For many online retailers, the month of January is a slow one. Consumers are generally paying off Christmas purchases and the remaining online shoppers are seeking good deals on accessories in the hopes of taking advantage of clearance sales.
However, there are ways to cash in during the slow period in January.
Here are 7 Revenue Generating Ideas for January
Spotlight sales on accessory items. For example, a site that sells gaming supplies would feature discounts on extra controllers, storage cases and games. A site selling tablets might feature protective gear and screen protectors.
Offer free shipping
People are looking for deals, and no cost shipping is always a motivating factor to buyers.
Offer volume discounts
If you have products consumers might buy in multiples, offer tier-level discounts. This can prompt shoppers to buy ahead and stock up either for themselves or to give as future gifts.
Sell grouped items
Accessory items and items that need to be cleared out - offering a “package” at a steeper discount can help deplete inventory.
Offer stock-up sales
Develop a promotion to “stock up for next Christmas (or other occasion)” to market to your customers. Each January, I shop Yankee Candle, for the next holiday season. I save upwards of 40 percent on retired and close-out stock candle accessories.
Sell on eBay
Despite additional fees, millions of consumers will shop on the popular auction site to redeem eBay gift certificates and to find good prices on accessories. A decent percentage of these shoppers will not navigate elsewhere, nor will they rely on search engines to locate desired items. The advantage? You increase visibility! Promote to those customers specifically through your packing slips and order inserts or fliers. This will invite the consumer to visit your store directly in the future.
Offer a free gift with purchase
Offering an accessory based on what’s being purchased, is a deal maker. Either way, the word "free" always stimulates interest.
Disclosing Your Return Policy
Consumers are more apt to buy “on sale” and clearance items even when your return policy still applies. If you will not accept returns or exchanges, be clear about the policy and price items accordingly. Typically, consumers expect rock-bottom pricing for items that are non-returnable.
January is also a good time to start drumming up more interest through social media and email or newsletter subscriptions. Post-order follow-up emails should be used to encourage even one-time customers to interact via writing reviews and testimonials. The goal? To build a foundation that can be used to convert more one-time shoppers into regular customers all through-out 2014.