Good news for sellers! Consumer spending is on the rise. Not so good news: consumer attention spans are on the decline – big time.
The average bounce rate (meaning visitors leave a site after viewing just one page) had increased to 34.5% as of late 2013. This number grew from 28-29% in 2011, it could signify the shortening of a customer’s patience when shopping online. But if spending is on the increase, with online holidays like Cyber Monday bringing in a record breaking $6.59 billion in sales last year, how do you capture a shopper’s attention before they go elsewhere? By creating promotions and kits that your competition doesn’t offer.
We see this frequently with big makeup retailers. Stores like Ulta and Sephora both offer promotional deals throughout the year that encourage customers to buy – and fast. When time limits are set on the eligibility of a promotion or deal, consumers feel the pressure to buy now, or else risk missing out.
Fortunately, ecomdash has the ability to allow sellers to create kits and bundles within our inventory management tool. Take a tip from these frequent kitters, and create your own promotions to use this upcoming holiday season.
Use BOGO To Encourage Purchases
It’s no secret that people like free stuff – or, what they interpret as free to them.
Find in your inventory products that have a high profit margin. Are you willing to sell one, in order to give another (or similar) product away for free? Do you have too much of something in stock that you need to liquidate, or is there an item you’re wanting to test out and gauge its popularity?
Truthfully, BOGOs are not much more profitable for the seller than they are a steal for the buyer, but they are used to encourage purchases beyond just the promotional deal.
Let Them Know How Much It’s Really Worth
Shoppers want their purchases to count. Often, knowing the total value of all kitted items (if the sale value is lower) will encourage customers to follow through with purchase.
Yes, consumer spending has increased – but customers want to know how far their money really goes. Entice them with kitting and bundling inventory solutions that are packaged as a really good deal, even if they wouldn’t buy each of these products individually.
Don’t Just Sell Products – Sell A Feeling
Beauty brands are masterminds at this. The above products aren’t just skincare products. That’s boring. They’re “Age Delay” items. Do we really believe there is a youth serum in the black tea leaves that were squeezed into the little glass jars? No. But who cares – the promise of freezing the hands of time for a couple more fleeting moments of feeling like a jeune fille is enough to add excitement.
Name your kits wisely, and you can encourage the big buy more frequently.
PS: Notice the arrow pointing to small text? It says “limited edition.” Use similar phrasing around your kits to create an added sense of urgency and exclusivity.
Since the bounce rate has become increasingly higher, make sure your kits are advertised on your landing page. If shoppers see alluring deals fast, they’ll be less likely to bounce to a competitor so quickly. Learn more about how kitting works within ecomdash.
How have you used ktting and bundling to improve sales? Share your own ideas in the comments section below.