Like Valentine's Day or Black Friday (which has now become Cyber November), Father's Day and Mother's Day are two key dates for ecommerce. During the year, online stores face these featured dates trying to be the most competitive, an objective that can lead to making the wrong decisions along the way.
Over the days of Father´s and Mother´s day, the sales strategy focuses on making good packs that attract more customers and increase sales. However, sometimes the way to set their prices is not the most appropriate, since it does not respect the main goal of all ecommerce: to make a profit.
Thanks to monitoring the prices of the competition, each brand and online store can know in real time what prices other ecommerce set for their products. In order to adjust prices to the competition without losing profit margins, it is important to take into account the characteristics of our own brand, the costs of the sale and the other associated factors, such as shipping and delivery costs.
In this case, the pricing strategy for the packs must reflect the proportional part of these costs for each product. How to do it correctly? Here are a few suggestions.
Percentage discount: discount the price of the pack thinking about how much you could reduce each product separately. In this way it is ensured that the final amount will continue to report benefits to ecommerce.
Include a gift: once the price of the pack at which it could be sold has been analysed, direct the call to action to a free product for its purchase. This gift must have the same value as the possible discount to be made to the rest of the pack, so that the margin of the brand is insured but this offer can easily hook the customer.
Do not forget that the goal is to encourage the purchase, so making the right packs (however attractive its price) also implies a good selection of the products it will contain. If the offer is based on a pack with lots of products making inevitable the high amount of its price, the sale will surely slow down on its own.
When selecting products it is essential to recognize which ones can be associated by logic and necessity. For example, a razor with its refills, a perfume with the same aroma lotion or a wireless keyboard with a matching mouse and mat. For this same reason, it is also necessary to keep the product catalogue updated for the occasion. Do not hesitate to launch a catalogue intelligence tool to avoid the sale of products that are out of stock, as a poor stock management is one of the problems that generate the worst image to the customer for an ecommerce.
The ideal pricing strategy for these days must be accompanied by a strong marketing campaign that encourages the purchase during the entire period of time that will be affected. Remember that this type of sales respond to a very important time factor, since the deadline is the key. Add last minute discounts is a way to take advantage of the urgency of the buyer, who can also be attracted with express or weekend shipping costs at a reduced price or, even, free. Everything will depend on the costs that have to be covered with the sale and the (realistic) forecast of the total sales.