Boosting August & September 2023 Sales like these top Shopify Plus Merchants
There's a cycle of ups and downs in sales in eCommerce. Imagine a big rush of buying during holidays when consumers get gifts and grab deals. After the holidays, things slow down a bit. Then, when spring and back-to-school time come around, there's another increase in shopping.
The Optimove 2023 Consumer Summer Shopping Survey queried 400 U.S. citizens in March 2023. It was found that 78% plan to spend the same or less on summer items compared to 2022. Only 22% intend to spend more, while 36% plan to spend less, and 42% expect their spending to remain unchanged. Additionally, economic confidence for summer 2023 compared to 2022 shows a shift, with 47% feeling less confident and 25% feeling more confident in the economy.
Additional survey results reveal that most consumers, accounting for 56%, intend to shop for summer items during May and June. The study further highlights an eagerness among shoppers to seize early sales opportunities. Impressively, 68% of respondents express a desire to be informed about sales by April, with 51% indicating that early sales could potentially influence their purchasing decisions, mainly if they occur "sometimes and often." This underscores a willingness among consumers to engage in proactive buying when presented with appealing early sales.
Let's explore why clever pricing matters during these slow periods. In this article, we learn how eCommerce can survive this season, discover how pricing strategy can stay on track, and make the journey smooth, even when sales slow down.
Understanding consumer behavior in August and September
One of the most significant factors that is affecting consumer behavior is Seasonality.
On the other hand, during summer, consumer spending is also hugely impacted by the following factors:
- Kids being out of school and the many vacations are taken during the warmer months.
- As children stay home, more purchases are necessary to keep them fed and entertained.
- Plus, vacations, although fun, aren’t cheap. Traveling increases consumer spending significantly as excess finances are put toward transportation, shelter, fun activities, and food.
Knowing the consumer behavior in August and September unveils a fascinating blend of seasonal effects and personal choices. Each aspect adds to the story, from lively holiday shopping to the practical needs of summer. Understanding these patterns empowers businesses to adapt, ensuring a smooth rhythm between shopping and the seasons.
Cracking the Code: Understanding Competitor Price Tracking
Imagine having a price-savvy sidekick that keeps you one step ahead of your rivals. That's the essence of competitor price tracking, a strategy that involves closely observing and dissecting the pricing choices of your competition for similar offerings. This strategic approach is essential – it empowers you to make well-informed pricing decisions, stay ahead in the race, and allure potential customers. By grasping the market dynamics and adjusting your pricing strategy accordingly, you unlock the door to enhanced sales opportunities and ensure your business thrives in the ever-changing e-commerce landscape.
Harmonizing Success: The Relationship Between Competitor Price Tracking and Boosting Sales During Slow Months
A dynamic duet emerges when your vigilant eye monitors rivals' prices and triggers a sales surge during quieter spells. Competitor price tracking emerges as a secret weapon when business/sales slow its tempo. It's about understanding how others set their price tags, allowing you to fine-tune your offerings for maximum appeal. It's akin to a well-choreographed dance; clever pricing maneuvers can breathe life into your sales, even when the market seems hushed. By staying attuned to your competition, you infuse brilliance into your business and increase sales during the market's softer moments.
Sailing Through Slower Times: Effective Strategies for Enhancing Sales and Productivity.
Every business encounters highs and lows in sales, and each venture faces a period of reduced activity, even if the extent may differ.
Here's a valuable guide to steer you through the challenges of low e-commerce sales periods:
1. Shoppers are out and about—get their attention on mobile
You will likely see an uptick in foot traffic during the summer—especially if your business is in a popular neighborhood or tourist destination. However, just because people are nearby doesn’t necessarily mean they will be inspired to come in. In addition to eye-catching signage and visual marketing materials, you should use mobile marketing to send deals and promotions to people in the immediate area. At the very least, you should ensure that your site is optimized for mobile so that people can find you via search if they’re in the area.
2. Charm with Deals
It's all about crafting offers and rewards that dazzle consumers, drawing them in like a magnet. With this strategy, businesses create a spellbinding experience that turns curious visitors into loyal fans. Discover the art of boosting sales and captivating hearts through the power of irresistible deals.
