During the Christmas campaign, eCommerce businesses need to adjust their pricing strategies to fit market demand in order to optimise their sales and attract customers. After a month full of sales and discount campaigns, retailers need to prepare for a Christmas that’s more digital than ever and work on making shopping easier for both regular and new customers. To do this, they should adapt their pricing strategies, which will be more effective with the help of a pricing suite, as well as the marketing actions they take at this time of year. We at Minderest will explain how.
Adjust your pricing strategy to suit the market
The first step in preparing for the Christmas campaign is to choose a competitive pricing strategy based on demand and on the prices of the competition. This will make it easier to compete with other companies in the sector for customers. If, in addition, your products are of a higher quality or have characteristics that make them unique and exclusive, use this and draw the users’ attention to that fact. You can also set up the following pricing actions aimed at accelerating the sales funnel:
- price grouping
- adjust your returns policy
- fixed delivery prices and time
Review your catalogue and reorganise your products based on price, grouping items with similar prices together: from 10 to 20 euros, from 20 to 30 euros, and so on. At the same time, you should offer your target audience gift ideas for different profiles, as Amazon already does in its Christmas shop. This will help your users find the gifts they’re looking for and increase your conversion rate.
Adjust your returns policy
Extend the timeframe for product returns and simplify the return process to encourage increased purchases. The deadline for returns must be clearly stated on both the eCommerce homepage as well as during the purchase process. It might also be a good idea to include a return label directly in the package itself. You could also choose to eliminate any added costs for returns as an exclusive Christmas promotion to attract more users.
Fixed delivery costs and times
Check the effectiveness of your distribution channels and, based on your objectives, consider the possibility of shortening delivery times and offering potential clients reduced shipping costs—only during the Christmas campaign. You can start testing how this works in the first weeks of December before fully implementing it closer to 25 December.
Design a specific marketing campaign for Christmas
Changes in the pricing policies of eCommerce businesses must go hand in hand with an online marketing campaign that increases its visibility and strengthens customer acquisition. To do this, some marketing actions you can’t leave out include:
- designing and launching ads on social media and search engines
- posting original content on social networks
- creating emails with personalised offers, directed at a segmented audience
- decorating your online store with unique banners and calls to action for the Christmas campaign.
- designing eye-catching and exclusive packaging for the holidays
From the first days of December, you can adjust your prices and monitor the results of your new strategies to optimise your sales and distribution channels. This is a task that you can easily assess with the help of automated tools for creating pricing reports that bring together different KPIs based on the needs of each eCommerce business.