In the world of e-commerce, timing is of vital importance. Every event brings an opportunity to acquire new customers and scale up. The game is for you to pick the right events and strategize.
In 2023, online holiday shopping reached $221 billion - in the US alone. As per the data and trends, this number is expected to grow even more in 2024.
So how can you, as an e-commerce marketer, make maximum use of this opportunity? This article will give you actionable strategies for scaling up 5x in 2024.
Before we dive into strategies, why do events matter? Why is it not enough that I run the ads as usual or run a few EOSS (End of Season Sales) whenever any particular season ends to clear out the excess inventory? Why should we make an effort to work on every micro or macro event?
Well, here is why:
Consumers have more buying power as well as intent during the festive season. They are looking forward to buying things that complement the joy of these events. For example: during Valentine’s people want to buy gifts for their loved ones. For Halloween, people especially want to buy funky clothes, makeup, candies, and other items that match the theme. Thus, it is important to capitalize on events that match your product line.
Don't just focus on the big days like Black Friday or Thanksgiving; smaller events like St. Patrick's Day or Mother's Day can also drive significant sales. These micro events are less competitive, allowing for more audience engagement at lower cost(low CPM, CPC). This means you can acquire a bigger audience in less budget. During such micro event sale periods, brands can expect to scale up their revenue by up to 5 times as compared to their BAU activities.
Sales are a great way to clear old inventory by running discounts. Adyogi’s dashboard helps you decide the right discount for your products, neither too high nor too low. They are backed with insights on how your products perform at different discount slabs.
Image: Discount Analysis to determine which discount slab works best for your brand.
Image: Category-level discount analysis on Adyogi's dashboard
When you organize event sales, your brand also gets a lot of exposure for brand awareness and helps to acquire new customers. For example, USPA, during its Black Friday Sale run, hit the highest number of ‘New Acquisitions’ (customers who came to the website for the first time). Eventually, in the coming month, we saw efficiency in our remarketing campaigns.
Chart out the year's events and identify those that align with your brand. Strike a balance between micro events and major sales events.
We recommend planning for one or two micro events each month, complemented by a major event every quarter. Smaller discounts during micro events and bigger discounts during major events can balance your sales strategy effectively.
Introduce new products designed for specific events. New product launches usually get significantly higher ROAS than existing collections. For instance, a green-themed collection for St. Patrick's Day can spark interest. Name these collections to reflect the event, like 'Valentine’s Special' or 'Halloween Collection', for easy customer association.
Focus on middle-funnel campaigns 3-5 days before the main sale. This strategy helps in acquiring potential customers at a lower cost, who can then be converted during the sale through retargeting.
Leverage influencers to promote your collections before the sale. Their content can also attract and engage your middle funnel audience.
Pro Tip: Go broad with your audience targeting during these campaigns to attract new customers with your discount messages.
Create buzz on social media before announcing your event sale. Use messages like “We are up to something”, and “Something’s cooking..” to arouse curiosity and grab attention.
Here’s how Truebrowns created social media buzz before their EOSS sale:
Transform your website’s appearance to reflect the event's theme. Use event-specific banners and AdYogi’s automation tools for efficient creative edits and overlays, enhancing the sale's visibility.
Opt for straightforward flat discounts rather than complex coupon codes. This approach reduces customer effort and streamlines the buying process.
Furthermore, it also helps in the ads. Considering the attention span of the users is decreasing day by day, it makes sense to highlight the discounted price with the means of a ‘strikethrough’ overlay rather than highlighting the coupon code (as the former will see better attention than the latter).
Bundle products into festive combos. This not only increases the Average Order Value (AOV) but also offers customers better value, encouraging larger purchases.
For example, you may want to upsell a T-shirt purchase by showing related cargo/jeans, etc. that will go well with the said T-shirt. Additionally, you may create a bundle of 3 or 5 T-shirts and reduce the price by 20% overall. [This will prompt the customer to prefer something that has a better cost-saving method applied].
Spread your advertising budget across various platforms to navigate CPM or CPC rates more effectively.
Remarket to all segments of your website visitors, including those who've browsed product pages or abandoned carts. Extend this strategy to social media audiences, targeting page visitors on platforms like Facebook, Instagram, and YouTube.
This is also where your middle funnel strategy comes in handy. When the sale goes live, remarket to all the audiences you acquired through the middle funnel.
An omnichannel approach helps to establish brand recall. Emails, SMS, and WhatsApp are great channels to establish multi-touch points and stay on the top of consumer’s minds. It also helps greatly with the remarketing needs.
2024 presents numerous opportunities for e-commerce growth. By planning and using the right strategies, you can see your brand grow manifold.
At Adyogi, we make advertising easier and more profitable for e-commerce businesses across the globe. We've been able to increase eCommerce revenue by 7x - 8x through Adyogi's performance-based solutions.
Get in touch to see how we can help you grow your business online.