Weekend Deals: Increasing Effectivity & Maximizing Returns

Customers love shopping on the weekends. This has been a foregone conclusion now for the longest time. Although various researches and surveys have validated this fact time and again, it is easily fathomable for the common mind. Shoppers simply have more time on weekends and are subject to lower stress levels. Here lies the chance for retailers to cash in. Weekend deals are a common phenomenon all across the Globe. But, it’s no point having deals if they don’t yield too much of a profit. Following are the things every retailer should follow to ensure that weekend deals provide the maximum returns.

weekend-deals-retail

Know the kind of ‘Deal’ to be offered

Retailers should consider various things before finalizing on the perfect deal. Referring to customer feedback can be very helpful in understanding what kind of offers they are looking for. This can be done through various kinds of polls on social media and other platforms as well. One of the primary things to consider is the overall business objective. For instance, if emphasis is on acquiring new customers, then providing whopping deals like (Flat 50% off) should be provided. On the other hand, if the need of the hour is to clear stock or inventory, then the (Buy 1-Get 1), etc kind of deals comes into play. Also, brands and retailers should also know the costs attached inside out. The deal that is eventually finalized should make sense financially to the brand. Hence, knowing the kind of deal for the retailer or the brand is very important before finalizing it for promotion.

‘Time’ the Deals to Perfection

Properly developing the content calendar is important in order to yield the maximum out of the discounts and deals. Content may include blog posts, social media updates, etc. Social Media is by far the most feasible choice for retailers to start a campaign on these days. However, it is very important to time the promotional messages to perfection. Content developed is different keeping in mind the distribution platform. Facebook, Twitter and Pinterest are the primary platforms of significance for the retailers. It is important for retailers to study the most pertinent time for promoting their deals on each of these platforms in order to attain the maximum effectiveness from them.

Proper Targeting of Audience is the Key

Retailers and Brands have to keep in mind that proper targeting is essential in order to drive sales over the weekends. Getting carried away and offering the same deal every day can hamper the chances of maximum returns. It has to be understood that people of different age groups shop at different times. This fact is validated by data generated from the 2016 CouponBox Analysis which states the following:

  • Shoppers belonging to the age group of 18 – 24 mostly shop on Sunday

  • Shoppers belonging to the age group of 25 -34 & over 55 mostly shop on Friday

  • Shoppers belonging to the age group of 35 – 64 mostly shop on Saturday

Deals should be formulated and promoted keeping the above data in perspective. Pertinent deals should be offered to different age groups on the respective days. This will ensure maximization of sales and also help in achieving the maximum returns from every deal in terms of the overall revenue collected. Thus, proper targeting of audience is the key.

Advertisements

Heat map analytics and its impact on Retail

The dictionary meaning of Heat Map is the graphical representation of any individual value. The matrix of this representation is represented by colors. The different colors that are seen in this graphical representation have different meaning or depict different values for different data. However, in Retail the heat map help the Retailers in many ways like;

  • It helps in knowing the hot spots,
  • Dead areas
  • Bottlenecks

How the Heat Map Works?

The in-store heat map system takes the images being captured by the network cameras or the IP cameras which help the Retailers to have an idea about the customer’s traffic pattern in a particular time or during the real time. The information can be collected from anywhere in the network.  in-store heat map Benefits of in Store Heat Map:

The benefits of heat map system in Retailing are many folds. These are;

  • By having a clear view on the customer’s traffic pattern or by collecting information about this helps the retailers to improve the in store.
  • Help or improve the customer service techniques being used by them to satisfy the customers.
  • It also helps the retailers to improve or plan the promotional activities and the marketing techniques. This helps the retailers to meet the customer’s demand by using the customer’s traffic data containing customer’s buying habits, behavior.

By using the heat map system in the in-Store Retail Analytics process the Retailers can see positive changes in terms of the customer’s flow, items that are sold , average sale value and many more. Features of the cameras that make in store heat map a beneficial one; The network cameras that are used in the in store heat map are,

  1. Scalable
  2. Flexible
  3. Cost Effective

All these above three characteristics make heat map a powerful Retail Solution.

The Various Heat Map Analytics Tool That Can Be Used by the Retailers to Get a Better Result in the Retail Store:

    • Mouse flow: It is a live analytic tool. This helps to know the website visitors. This help the retailers to gather information about the customers by knowing where they click, where they browser or on which item they are giving extra attention. This system captures all the mouse clicks, keystrokes etc.
    • Lucky Orange: This is also a live analytics tool that helps the retailers by giving them information about how many customers are currently visiting their sites. This system compares the historical statistics to see what kind of customers are mainly visiting their sites, what keywords are being used more frequently and so on.
    • Crazy Eggs: It helps the retailers to analyze their customer’s engagement through heat maps. These give an information about which portion of their website attracts most of their customers.
    • Click Tale: By aggregating the total number of mouse clicks of the customers the click tale tool creates a visual representation of where the customers are viewing more or focusing more on the website. The tool calculates by seeing the mouse move, click, attention of the customers, etc.

Conclusion: This shows that the heat map system makes the in Store Retail much more smooth and fast. It also helps in making the in store retailing fruitful.