It’s the most wonderful time of the year…more so for eCommerce sellers! The upcoming holiday shopping season, from Thanksgiving until New Year’s, is a golden opportunity for eCommerce businesses to boost their revenue. This year, sales overall have been affected by COVID-19, and consumers have been a lot more cautious about their spending.
2020 has been a difficult year for most retailers, even though many consumers switched to shopping online instead of in-store, so it’s even more important to set yourself up for success with holiday sales.
At our recent Beyond 24-hour Global Virtual Summit for digital business, we had our very own Director of Enterprise Client Success, Robert Sandrasagara sit down with a panel of experts from Walmart Canada, Tophatter and Regional Express to reveal the best ways eSellers can make the most out of this year’s holiday season.
From Black Friday to New Year’s, we’re offering some highlights so you can maximize your store and boost sales!
Watch the full session below!
Marija Cannataro, Director of Marketplace Operations at Walmart Canada along with Neil Curran, Managing Director at Regional Express and Austin Henggeler, Director of Sales & Account Management at Tophatter, agreed that eCommerce businesses and online sellers should be going all-in on Q4 sales.
Despite the uncertainty around infection rates, layoffs, and the economy, no one expects consumers to give up on the holiday season. However, that could all change in 2021 and January and February could be pretty tough, so it’s even more important to drive revenue as high as possible through the end of 2020.
Our panelists agree that supply is likely to be the biggest challenge for eCommerce during the holiday season. Capacity is already an issue because COVID-19 restrictions have cut the number of flights and truck shipments available to carry extra products. In the UK, for example, ports are already at peak capacity, delaying the arrival of more vessels.
If it’s at all possible, open a local in-country warehouse to store your top products close at hand. Customers will pay for an express 24- or 48-hour delivery option, and the worst thing you could do for sales is to disappoint a customer who’s relying on a gift arriving on time.
You should diversify your logistics carriers, so that you’re less likely to be stuck without the products you need. Communicate honestly with your customers and warn them about possible delays and allow a longer lead time for your goods.
You’ll also get a better setup if you talk to your logistics company well in advance. Start liaising with them about what you need as soon as possible, don’t wait until after you’ve prepared all your products for various marketplaces. Find out what fees you’ll have to pay and plan the best way to make sure your items are delivered on time.
Since consumers have shifted to shopping online and so many brands had to close their bricks and mortar stores, the online competition is fiercer than ever.
It’s vital to get your inventory and pricing right, create accurate and readable online content, and design an attractive storefront that will pull in online shoppers. The winners will be those who can check all boxes for look, feel, and customer experience.
Our panelists agreed that we won’t see the same frantic demand for hygiene and personal protective items as we did during the first wave of the pandemic. Every retailer is now well stocked with the basics and most people already have what they need.
That said, demand for PPE (personal protective equipment) isn’t going away. There are still occasional spikes, like demand for child masks around back-to-school time, and now people are interested in purchasing stylish face masks.
Other top products to stock up on for the 2020 holiday shopping season include:
There’s a strong recommendation that this year, you should ask for help from marketplaces and account managers, instead of waiting for help to come to you. eCommerce sellers should ask and research which categories or items marketplaces are preparing to push and what products are popular in that region.
Despite all the chaos and uncertainty in the global economy, 2020’s holiday shopping season has huge potential for online sellers to drive high revenues. Consulting with marketplace experts, stocking the right products, planning ahead for logistics, and providing top customer experience are your keys to a productive and successful winter 2020.
As for growing your eCommerce business, Payoneer provides millions of online sellers worldwide with a simple and cost-effective payments solution.
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