Once the holiday rush is over, the shoppers will enjoy the calm after the storm. However, the month after the holiday season is considered as ‘dark’ for all the eCommerce businesses. The same goes true with the online marketplaces. The post-holiday slumps is something that even the giants in the industry like Amazon, eBay,Walmart and other have to face. It won’t be wrong to state that the small multi-vendor marketplaces will face some major glitches. The key is to keep calm and handle the situation instead of panicking.
Discussed below are some of the tips that can help you deal with these glitches. Check them out.
Extend the offers
Since most of the shopping is done during the holidays, the chances of fall in the conversions are higher post-holidays. However, putting an end to the offers just after the holidays can affect the business even more. The best opportunity to grab the attention of your customer back after the sales season is the commencement of a new year. You can offer promotions for starting a new year. Even though the customer behavior changes drastically once January hits, this is still a great time to roll out New Year themed promotions. Provide compelling reasons to the customers to return back to the store. Try to keep a balance and do not let the sale fall drastically.
Make use of the wishlist and abandoned carts
With so many shopping sites and ample options to choose from, the chances of cart abandonment is high. While the shopping bags may be hitting hard on your business structure, it is actually an opportunity for you. Along with an increase in the website traffic, the number of subscribers is expected to increase. Exploit the opportunity and send them reminders in order to motivate them to complete their transaction. Additionally, the online shoppers are in a habit of comparing the prices. They tend to save the products in the wishlist and wait for the prices to drop down. This is the ideal time to motivate them to place the order. The aim is to clear to the inventory. Send them reminders for the price fall. The store owners can even recommend related products based on the wishlist of the customers. Making efficient use of the abandoned cart and wishlists can help you boost the business.
Liquidate the surplus inventory
This is a usual tendency of the shoppers that they consider the products as left-overs after the sale season. Hence, the best way to liquidate the inventory is to start afresh. Here are few of the tricks to accomplish the goal after the busy holiday season.
- Re-structure your marketing campaign and merchandise your online store in order to amp-up the slow-moving stock.
- Discount those items that you think are grabbing less attention of the customers. Offer them freebies and incentives when they don’t expect it coming.
- Bundling is something that can you can learn from the brick-and-mortar store. This is a standard selling technique for merchants. Not just this, it’s the most popular pricing method for retailers. Bundle the related items together and give an impression as if the customers are striking a deal.
- You must have sold a lot of gift cards during the holidays. Send reminders to the card holders and ask them to shop.
Anticipate the slump in the website traffic
After the hectic season, you just can’t expect the website traffic to be the same. Even your loyal customers will take a break from shopping. In addition, the memory of the customers is short. An elongated disconnect with them can affect your business in the future. This is when social media comes into play. Leverage the power of social media and keep interacting with them.
- Keep your customers informed about the activities of your store on Facebook, Twitter and other such platforms. Invite them to share their experience. You can even motivate them to participate them photo contest. Provide discount coupons to the winners.
- Take their reviews and resolve their issues.
Handle the negative reviews
While the customers may forget to appreciate the positive shopping experience, they will never miss a chance of dropping a negative review. Hence, the real task of the e-marketers will being after the holidays. You may not display the feedback in the front-end, but ignoring them may cost you some conversions in the future. So, make sure that you handle the negativity efficiently. Complete the return/refund request as early as possible. In case, you are not providing the best solution to the queries of the customer, then, provide them with the rightful compensation.
Prepare for the Returns/Exchanges
The holiday sales have been going great so far. By the end of Christmas, most of the marketplace and the individual vendors are expected to reach their target. However, along with the boost the sales, the return/refund request is bound to increase at the same pace. Along with this, since there are multiple vendors operating in your marketplace, the chances of conflicts and disagreement is high. Be prepared to handle the chaos that may follow post-holidays. Incorporate live chat options in your eCommerce sites in order to deal with the complains of the customers then and there. Any negative experience is remembered by the consumers and may affect the reputation of the marketplace in the long run. Improve your customer care and resolve the issues of the customers efficiently. Along with the customers, keep the refund/return policies transparent for the vendors as well operating in your marketplace.
- eCommerce operations may prosper after the holiday end all you need to do is to take care of these aspects:
- Establish the New Year promotions
- Stay connected with your prospective Customers
- Create strategies to bring them back to the store
- Targeted Product Reminders
- Make the most of abandoned cart and Gift Cards
- Converge your buyers and sellers at a single place with this Magento Multi Vendor Marketplace Module
- Explore new business opportunities with this Magento Multi Vendor Marketplace Extension
- Magento Multi Vendor Marketplace User Manual
- What makes this Magento Multi vendor Marketplace as the best among Magento Marketplace Addons?