Increasing Cosmetics Sales This Holiday Season: Retailers Edition
A Deloitte survey suggests that the retail industry must see the glass as half full. Although the pandemic has altered every aspect of our lives, it has also opened newer, more lucrative opportunities, among which the e-commerce boom tops the list!
This holiday season is poised to appear very different from the previous year as beauty brands are focusing on unique strategies during this uncertainty. According to eMarketer, US holiday retail sales are expected to grow to $1.01 trillion—especially via e-commerce channels.
So if you're a retailer in the cosmetic industry, you should try to take advantage of this opportunity and boost your sales using the four strategies mentioned in this article.
1. Leverage the Power of Social Media
Although social media channels like Facebook, LinkedIn, Twitter, Instagram, and YouTube were created to help people connect, they've turned into a major sales point for brands. Stats reveal that more than 90% of US businesses, including retailers, use social media for marketing and sales purposes.
Check out these amazing stats that show the potential and power of social media platforms for business success:
· More than 73% of marketers say that social media has helped them boost sales and conversion rates.
· 37% of consumers buy a product they're inspired by on social media.
· Social media channels are the most suitable advertising platforms to attract Gen Z and millennials.
So if you want to go big this holiday season, don't forget to design an engaging social media strategy for driving sales.
2. Market the Right Products
Every occasion calls for a spike in demand for specific products. Similarly, during the Christmas holidays, the cosmetic retailers receive heavy-duty orders for perfumes, colognes, gift sets, scented bath bombs, and makeup kits.
These types of cosmetic items sell like hot cakes during the holiday season. Researches reveal that makeup kits sell three times more around Christmas!
3. Take Gender Gap of Eleventh Hour Shoppers into Account
One might think that cosmetic retailers' target market is women of all ages, but that's not true. Men also purchase cosmetic products during the holiday season, particularly two, three days before Christmas. Men love to leave Christmas shopping for the last minute, here's why:
· They generally consume less time to select the products.
· They're usually not a fan of the shopping experience.
· They know less about makeup; therefore, they pick what they find appealing and perfect for their loved ones.
So, when designing a marketing strategy for the Holiday season, keep this last-minute surge into account because it can generate significant profit for your business.
4. Create Smart Digital Experience for Your Customers
A McKinsey study revealed that 85% of the total beauty products and cosmetic sales were generated online amidst the pandemic. And if retailers want to go big this season, they must build a smart, swift website is imperative. COVID-19 is changing shopping forever, e-commerce potential is growing by the day, and consumers are highly likely to have online shopping sprees this holiday season.
Use these resources that'll help you establish a stunning website that won't just drive traffic; it'll also ensure high sales!
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