10 Best Strategies to Gain More Days of Sales in eCommerce Beyond the Festive Season Like Independence Day Sales in India in 2022
Holidays are a special time for multiple reasons including the fact that they generally mean that people can take a break from their usual routine and take some time off to spend it with family, go on vacation, take a breather from work and many other fun activities. Depending on the significance and reason for the holiday in question, celebrations can vary from person to person. However, one holiday that has the capability of uniting the entire country is Independence Day.
Every year, streets, buildings and vehicles are adorned with the Indian flag which is regarded as an expression of freedom and the beginning of prosperity for this relatively young, burgeoning republic that has grown to become one of the largest economies in the world. India thrives in multiple different industries but the growth of eCommerce has been unprecedented due to more people gaining access to the internet every day and discovering its simplicity and convenience of it. Thus, it also marks a profitable time for retailers to get more demand and gain more days of sales beyond the festive season.
However, it is also imperative for them to maintain this traction post-independence day so that they can carry this newfound momentum to the next holiday season in India. In this blog, we will take a detailed look at why demand increases during independence day, the importance of maintaining the sales output post-independence day, 10 strategies to gain more days of sales beyond the festive season and how WareIQ can assist.
- Why Does Demand Surge During Holidays Such as Independence Day?
- Why is it Important to Gain More Sales Post Festive Season Sales like Independence Day Sales?
- Top 10 Strategies to Gain More Days of Sales Beyond the Festive Season Sales Like Independence Day Sales in India
- Conclusion: How WareIQ can Help You Gain More Days of Online Sales Beyond Independence Day Sales?
- Gain More Days of Sales Beyond the Festive Season: FAQs
Why Does Demand Surge During Holidays Such as Independence Day?
Strong Shift Towards eCommerce Shopping
Due to the large number of people who gain access to the internet and discover the convenience of online shipping in addition to the vast number of existing eCommerce customers, the online shopping industry is experiencing rapid growth.
This stems from the realization of customers that they do not need to waste time and money travelling to a destination, standing in a long queue and waiting to get their items billed. Instead, they can just browse through a vast catalogue of products that is available from every retailer and company, at their own convenience. This, mixed with the natural spikes in demand during independence day celebrations, has benefited eCommerce businesses immensely.
People Wanting to Celebrate
Independence Day, along with every other major festival in the country, is a time of celebration where most people spend money more lavishly than on a general basis since they have a reason to. Whether it is shopping for sweets, new clothes, new electronic items or any other product that they might need, customers are bound to be more liberal with their money as these are the occasions that they look forward to and are willing to spend more to make the most of the occasion.
Customers Have More Free Time
Due to Independence Day being a public holiday in the entire country, most customers would have the day off work and can use this extra time to search for products that they might want and need. On a general basis, people may not have time to browse through heaps of different product pages due to other responsibilities and commitments that they have to fulfill. However, holidays like Independence day are the perfect opportunities to relax and spend the day spoiling themselves and their loved ones.
Large Amount of Offers and Discounts
In order to gain more sales during Independence Day, retailers often try to grasp the attention of customers through various offers, promotions and discounts. Customers are aware of this and often hold off on buying new products throughout the year so that they can take advantage of these reduced prices. On the other side of the coin, retailers are also aware that they can capitalize on the increased sales that are up for grabs so they also make an effort to entice customers to choose their brand by trying to undercut or offer better deals than their competitors.
A few of the companies that consistently offer Independence Day sales include eCommerce marketplaces like Flipkart, Myntra and Amazon, retail companies such as Nike, Adidas, Croma and many others, and food delivery platforms like Swiggy and Zomato. These discounts can range from 10% up to even 70% in some cases. Users can access these offers by visiting the relevant website and choosing products that meet the criteria of the sale.
WareIQ, an eCommerce fulfillment company, empowers online brands with a superior-tech platform to compete with Amazon like service levels by bringing their average delivery timelines from 5-10 days to 1-2 days.
Why is it Important to Gain More Sales Post Festive Season Sales like Independence Day Sales?
Getting Rid of Leftover Inventory
Companies often sell specialised inventory to cater to the specific requirements of customers during every festive season, including Independence Day. These items can become obsolete post-Independence Day and can risk getting expired, which would be a major loss for companies to risk incurring. To mitigate this risk, it is in the best interest of eCommerce retailers to sell as many units of such products as possible.
Maintaining Sales Velocity Till the Next Holiday Season
Festive seasons are generally the most profitable times of the year for eCommerce retailers due to the spike in demand and the increased sales that can be generated as a result. It is important for businesses to attempt to maintain this sales velocity post-Independence Day till the next festive season so that they can sell as many products as possible and not have a lull in demand for their commodities, which can be quite hard to recover from.
Capitalizing on the Runoff Demand
There will always be customers who are in a celebratory mood even post-Independence day or who still have to buy more gifts for themselves, family or friends. Enterprising retailers who save enough stock to cater to the requirements of these customers will benefit compared to their competitors as this will give them a temporary monopoly on the market for Independence Day-related products. Customers who still want to shop will flock to these retailers as there won’t be much supply elsewhere.
Increasing Revenue and Profit Margins
Increased sales almost always translate to higher revenue and profit margins for eCommerce sellers. The ultimate goal of most retailers is to generate sales and make money and what better way to achieve this than to take advantage of already existing demand. Maintaining sales volumes or at least not letting them dip to conventional levels will enable them to be more successful till the next festive season so that they can survive a stagnation in sales in the interim.
