Thanksgiving Comes Early This Year: Start Your Holiday Season Even Earlier
The holiday season is here again and if you run an ecommerce store, you have to be ready to leverage the increased spending. You can expect to spend more on gifts, decorations and other whims. However, it’s not just about sales but also a chance to win new customers and keep them coming back or even have them as brand ambassadors.
But wait, how do you even make that first sale? One of the hardest aspects of marketing during the holiday season is pricing. With the competition being even more vicious today, it is important to make price and promotion decisions based on research and not instinct.
Here’s what to consider when it comes to determining your prices this holiday season:
- Evaluate your costs: Whatever is happening in the market, your costs should come first. To set the minimum price, start with your costs to help set a realistic margin and play with offers. The idea is to never risk your company’s sustainability.
- Competitor research: With your minimum price now set, go ahead and see what others are doing. Assess a full category of products and using a price tracking tool.
- Avoid crazy offers: Demand is very high during the holiday season and you should never undervalue your products, but instead go for deals such as free shipping to capture interest.
- Check out for out-of-stock: You can set high prices for these.
- Delivery times: If you can charge higher and deliver in time with fancy gift wrapping thrown in, you will still get customers.
- Keep checking price trends in past holiday seasons: You might have a chance to pounce on specific hours/days and make a killing.
Ideally, holiday season pricing is not just about low prices but does take much more research.