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With the rising inflation and the remnants of the COVID-19 pandemic, it is no surprise that eCommerce all over the world is heavily affected. According to Trading Economics, the country’s inflation rate soared to 7.7%, the largest rise since December 2008, causing consumer and retailer concerns as prices are getting higher. If you are one of those people looking for a solution to improve your sales, then we have some tips that might help your business!
Be transparent with your customers
Due to the inflation happening all over the world, there is no denying that most prices have increased. This is why you need to be transparent with your customers. If you are planning to raise your prices, you need to communicate what led to the increase so they will not take it the wrong way. Being honest with your client is important as it helps you build credit and sympathy with customers in the process.
Set reasonable prices
Although increasing your prices due to inflation is unavoidable, it doesn’t mean that you need to set unreasonable prices. You have tons of competition out there, so giving the most reasonable prices will definitely attract customers. You can also try marketing strategies like bundles, “buy more, save more,” or “buy one, get one”.
Know your customers
Another important factor that might help your business is by understanding your customers. If you have just started your business, testing your products, ad descriptions, prices, ad copy, and images will help kickstart your sales. By knowing the customer’s feedback towards your products and ads, you will have the ability to assess what needs to be changed. This will not only help you produce more sales but also garner loyal customers in the process.
Prioritize product value
With inflation happening all over the world, consumers tend to be more careful when choosing what they want to buy. So, if you want to entice them to purchase, make sure to remind them how much value they’re getting for their money. You can either emphasize things like product quality and sustainability. You can also include good reviews on your eCommerce website.
Promote your affordable products.
Lastly, if you have a new product that you want to sell for a lower price, advertising them to different consumers is definitely a must. This attracts more customers and makes you ahead of other competitors in the process. Moreover, you can also offer less-expensive options more visible to price-sensitive consumers as well.
Boost sales and survive inflation by gaining your customers’ trust. And the first step to this is presenting your business through a well-developed website. Create a website for your business now with iRepublic!
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