The National Retail Federation predicts that this season’s total holiday sales will increase by about 4 percent. Meaning holiday shopping this year could top over $730 Billion in sales. Last year approximately $124 Billion was spent online during the holidays, and that number is also expected to rise at a similar rate. The convenience of sites like Amazon, and the advent of holidays like Black Friday and Cyber Monday, have elevated online sales to an all time high. Many B2C companies will see sales and profits rise in this time frame, and there is no reason that B2B retailers shouldn’t join in on the holiday customer spending craze. Here are 3 ways that B2B companies can leverage the timing of fiscal year end for a majority of businesses, and the holiday market.
1. Update Your Website
Released a new product recently? Has the pricing changed for one of your items? If so, be sure to update your website with the correct product information. You’ll also want to make sure your e-commerce platform is functioning as expected. The last thing that you will want as a company is to find out that there is a bug on your site preventing your customer from purchasing a product. Buyers today value experience just as much as the product itself.
2. Bundle Your Products
Does your cornerstone product require accessories or additional tools? Bundle them together! Bundling is a great way to incentivize purchasing without cutting too deep into your company’s profit margin. Bundling is also a fantastic way to keep buyers in your product ecosystem and educate them on other offerings you provide that may supplement their purchase.
3. Offer Free or Fast Shipping
Many larger products produced across B2B cost more to ship than the average B2C product. However, offering free shipping in lieu of a promotional price may be the key to incentivizing holiday purchases – and shortening the buying cycle. Not a fan of free? With the surplus of holidays in November and December, there are fewer business days, so consider offering a quicker shipping option to accommodate your buyer’s needs.