As lockdown restrictions are lifted in various parts of the world, people are showing increased enthusiasm toward coming out and spending their money, which is good for the global economy. This is particularly true in the case of Europe, where even the worst-hit countries like Italy and Spain are gradually easing restrictions.
Although the COVID-19 pandemic has not gone away for good, according to the latest report released by the Commerce Department, retail sales, comprising sales at stores, restaurants, and online shopping, has increased by a seasonally adjusted 17.7% in May.
The increase in retail sales is compared with the sales of 1992, considered as one of the highest on record.
Though the numbers paint a hopeful picture, the reality is that sales remain sluggish and below pre-pandemic levels.
Also, with warnings from scientists about a possible “Second Wave” coming and no sign of an effective vaccine for COVID-19, we are sure to be in a recession for a while.
Amp Up Sales in the Recession
All things considered, from an eCommerce perspective, it makes sense to leverage the increased online engagement of the present times to increase sales. Here’s what you can do to amplify sales:
1. Focus on your loyal customers
One of the most valuable assets that you have right now to increase sales is your existing customers. For most eCommerce stores, the top 20% of customers are responsible for 50% of overall revenue.
Make sure to align your marketing efforts and investments with this segment of customers to improve your bottom line.
Rather than merely providing discounts and deals, provide additional value. Provide free shipping, offer great customer service and highly personalized recommendations, interact with customers on social channels, and keep your messaging relevant to impress your existing customers.