Top 10 Strategies to Gain More Days of Sales Beyond the Festive Season Sales Like Independence Day Sales in India
Track and Analyse Historical Data
Accurately analysing the data of prior post-Independence Day periods during previous years can provide insights into which strategies were successful and which weren’t and can also be a good indicator to identify which products would be best suited to generate sales in the current season. Past data is invaluable when it comes to framing and analysing strategies to generate increased sales. Similarly, this also helps retailers gauge the estimations of how much they wish to sell this year and the amount of inventory to keep in stock.
Even with the most accurate forecasting and inventory preparation for sales, there is always a risk of popular commodities running out of stock, especially in a country like India where customers want to ensure that they have all the necessary festivities in order. By allowing customers to backorder the items they need, retailers can ensure that they still make the sale and don’t lose customers to their competitors. The delivery date can also be adjusted accordingly. This can help retailers serve customers in the post-Independence Day timespan.
Run Promotional Campaigns
Running an adequate number of promotional campaigns in order to spark interest in a brand and its products is vital, especially post-Independence Day when competition would still be fierce. By advertising their products and their use cases for the relevant festival or holiday that is approaching, retailers can generate the amount of visibility needed for their products and can simultaneously determine how much inventory they would need to store, based on the response and results of the campaigns.
Additionally, less-demanded products could be discounted or offered in bundles to boost their sales and logistics strategies like providing free shipping if the order cart is worth a certain amount can also be implemented.
Fabricate a Budget for the Season
By creating a budget for the specific festive season such as to gain more sales post-Independence Day, inventory preparation can be done more cost-effectively and efficiently. This will also help retailers determine their costs by assigning a value to each procedure such as marketing, manufacturing and delivering, and will help them understand their profit margins once all these expenses have been deducted. It will also prevent the unnecessary ordering of inventory and will keep product levels at the optimum amount that is needed.
Communicate With the Suppliers
Independence Day generally brings increased sales and impatient customers so it pays dividends for retailers to speak to their suppliers in advance and fill them in on the estimated production levels required from them to avoid any confusion and finger-pointing further down the line. Suppliers may need to up their production ante to keep up with the higher demand and faster fulfillment times needed by adapting their manufacturing processes.
Place Inventory Orders in Advance
By ordering inventory in advance, less pressure is placed on manufacturers to cope abruptly with the increased sales that are brought post-Independence Day. This will also mitigate the number of errors and mistakes that could occur if vendors had to rush to fulfill their order quota in time, which could ultimately lead to dissatisfied customers and RTO initiations.
Highlight Important Dates
It is not only important to mark important holidays and festivals on your calendar but also the start of promotional campaigns, order placement dates and other important information that has an impact on inventory preparation post-Independence Day. By staying organised, retailers can always be one step ahead of any unforeseen issue that could suddenly arise. It will also help them to plan their strategies effectively and have everything in place by the time demand starts to surge.
Have Consistent Inventory Counts
The post-Independence Day season can be extremely stressful for all parties involved which also increases the risk of misplacement of items, accidental counts and other mistakes. Consistently counting inventory at regular intervals will mitigate the dangers of inventory level discrepancies by preventing stockouts and always having access to a register of accurate inventory counts. This will help streamline inventory management and the order fulfillment process.
Provide Ultra-Fast Shipping
To keep up with the rate of demand and the number of orders coming in on a daily basis, it would be fruitful for retailers to provide same-day and next-day shipping, not only to increase customer satisfaction but also to be able to fulfill a larger number of orders. This prevents any backlog from occurring and ensures that every order is shipped on time so that new orders can be prioritised. Many 3PL companies provide these delivery services so it is beneficial for retailers to take advantage of them.
Use Inventory Management Software
The key to efficient and error-free inventory preparation for Independence Day demand is utilising advanced inventory management software. These software solutions like the option provided by WareIQ, provide multiple benefits including real-time updates of inventory levels across multiple fulfillment centers, and automated replenishment triggers and can integrate with multiple eCommerce selling platforms. This helps in speeding up multiple processes and also reduces the rate of manual errors.
Conclusion: How WareIQ can Help You Gain More Days of Online Sales Beyond Independence Day Sales?
It is tantamount for retailers to not only take advantage of the skyrocketing demand brought by Independence Day but also to maintain their success and continue to gain more sales post-Independence Day. It can be easy for retailers to get complacent if they have had positive results during the season but they need to learn that eCommerce retail is a marathon, not a sprint and staying ahead of the curb at every opportunity is the key to success. If you are an eCommerce retailer and need help with maintaining increased sales volumes post-independence day or any other eCommerce-related requirements, you can consider partnering with WareIQ.
WareIQ is one of the leading eCommerce fulfillment providers in India and offers a wide variety of eCommerce solutions for every requirement or issue that arises.
In addition to advanced features such as a custom WMS that can track inventory in real-time across multiple fulfillment centers and eCommerce marketplaces, an app store with a well-designed UI that has multiple apps to enhance productivity and an RTO shield that will provide insurance in case of returns initiations, we also offer conventional fulfillment services such as a nationwide network of fulfillment centers and dark stores, partnerships with more than 20 of the biggest shipping aggregators in the country to always offer the quickest and most cost-effective delivery, inventory management including intelligent inventory placement in warehouses closer to your customers and much more.