3. Craft a Delightful Experience
Transport your online visitors to a realm of warmth and charm with a welcoming ambiance. Elevate your brand by delivering exceptional service that sparks joy and captures hearts. In e-commerce, every click is a chance to create a memorable encounter. From user-friendly navigation to personalized assistance, every touchpoint matters. Embrace the art of crafting delight, where a seamless shopping journey and attentive service combine to leave a lasting impression. As you weave this experience, remember that the heartfelt connections make your brand shine in the world of pixels and screens.
4. Smart Inventory Management
Fine-tune your inventory based on sales insights to ensure seamless operations and cut costs. Inventory management systems help retail businesses optimize their stock. It offers robust and detailed real-time inventory tracking. Each product on your virtual shelves is crucial to your success story. By optimizing your inventory, you not only avoid overstocking but also ensure you're well-prepared to meet customer demands. It's the art of balancing availability and efficiency, transforming inventory management into a strategic advantage that sets you apart in the digital marketplace.
5. Staying ahead is a constant goal!
Imagine a powerful tool that transforms your business game – that's PriceMole. With help from this powerful Shopify tool, this strategy becomes your secret weapon. By keeping an eye on your competitors, you make more informed choices that draw customers and beat the competition. And it's not just about tactics – this tool can supercharge your sales. By automating your price using PriceMole dynamic pricing based on real-time info, you gain an edge that boosts sales and keeps you strong in a changing market..
Success Story: Navigating the August-September Slump with Competitor Price Tracking and Automated Repricing
Cozykids is a one-stop shop for all things baby and child. Whether it’s toys, decorations, accessories, games, or furniture, Cozykids does it all.
Launching in 2016, the brand has grown immensely over four years to become Greece’s favorite online store for kids, and with its sights set on expanding globally, Cozykids knew it needed to be able to scale fast. Their best sellers include books and puzzles that the kids will love.
Cozykids is a flourishing Shopify Plus store that harnessed the power of automation to conquer the challenging terrain of the August-September slowdown. As the summer heat settled and sales cooled, this savvy fashion retailer refused to let the slump dampen their spirits.
"Automations have made commerce management and marketing efforts much more effective, while the ability to go from idea to implementation for new features within just a few hours has proven to be invaluable—especially during a really challenging time." -Panos Voulgaris, Creative Director, Malvi
Cozykids secret weapon? A dynamic approach to pricing. With a keen eye on their rivals' pricing strategies, they utilized advanced automated repricing tools to adapt to the shifting market dynamics. As competitors slashed prices and vied for attention, Cozykids swiftly adjusted its offerings, ensuring its products remained enticing and competitive.
Cozykids gained a comprehensive understanding of market trends by integrating competitor price tracking into its strategy. Armed with this knowledge, they strategically timed promotions and personalized campaigns, captivating shoppers seeking the best deals during these traditionally slower months.
The results were nothing short of remarkable.
- Boost revenue up to 82%
- A significant reduction in staff time used for tracking inventory.
- Reduced human error and increased efficiency
Customers were drawn to the store's attractive pricing and tailored offers, turning the quiet season into a bustling period of sales and engagement.
Cozykids journey is an inspiring example of how a combination of competitor price tracking and monitoring your competitors and automated repricing can transform challenges into triumphs. By staying agile, data-driven, and customer-centric, they not only navigated the slump but also emerged stronger and more competitive in the ever-evolving world of e-commerce.
In the journey of sales ups and downs, we've explored effective ways to boost business during slower times. From reaching out to shoppers on mobile devices during the lively summer season to crafting deals that captivate and create lasting connections, these strategies offer a path to success.
Creating a welcoming online ambiance and delivering exceptional service is essential for leaving a positive impression. Meanwhile, smart inventory management ensures smooth operations and cost efficiency. Lastly, the powerful competitor price tracking tool helps businesses make informed decisions and automate pricing for increased sales.
With these strategies in hand, businesses can navigate challenges and chart a course toward growth and success in the ever-changing world of commerce.
Take the Next Step: Evaluate Your Pricing Strategy Today!
Are your pricing strategies sailing smoothly through the tides of change? Now is the time to assess and ensure your approach aligns with the dynamic marketplace. Stay ahead of the game by staying updated with PriceMole and trends – the key to remaining competitive and thriving in the fast-paced world of e-commerce.
We're here to help you! Have questions, thoughts, or insights to share? Contact us! or check out our Website, Shopify, BigCommerce, Facebook, Twitter, and LinkedIn. Together, let's navigate the journey toward success by evaluating, updating, and staying competitive. Your voice matters, and your success is our priority.