In recent years, the word ‘drop shipping’ has become increasingly prominent in business articles, especially in the retail sector and amongst online sellers. For those who are scratching their heads, wondering what it’s all about – this article is for you.
Whether you love Valentine’s Day or loath it, it provides a major opportunity for online sellers to get 2020 off on a solid footing.
Valentine’s Day statisticsTo understand how the Valentine’s sales period could impact your business its helps to know just how mammoth the event has become.
Here’s a few key Valentine’s Day stats:
- 90% of consumers will spend money on Valentine’s Day.
- The number of transactions over the Valentines period has risen by 23% in the UK over the past few years.
- The average spend on Valentines in the UK is £49, compared with £110 in the US and £107 in France.
- 50% of Valentines shoppers will complete their gift shopping in the first two weeks of February.
- 29% of Valentines shoppers will shop online for gifts.
- 40.7% of those people will make their Valentines purchases using a smartphone.
Valentine’s Day best sellersFlowers and Chocolate are of course a given, and it’s no surprise to see that jewellery and lingerie are also frequently gifted, but what are some of the other most popular product lines for Valentine’s Day?
- Gift Cards
- Books and Films
What products should you list in order to maximise your Valentine’s Day sales?When choosing which products to stock in the run up to Valentine’s Day you need to consider who’s going to be doing the bulk of the purchases.
53% of women would reportedly end a relationship if they didn’t receive a gift on Valentine’s Day, so it’s perhaps unsurprising that men are the biggest spenders when it comes to the most romantic day of the year, with 63% of men expected to buy a gift for a loved one.
This compares with just 45% of women reciprocating with gifts of their own.
Consequently, it probably makes most sense to put a slight bias on promoting gifts for women on your store front.
In the UK the idea of purchasing a romantic getaway for your partner has become increasingly popular and now accounts for roughly 19% of total spending.
While offering trips maybe outside the scope of your online store you could still take advantage of this trend by promoting gifts that might be useful for a weekend getaway, such as travel sized toiletries, luggage or travel journals.
And remember your Valentine’s Day sales shouldn’t focus entirely on couples. There are a lot of singles out there who may be feeling a little lonely and opt for a little retail therapy.
Finally, why restrict yourself to human gifts? According to Business Insider, over 9 million gifts will be bought for pets by their owners over the Valentine’s period.
Our tips for maximising your store’s potential on Valentine’s DayEnsuring you have the right products for Valentine’s Day is only half the battle, there is plenty more you could be doing to capitalise on the sales holiday.
As always it’s important to make it as easy as possible for customers to find what they’re looking for in order to secure a sale, and as such its advised you spilt your offerings into categories like ‘For Him’ and ‘For Her’. You can break this down further into price ranges and product types to make the customer journey as easy as possible.
Optimising your keywords and listings is also vital to ensure your store doesn’t get drowned out by the competition and can be found by buyers looking for gift ideas.
Product bundles can be a great way to increase the average orders size through the Valentines period. Grouping together a few related items at a slight discount offers value for money for your more cost-conscious customers but encourages them to spend more than they might otherwise.
Additionally, if your online store has a lot of international customers you need to consider how you will be repatriating the funds from overseas sales.
Get in touch with our team to find out how our multi-currency collection accounts, convenient online service, excellent exchange rates and expert insight can help you maximise your revenue.
Like any shopping holiday, Valentine’s Day offers the ideal opportunity to increase your sales and brand awareness. It might be too late to make changes for 2020, but it’s never too early to start getting prepared for next year!