With the Easter bank holiday weekend already spent in lockdown in the UK, it is likely that many of the upcoming summer bank holidays will have restrictions in place. Retailers will have to adapt their strategy to continue attracting sales in this challenging time. eCommerce can offer a lifeline to many businesses, allowing them to continue operations and tap into the growing consumer demand for online shopping. Research from Statista predicts that by 2021 eCommerce sales will account for 17.5% of global retail sales. It’s more important than ever that eCommerce businesses are optimising their strategy and focusing on the key periods for generating revenue.
Ordinarily, bank holidays, such as Father's Day are an incredibly popular time for consumer spending and this year will likely be no different as consumers are more limited with what they can do. Therefore, online shopping and DIY will take centre stage as there will be more time spent at home completing projects around the house or garden.
Merchants need to be agile in order to capitalise on this period of increased online spending and this article will explore how you can still make this bank holiday a profitable one.
Top tips for bank holidays
The normal rule book seems largely irrelevant since COVID-19 has struck, but there are still a few guiding principles that will help you shape your eCommerce strategy for the bank holidays falling within the next couple of weeks. Below, we share our top tips for successfully navigating these tricky times.
Tailor your product offering
Ensure that you are only selling products or services that can be safely used in the territories you are targeting. For example, if your customers are based in countries still in lockdown focus on providing them with something that will enrich their time at home, such as garden games, DIY equipment and digital services. Additionally, attempting to sell services which are currently inaccessible to consumers, such as overseas holidays, could result in a loss of trust and prevent potential customers from shopping with you further down the line.
Alternative marketing channels
Target your audience across several different platforms, not just email. You want to be able to get in front of your customer on multiple channels and across devices. Furthermore, launch your campaigns in good time so you are encouraging people to buy from you before your competitors have the chance to. However, also ensure that you don’t start too early as your messaging may lose impact and momentum.
Nail your timings
Make sure that as an eCommerce business you are advertising products or services that will be delivered on time. You don’t want to lose consumer trust by not meeting their required deadlines and leaving them empty-handed on a bank holiday, especially considering restricted services and the potential delay to deliveries. Even if your delivery timeframes are affected by the overall situation, make sure to inform your customers about potential delays before they complete the purchase to avoid returns.
Offers and discounts
Many people use their extended weekend breaks for online shopping, so having relevant deals that entice customers will help generate more sales.
Cut through the noise
In a calendar now saturated with events and opportunities for spending, it is important for eCommerce businesses to stand out and offer genuine value. You need to find the perfect window to market to consumers so they can become excited afresh about each holiday. Your campaign needs to be relevant and original, appealing to your target audience at the right time.
Flexible payment plans
Offering local payment methods, such as Pay Later by Klarna, could incentivise otherwise hesitant consumers to buy from you. The option to pay in instalments is particularly useful for high-ticket items as the consumer doesn’t have to pay the total value upfront, but rather in up to four instalments. It’s important to research the payment preferences of the regions and demographics you are targeting as this can lead to an increased conversion rate.
Final thoughts
Under normal circumstances, we would recommend that advanced planning and following an annual strategy are the best ways of ensuring bank holiday success. However, as the current time we are living in is underlined by uncertainty, it’s hard to make concrete plans. Instead, businesses have had to focus on flexibility and, in some cases, switch up their business plan entirely. Our advice is to look at ways to innovate within the digital space and work to attract online buyers. eCommerce offers many businesses the opportunity to continue selling and, for that reason should be embraced wholeheartedly for our upcoming bank holidays.
If you’re a business looking to accept online payments or want to know how you can do so more efficiently, we’d love to chat with you.