Kaymu, a Nigerian online marketplace, has highlighted 5 ways in which retailers can maximize their profit this season.
Christmas is one of the most hectic periods of the year when it comes to people shopping for gifts to friends and family. However the physical store has gotten competition from online marketplaces which have developed to be the new place for business activities and commercial trading. Retailers which open up shops on online marketplaces are increasing tremendously since it provides an already established market for sellers.
1. List Seasonal Products: During the Christmas period one of the best and fastest ways to maximize profit is to list seasonal products. Items like Christmas hampers, Christmas decorations, fireworks and fire crackers, Christmas trees, Christmas costumes and gift items amongst others are quick sellers during the season. In addition, retailers are advised to conduct research on top selling products during Christmas or re-list products which have been successful in the past as such products stand a higher chance of moving fast in the online marketplace.
2. Beat The Competition: One of the best ways to maximize profit this Christmas season is to make your Christmas offers better than any other seller on the Kaymu platform. During the Christmas period many people will be selling similar products and listing it at prices within the same range. To ensure your products get sold off the shelf in no time it’s important to place your product at an advantage. A retailer who wants to maximize profit should take some time to research on the competition and place clear pictures of products at the most competitive prices. The myth is that prizes go up during Christmas so chances are customers who see a product at a cheap price will not be able to resist the offer irrespective of whether they need the product or not. During Christmas, most times price trumps utility.
3. Topnotch Customer Service: Christmas is a feel good season and there is no better time to offer excellent customer service to buyers than now. Customers like to be treated with respect and the onus falls on the seller to ensure the customer is attended to in the most courteous, friendly and warm manner. Sellers can go the extra mile to wish the customer ‚’Season’s Greetings or Happy Holidays’, make suggestions on how to use/preserve items bought as well as attend promptly to buyers calls and concerns. In addition, going the extra mile to obtain a feedback on client satisfaction days after the sale has been made makes all the difference. Sellers with the best customer service are likely to generate more sales this period especially from return customers.
4. Include an Add-on: Everyone likes a freebie, as minute as it may be. Whether it’s in terms of extra services as an add-on or a free item that comes with the purchase of a specific product, it’s important to give a little extra this season: besides that’s what Christmas is all about-giving. As added value to customers, a retailer or seller can offer gift wrapping and delivery solutions to the recipient of the item at no extra cost to the buyer or include a useful item to the product purchased. For instance one could add a shoe-horn or a shoe pad to a pair of shoes being listed and include the freebie in the image uploaded. You’ll be surprised how far these seemingly little extras will go.
5. Super Saturday Deals: Most retailers do not know the power of Super Saturdays. Research has shown that buyers make the most purchases the Saturday before Christmas. Christmas has been discovered to be one of the prime periods for impulse buying as most people see it as a time to indulge and pamper themselves so it’s ideal to discount and re-discount all old and unsold stock the Saturday before Christmas Day. Most people don’t do their Christmas shopping until the last minute, indulging in Super Saturday deals ensures that retailers partake in the Christmas rush sales thus increasing their profit.
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