For Knives and Swords retailers: The gift that keeps on giving
Knives and swords online retailers are uniquely positioned to grow their business next year if they take time now to maximize sales and customer experience during the holiday season. Taking the time now (take a weekend!) to use your analytics (Glew.io) to do your homework in order to prepare for the next three (3) months of the year may make for a better 2018. The goal: new customer acquisition, first time buyers, and one time to multiple purchase customers.
Here are 5 tactical tips for the tactical retailer:
1. Best sellers and best gift ideas
Knives and swords are great gifts. Assuring that your best selling products are featured makes sense. But what about your best selling products bundled with a great gift idea? Promoting both offers one time and multiple purchase customers a recommendation they may not have considered for themselves and a family or friend.
Draw up your average order value (AOV) as well as makes your customers the coolest gift giver on Christmas morning.
Top ecommerce leaders always want to know what gets bundled most effectively with what. Magento store owners often times will use Glew to determine their best performing products by doing some segmentation on top selling products (High Volume, Highest Revenue, Most Profitable, etc.). Once leaders and marketers identify their top products – they then determine what products are being bundled the most. The most advanced marketers will then create a customized email campaign to purchasers of those top performing products and promote the bundled products.
2. Inventory Readiness
Ideally you’re tracking inventory levels and velocity year over year by product. Using micro segmentation, online retailers drill down using specific offers to best forecast sales. The overall goal is to sell out the old inventory before the holidays and max out the sales of the current inventory.
Selling products successfully online requires top notch know-how and analytics to effectively manage inventory. BigCommerce store owners find few strategies more critical than inventory management. Marketers use the inventory table in Glew to review important metrics including velocity, sell through rate, and depletion days. The best way to stay up to date on these metrics especially over the holiday season is to use the Report Builder in Glew and schedule some automated daily or weekly reports.
3. Customer Lapse Point
The best way to sell tactical gifts during the holidays is to an existing customer. Understanding and segmenting customers by lapse point duration evolves custom campaigns that are targeted and personalized.
Lapse point is the number of days at which a customer is most likely to make a repeat purchase. Glew has three statuses: Active, At-Risk and Lost. Use the segment filtering modal to create a customized segment based on customers who are in ‘Active’ status. Then you can create customized loyalty campaigns to your customers who are within the lapse point. Take it one step further and look at customers who have higher than average AOV and target your most active consumers.
4. Advertising Performance
Studying and understanding channel performance specifically during the holidays may result in a shift and an overall increase in advertising budget. From October through January what works best?
There are hundreds of ways of charting and displaying metrics. The most successful digital marketers understand the true indicators of performance and use that data to make smart business decisions.
Often times, Shopify store owners use Glew to Identify the strongest performing marketing and social media channels to indicate where to increase advertising spend. Measure the important metrics that indicate success: Ad Spend, Return on Ad Spend (ROAS), New Customer Acquisition Cost (NCAC), Profit Per New Customer, and Lifetime Value by marketing channel. Seasoned digital marketers will review and test increasing ad spend on social media as well as Google and Bing.
5. Build and Schedule Reports Now
Create reports with the metrics that matter most to the executive team, marketers and product managers. You can send one off reports or schedule recurring reports. The best way to prepare for the holiday rush is by scheduling recurring reports before the holiday season.
Successful digital marketers will use the report scheduler in Glew to generate automated reports. A good place to start is to schedule custom daily, weekly, and monthly reports based on your company’s KPI’s. Then schedule some reports based on product performance. Reporting options are endless in Glew.
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