👛 Wallets are being squeezed by inflation, rising energy prices and interest rates. Naturally, we consumers hold back on spending, tighten our belts and seek value in everything! All this equals a tough trading time for most businesses.
❌ As a business, the first thought is often to lower prices. However this can have a negative impact, not only does it cheapen your brand but it shrinks your profit margin. If you don’t generate the higher volume of sales needed to make it worthwhile then it makes everything worse.
✅ Here’s 5 ways to offer VALUE as an ecom brand WITHOUT dropping prices:
1. 🚚 Slower/cheaper shipping. Fast shipping is great but it’s EXPENSIVE. The likes of Shein have proven that consumers don’t always need fast shipping so offering a slower service at a lower cost will be a huge value offering.
2. 📦 Bundles/bulk. Consider offering bundles or bulk deals at a cheaper unit cost. (Yes, technically lowering prices but it should only be a reduction based on the admin/packaging savings over selling individuals).
3. 🎁 Free gifts. Popping a free inexpensive gift into orders is great for brand building, customer gratification and conversion rate without devaluing your core product offering or significantly eating into margins.
4. 🏆 Points/rewards schemes. If you have frequent shoppers a point/reward system is a great way to offer some value back to your loyal customers. It keeps them engaged with your brand and even more loyal; without devaluing your offer.
5. 👩🎤 Free content/events. Make your customers VIPs by offering alternative value in the form of content, events or membership! This can be something as simple as creating entertaining videos or as large as a free music gig. Just remember to keep it entertaining and not a sales pitch.