After the rush of the festive season, the return to work in January might appear to be somewhat of a cold and joyless experience. At first glance, there’s not too much to look forward to apart from doing your annual tax return in time for the end of the month deadline. Yep, the first month of the year can be pretty brutal.
But online retailers shouldn’t be too downhearted because there is still plenty of good news to celebrate at this time of the year. With that said, let’s take a look at how we can keep the eCommerce party going long into the New Year.
Reasons to be Cheerful
- A Little Retail Therapy: It’s not just you who might be feeling a little glum at this time of the year. Millions of people are looking to cheer themselves up with a little retail therapy. With loads of cash finding its way into consumers’ pockets via envelopes under the Christmas tree, you might just be in the perfect position to cheer someone up with a post-Christmas online shopping treat. With this in mind, the festive shopping period isn’t really over yet. So make sure your listings on all the major online marketplaces are live and fully optimised and be prepared to make someone’s month with a great deal or two.
- Make Some Room and Generate Some Cash: The January sales are an excellent opportunity to clear some space in your warehouse and generate some extra cash. Make room for new stock by clearing end-of-line and distressed inventory at bargain prices. This could be an opportunity to shift any returns that came back after Christmas. Remember, you’re in the business of moving stock not warehousing it. Stock left sitting on your shelves costs you money and prevents you from investing in your business. There really is no better time to liquidate it and put the cash to good use.
- Go Global: Consider looking at international markets to shift seasonal stock. Going global doesn’t mean you’ll have to invest in translation services or multi-lingual customer service teams. If you are still sitting on a pile of last summer’s stock, there might be an opportunity to sell it into the Australian market.
- New Customers = Fresh Email Addresses: Don’t sit on all those fresh email addresses you collected from own-site sales in the run up to Christmas. These new customers have the potential to be your most lucrative contacts. Hit them now with a targeted offer (an upsell opportunity based on a previous purchase always works best) and start generating something called Customer Lifetime Value (CLV). Remember, email addresses have a limited shelf live. The longer you wait, they less responsive they become.
- New Peaks: Just because your peak selling season is over, it doesn’t mean you cannot jump on the back of another one. For example: January is peak selling season for the holiday and travel industry. If you sell anything (even loosely) related to the travel industry (luggage, swimwear, sunglasses, books, tech), it’s time to piggyback on their multi-million pound promotional campaigns and push any complementary products.
- Love is in the Air: Smart retailers don’t take their eye off the ball until at least February 14th. We’re just a month away from Valentine’s Day, one of the biggest gifting days of the year. Take the time now to switch your festive campaigns to something more romantic and you’ve suddenly extended the holiday season by a month-and-a-half.
- New Festive Opportunities: Seriously, do we ever stop thinking about the busy Christmas period? It’s never too early to ensure this year’s peak selling season fires on all cylinders. Take your time to speak to a SKU Cloud advisor about how you can extend the reach of your product listings and maximise revenues throughout the year and in the run-up to Christmas 2018 now.
January might have the reputation as the most miserable month of the year, but with so much going on in the online retail space, I defy you not to have a smile on your face throughout the month.