Sales slumps can be very painful for businesses. Take December. It is a fun, hectic time for ecommerce (I can tell you that from personal experience). People are buying like crazy, sales are pouring in… but what goes up must come down. And after a sales peak, there is often a…
They happen to every business. And the vast majority of businesses will inevitably face a sales slump at least in January, and sales slumps in summer are also common for ecommerce businesses (people are outside doing things… not sitting inside on their computer).
If you want to be your own boss, and run your own ecommerce business, then you need to be prepared. Here are my tips for dealing with sales slumps:
Sell Accessories for Hot Selling Items
Before your sales slump, there were likely some items that were high sellers: Such as video game consoles, cameras and other electronics. Take stock of what sold well, and make sure you have plenty of accessories for those products. If a customer has purchased a video game console from you, like a Playstation 4, they’re likely looking for accessories, such as controllers. So make sure you source items from your highest sellers and have them in stock.
And if you don’t have any items that have been hot sellers, look for online trends and see what items people are talking about and source accessories for those items.
Bundle Accessories Together for Hot Selling Items
Bundles are a crazy good way to move more stock and make more profit. If a customer has purchased a camera from you, and they come back to your store looking for a tripod for their camera, if they see a bundle with both a tripod and a camera bag at a discounted price, you’re very likely to successfully upsell the customer since they are already in the mindframe to purchase camera accessories.
And the great news is that, even though you’re selling the accessories for a discounted price, by combining the items together you often end up making even more profit on the sales because of fixed fees if you’re selling on either Amazon or eBay. Take a look at a great video made by Wholesale Ted’s video editor, Sarah:
Take Advantage of Email Marketing for Repeat Customers & Product Upsells
What is better than a new customer? A repeat customer.
You might’ve noticed that my last two tips revolve around repeat customers. They relate to customers returning to you to get new accessories for their items.
Obviously, you’ll still be able to successfully catch new customers looking for accessories for their big items. But it’s even easier to entice customers who have already bought an item from you to return and upsell them on a new accessory.
But that is the key… you need to be able to entice them back.
You need to let them know that you have these items that they’ll want and need. And the easiest way to let them know that is through emails, since you’ll have already collected their email through their initial purchase.
Keep sales flowing through a sales slump by focusing some of your marketing efforts then on re-engaging customers that you made through your sales peak, by emailing them specific items and offers relating to items that they have already purchased. And if you combine this with bundles, you can keep the cash flow flowing, even through a sales slump.
These tips will let you survive a sales slump by taking advantage of the sales windfall before it. Don’t be discouraged by sales slumps. If you keep marketing, and keep selling, sales will pick up. I have weathered many sales slumps, and I have only come through them stronger.
And trust me: It is worth it! My ecommerce business has been life changing for me, allowing me the freedom to live my life the way I want, how I want, getting rewarded for the items I sell. If you’d like to know more about how you can start your own dropshipping ecommerce business, just download my free ebook: How to Make $10,000 a Month by Dropshipping. Get it by going here and entering your email and name to download it now.