When it comes to businesses, everyone expects significant profits all year long. In the gifting industry, it is undoubtedly accurate that festivals play a crucial role in increasing sales. The gifting industry perceives an exponential increase in sales during the holiday season, as people extend their wishes to their loved ones with gifts during the festivals. Own a gifting business? Refer to this space for some beneficial tips to rapidly increase sales during Valentine’s Day, one of the most awaited and profitable occasions.
According to a report issued by the Institute for Regulation and Competition (CIRC), sales in the online business and gifting industries increased moderately to exponentially during festivals. During the celebrations, approx 42% of businesses reported a staggering 71% increase in sales. (Source: Business Today) According to the CIRC survey report, sales growth has accelerated following Covid-19, and consumers have turned to online shopping to buy gifts for a more feasible and efficient experience.
The main question is how Valentine’s Day affects sales growth. Valentine’s Day has always been profitable for many retail and hospitality industries, but tradition is modifying as people seek more personalised offers. Despite India’s overall downturn in the economy, there seems to be no difference in Valentine’s Day discretionary spending. Every year, both offline and online businesses for Valentine gifts expand, and this year is expected to be no exception. According to sources, in the week preceding February 14, most eCommerce platforms registered transaction records running the gamut from INR 10 Cr to INR 20 Cr. According to the most recent figures, India’s virtual gift voucher market is expanding at a whopping 70% year-on-year rate.
Tips for Increasing Sales
Add More SKUs
Refrain from limiting yourself to a few products because customers need a variety of products to pick their favorites from. You can add more SKUs of gifts and incorporate personalised gifts, greeting cards, flowers, and more. You can also increase valentine-themed merchandise in your store. Give plenty of options to your customers because “the more, the merrier”.
Focus on Packaging
It is Valentine’s Day, so the packaging should be love-themed. You can incorporate red and pink colours, hearts, roses, cupid’s arrow, and more. People usually buy gifts for their partners during this occasion, which is why the packaging should be alluring. For instance, if you deal in fresh flowers, then refer to valentine flowers from Floweraura to get an idea about the packaging and wrapping.
Help from Social Media
According to a Forbes article, on average, youth from 16 to 24 years spend over four hours on social media daily. The target audience of Valentine’s is the same youth. According to data, over 58% of sales are driven via social media. So, stay active on social media platforms like Facebook and Instagram. Upload reels, posts, and stories actively on a regular basis to attract more traffic and engagement. You can also upload information about current offers and product discounts, and remember to create hype and urgency.
Focus on Timely Delivery
Customers want their gifts to be delivered right on time to their loved one’s doorstep, which is why it is a must and inevitable thing to focus on timely delivery. If your business provides same-day delivery, ensure that all the gifts are delivered on the same day as ordering. Mention this USP in emails, social media posts, and on the website.
Work on the Website and Optimise for Mobile
More than 75% of customers have stated that they use their mobiles to browse the collection; hence images play a significant role. Optimise your website and mobile application, fix all the bugs, and ensure that the app and website do not crash due to heavy traffic. Make the website as user-friendly as possible for better engagement and traffic.
Avoid Damage during Transit
No one likes when their products get ruined during transit and become broken or spoiled. This issue is prominent in the edible gifting industry. If you provide cakes and desserts, ensure they do not get damaged during transportation. Check out valentine cakes from Floweraura for a better understanding and varieties.
Ensure that these tips are incorporated into your sales growth strategy to witness an exponential surge.
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