especially on holidays. What’s more, they find the best deals with a quick search on comparison shopping engines. So, if customers don’t settle down for a good deal, you have to offer the best. Then the question is, how to make sure you offer fairly attractive deals?
The first step is certainly tracking competitor prices. Without monitoring your competitors, how could you possibly be sure you have fascinating discounts? Let’s go over an example. Here’s a store that doesn’t gather price intelligence.
At first glance, a £50 discount may seem attractive, but only until customers compare prices and see others’ offers.
It’s hard to imagine why someone would pay £145 more for the same product.
If you haven’t noticed already, the store at the top is not a retail giant. Yet they gain visibility by offering the best deal, and they lure so many customers into their store. Now that we agree upon the necessity of price intelligence in such a competitive environment, let’s go through three competitor price tracking methods.
Manual tracking
To manually collect 50 competitors’ price data for 20 products, you’ll spend approximately 12,5 hours. By the time you finish, most of that data will have changed. It’s not an option in the fast-paced ecommerce industry since you have to be strategic with your resources, and improving the other aspects of your business would likely deliver better results.
In-house pricing engine
You can build a fully customized price tracking engine designed in line with your needs. You have to invest a great deal of time and financial resources into an in-house engine, and it doesn’t end there. Like living beings, the software requires maintenance as it gets old. And of course, continuous maintenance is a little too costly, especially for an SMB.
Pricing SaaS / Dynamic pricing
Price tracking software automates hours-long intelligence gathering, doesn’t require developing skills or maintenance, and doesn’t cost as much as an in-house engine. But dynamic pricing software has another function as well. Once you have uploaded all your products’ price information, it automatically adjusts your prices in response to changes in competitor prices. In other words, dynamic pricing makes sure you have the best price among all.
One other function that will highly benefit your business during holiday seasons is that you have the opportunity to see which of your and your competitors’ products have gone out of stock. So, you can adjust your price according to this stock information and leverage if your competitor goes out of stock, or you can consider raising your pricing if you are running low on your product stock.
Tell a story on Easter
We feel happy and excited on the eve of the holidays. Easter is a special one that takes us back to our childhood memories, and our emotions influence our buying behavior.
Storytelling is a powerful tool you can use to attract sentimental customers. But of course, it might backlash if they doubt your sincerity. So, create a story that genuinely excites you and your team. Then, distribute that content throughout all of your marketing channels. To put customers into the Easter spirit, you might add some Easter Eggs into your story and ask customers to solve the mystery. It’s a great opportunity for customers to engage with your content.
Taylor Swift’s Capital One commercial is a great example in front of us. The singer’s fans love puzzles, and she knows how to communicate with them.
Make joyful bundles for Easter
Easter baskets are a great bundle to spread holiday cheer. Working people don’t have the time to make their own baskets, so why don’t you prepare them to save customers the trouble? Create multiple Easter baskets to attract adults as well as children.
Easter baskets for children:
Children would love a basket filled with:
- Toys
- Candy
- Crayons
But of course, one basket won’t make all children happy. Check out what’s trending among young people to come up with themes that’ll attract children of all ages.
Easter baskets for adults:
When it comes to adults, there are numerous concepts, just to name a few:
- Plants (even small trees)
- Personal care products to pamper the loved ones (bath products bundled with candles and lotions)
- Hobby (gardening, painting, cooking)
- Leisure (Barbeque, movie night)
Pick several themes from above and get them ready before the special day arrives.
Parting Words
Easter is coming. We have tried to reveal the secret of success to boost your store’s sales with a smart strategy. Give your customers a joyful shopping experience with the most attractive prices. To recap, here are three steps you need to follow:
- Track competitor prices to utilize your competitors’ shortcomings
- Tell an exciting story to resonate with your audience
- Make creative Easter baskets
Start preparing and make this Easter your most profitable one yet.
ecommerce growth strategy
