How to increase sales in times of crisis? Keys for eCommerce
A global pandemic has transformed the way we live; it has also caused major economic and social upheavals. In this context, every eCommerce manager wonders how to increase sales in times of crisis.
Contrary to all forecasts, statistics show that it is possible to grow sales in times of crisis. Evidence of this is the fact that, in April 2020, the growth rate of e-commerce in Latin America rose to 230%.
Here are some strategies that work even in the most complex contexts. Read on to discover the best ways to increase sales in times of crisis.
The purpose of any business or trade is to generate a transaction between customer and seller and for this to happen it must offer a value proposition in the first instance.
The content you generate should be adapted to the platform on which it will be published. It should also be targeted and use the same language as your target audience. Offering valuable content implies knowing beforehand where it is published and for whom.
For example, if you have a pet supply shop, a photo with kittens might have a positive impact on your business' Instagram. However, for a blog, it would be more appropriate to talk about the advantages of a certain brand of dry bath, or to review food brands.
Promotions and discounts
Offering promotions and discounts is a traditional strategy, known and exploited by many businesses in any field, as well as a tactic valued by many customers who always want to save money on their purchases.
The main objective of this strategy is to make the customer feel like a winner. Therefore, the discount should be presented as temporary, an opportunity. This also generates a sense of urgency that will make the customer not want to miss out on the purchase.
This strategy is best applied in situations such as special dates and product liquidations. Discounts are nowadays proven to work.
This is clear, for example, from a report on shopping behaviour in Argentina during Black Friday 2019. The study shows that online sales grew by 1,051% compared to an average day(Statista).
Product and service development
Another strategy to increase sales in times of crisis is product development. This commercial tactic is characterised by offering a launch of a new product or service to the current market.
If you are considering a product development strategy for your eCommerce, you should know that the main focus is on the needs and interests of your users. This is when you understand the importance of listening to the customer's opinion.
Information about your customers' wishes, expectations and unmet needs should be as objective and reliable as possible. That way you will be able to find the product or solution your customer demands.
Conducting market research that has a defined intentionality is of utmost importance. Expanding the product line and adding new features to the existing product as well as adding services can go a long way in increasing sales. Social media strategies
Selling on social media is a bit more complex than opening a Facebook or Instagram page to advertise your products and services. It is very important to select the best strategy to implement on social media to increase sales in times of crisis and to take into account the following requirements:
Select the right social networks for your business
It is more valuable to choose the networks that best suit your needs and the profile of your target audience than to be present in all of them. Once you select your networks, focus on nurturing them with quality content and keeping them up to date.
Combines social media with other sales strategies
To increase reach, it is advisable to associate them with other useful tools, for example, announcing a webinar via Facebook.
Stop selling and socialise
We know you want to increase your sales. But to do that, sometimes you have to stop selling. Listen to your users' opinions and provide relevant criteria. Make sure your social networks bring together an online community with common goals and values.
Facilitating payment methods
Another effective strategy to increase sales in times of crisis is the diversification of payment methods. The payment channels offered by your eCommerce must be agile and practical. They must also satisfy users' concerns regarding security and data protection.
There are currently various technological tools that facilitate sales. One of the most innovative systems for eCommerce payments is PAGO46, the fastest, safest and simplest cash payment network in Latin America. Get to know us.
The pandemic has hit the economy of individuals as well as businesses. This leads eCommerce companies to focus their efforts on different strategies to increase sales in times of crisis.
These tactics can be very diverse:
- promotions and discounts,
- promotion and sales strategies in social networks,
- diversification of means of payment.
Precisely, one of the most efficient payment methods for all eCommerce is PAGO46, as it adds the possibility of including unbanked customers or those who prefer to use cash in your target.
With PAGO46, your customers will be able to buy or hire your services by paying cash through the Partners46 network. This way, you will reach those who do not have a bank account or credit card.
Integrate PAGO46 right now and in just 48 hours you will be receiving cash payments.
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