The New School Year Means Increased Consumer Spending
Did you know the average American family spends anywhere from $300 to $1000 per child on school supplies at the beginning of each new year. Crazy, we know, but as parents prepare themselves to shell out the dough, online merchants should be getting ready to take advantage of this increase in consumer spending.
Just like every other shopping sector, more and more people are buying school supplies online. And while there are a number of e-stores specializing in this area, you don’t need to be slinging notebooks and pens to take advantage of the new school year.
Many parents loosen their belts this time of year to pay for back-to-school expenses. This means parents are not only shopping for school supplies, they are also shopping for new school clothes, the latest technology gadgets and just about anything else you can think of. The possibilities are endless, and the opportunity for online merchants to make some serious cash is far too real to pass up.
If you want to take advantage of massive increase in consumer spending, follow the three tips below and your store will soon experience increased profit margins thanks to the busy month of September (who says education doesn’t pay).
I- Create and Promote Special Offers!
To give the big retailers a run for their money, don’t wait to offer your customers the kind of advantages they won’t find in typical brick-and-mortar stores.
Before the new school year begins, try offering rock-bottom prices, store-wide discounts, loyalty programs, free shipping, etc… Regardless of what you’re selling, consumer spending skyrockets in August and September. And extending special offers to your customers will undoubtedly increase your profit margins during these months.
II- Help Customers Save Time!
Getting ready for the new school year takes an enormous amount of time, money and planning. This is one of the many reason’s parents are now flocking to the Internet to purchase schools supplies. It is also one of the many reasons you should do whatever you can as e-merchant to save your customers time when shopping in your online store.
Here’s How to Save Customers Time:
- Provide fast delivery: Shoppers always appreciate expedited delivery, especially this time of year. Parents buying school supplies online for their children want to make sure items arrive quickly, securely and without hassle. It is your job as merchants to make this happen. This can be done by working with your shipping solution to ensure speedy deliveries. You can also offer free three-day shipping on every purchase in your store.
- Ensure the effective ergonomic design of your site: Make sure customers aren’t forced to waste time looking for the products they want in your online store. A good tip would be to place your top-selling — and promotional — items listed on your homepage. Doing so will save your customers time and money while making you more of it.
III- Offer Customers New Products and Internet Exclusives!
This time of year especially, kids and parents alike want the latest gadgets and gear. This means merchants should consider adding new inventory to their catalogs a few weeks before the fall season.
Adding new products to your catalog will keep your store competitive while allowing you to further build your reputation as a savvy online merchant offering exceptional products at an affordable price.
There’s no doubt about it. The coming of a new school year means increased consumer spending and escalated profit margins for online merchants.
How you market your store and its products during this time is crucial to the overall success of your online business.
If you’re an online merchant, not preparing for the new school year is like not preparing for Black Friday. And if you’re not ready for the massive increase in consumer spending the new school year brings, then you’re not ready to maximize your profits.
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