The clock is ticking; it’s time to stick to your business resolutions for a fresh start and increased revenue in 2023.
But how can you revamp your business strategies and kick off the new year with a surge in sales? Let’s find out.
1. Get Discovered in 2023
Fueled by the coronavirus pandemic, it’s not a secret that online presence has become a key factor to business success. Did you know, for example, that over 37% of Gen Z use Instagram for shopping inspiration, as per a Salesforce report?
Thus, from partnering with an authoritative figure or an influencer to ensuring seamless online checkout experiences, you as a business owner should focus on creating an outstanding online presence. If you manage to involve an authoritative figure (for example, a dermatologist for your beauty shop) to leverage the trust in your brand, even better! The effective use of social media channels can help more customers discover you and create excitement around the deals you offer. Be smart, review your data and piggyback on hashtags your users use and share to reach more people and capture contact data.
Enable your whole squad to brainstorm and be proactive to help you deliver catchy copy that targets specific customers – with engaging headlines and CTA buttons that convert. But that’s not all! You should make sure that your website is mobile-friendly, optimized, and able to appeal to people’s emotions in order to attract new customers and engage with consumers.
That said, don’t limit yourself to social media. Cross-channel advertising and email marketing can only sweeten the deal and help you increase your sales and engagement rates. As Dr. Tiffany Raymond at PayPal says: “Think about a multi-pronged approach and really diversify to capture customers where they’re going to be.”
2. Keep the Magic Alive
Starting from Halloween to Black Friday to New Year’s Eve, the holiday season comes just once a year and we have to use it to the fullest, for sure. But hey! Though December is the end of the calendar year, don’t think of it as the end of your business opportunities. What about the Chinese New Year, St. Valentine’s, and more? It’s essential to get the timing right and focus also on new deals and post-holiday sales. Maybe it’s time to help users find a late gift for those hard-to-buy-for family members we all know!
And talking about gifts, what better presents you as a merchant can give to customers than unlimited shopping options such as Buy-Now-Pay-Later?
Dara Busch, CEO, 5WPR, shares some curious findings: “No longer reserved for the few, flexible no-interest payment plan options have made what was once unattainable, completely possible for more consumers. Of the 32% of consumers who take advantage of installment-paying options, 62% are inclined to purchase luxury goods or services using this method.”
The best part is that BNPL is not limited to retailers. Travel, healthcare, and educational services can also use flexible payment plans to their advantage. A beauty procedure? Or an online course? A trip to a tropical destination? Keep the magic alive and help your customers be their best.
3. Make Shopping Convenient and Payments Flexible
Presents, luxury services, deals… So far so good. At the same time, shopping can be hectic and stressful.
So what can you do? Always ensure a convenient shopping experience for your users. Experts say that convenience is a major selling point. It can help decrease cart abandonment rates, which on average reach 70%.
Buy-Now-Pay-Later, for instance, is one of the best ways to engage customers and increase brand loyalty. Did you know that 85% of millennials and Gen Z use BNPL solutions to make purchases and pay for services? This is also a great way to boost your upselling and cross-selling methods and increase your revenues.
Stacy Elmore, co-founder of The Luxury Pergola, SEE Home Improvements, and LouveRoof Luxury Pergolas, tells us: “In 2023, we are planning to add a Buy-Now-Pay-Later option to our eCommerce store to make it easier for customers to purchase high-priced items. This will allow them to pay for their purchases in monthly installments, rather than having to pay the full amount upfront. We believe that this will be a major innovation for our store, as it will allow customers to make seamless purchases without having to worry about their current financial situation. This will give them the power to purchase items that they may have otherwise been unable to afford, and will also encourage them to make more frequent purchases on our site. We are confident that this Buy-Now-Pay-Later option will be a valuable addition to our store, and we believe it will help us to attract and retain more customers in the long run. We are excited to offer this option to our customers in 2023 and look forward to seeing the positive impact it will have on our business.”
4. Invest in Gift Cards and Discounts to Rock Your 2023 Sales
Can you guess what customers love? A good deal, of course! No wonder another tested way to boost your sales this season is to offer gift cards. Gift cards can also bring convenience, increase revenue, and enhance brand loyalty. Here is why:
- First of all, stats show that ⅔ of gift card users spend more than their gift card value. When unused, a gift card is a pure profit.
- Then, gift cards can spread brand awareness and help you get new customers since a gift card is given from one shopper to another potential buyer.
- Last but not least, according to consumer psychology, once a satisfied buyer gets something from your shop, they are more likely to buy more and return.
What about discounts?, you may ask. Well, almost 50% of shoppers admit that during the holiday season, items on sale were their main purchases. So NOW it’s the right time to offer discounts AGAIN. Consider offering at least 20% discounts, especially for first-time buyers, and BNPL tools to engage customers who cannot afford lump sum payments or can’t access traditional credit services. Why?
As Marc Werner, CEO & Founder of D2C & Omnichannel brand GhostBed, explains: “The goal is to explore more BNPL options to support zero percent financing demand. This will help our customers who don’t have access to traditional forms of financing or cash today but can’t wait [to get a quality good night’s rest.]”
5. Unwrap Your Business Potential and Treat Your Customers
What else can one do to increase sales? Well, pre-wrapping of popular items or free wrapping can be an excellent idea. Not only that wrapping makes purchases look more attractive but it retains customers by offering them convenience and ease.
Also, do not forget about the importance of free shipping, especially for orders over a certain amount. It’s interesting to mention that a Deloitte study shows that 85% of shoppers prefer free shipping instead of fast shipping.
When you ship a product, consider adding a personalized touch. A Thank You note or a small gift to make your business stand out can be a great option! As Dr. Raymond says: “Think about how you can add some of that same humanity and authenticity you bring to your customers to your relationships with employees and partners.”
… And One Last Thing
Here is an extra tip from our marketing elves. When you have all set and ready, you should also make sure that your shop, inventory, and staff are well-equipped for 2023 to make the magic happen. Some of the things to consider are stocking up on inventory, hiring extra staff, decorating your physical store, writing clear shipping and return policies, and making sure your online shop can handle the extra traffic.
And do not forget about the importance of good customer service!
In the end, there are many ways to help you keep your business resolutions and boost sales:
- Prepare your physical store
- Improve your online presence
- Make shopping convenient
- Provide flexible payment options
- Offer gift cards and discounts
- Treat your customers and employees
If you need a bit of help, we at Tarya Fintech can help you stick to your resolutions and tap into new financial opportunities. For example, Tarya’s BNPL 2.0 helps you set flexible financing terms, reduce defaults, and help your customers save big. With flexible installment payments and in-depth user insights, you can easily welcome 2023 and make the magic happen.
Because it’s time to start the year off right!