For e-commerce sites, stepping on to September means the chance of scoring on the biggest sales event of the year. Especially in Southeast Asia, the 9.9 sales (later followed by 10.10, 11.11 and 12.12) are widely adopted by big names in the industry such as Shopee, Lazada and Qoo10.
9.9 events are held on the 9th of September every year and are famous for their huge discounts. Different companies have different strategies, some of them include cashback, additional discounts, live-stream shopping, interactive games to more discounts, surprise boxes and many others.
If you are an online seller in Shopee, Lazada, Qoo10 or any e-commerce platform that celebrates 9.9, you may be wondering: “Why should I care?” or “How will it benefit my business?” Here, we have listed 3 reasons why the 9.9 Day it is crucial for your business to ride on the 9.9 wave:
Why Invest in 9.9 Campaign
1. Breaking Sales Record
Last year, Shopee’s 9.9 super shopping day in 2018 has the highest-ever single-day sales. The number of items sold across the region exceeded 99,999 in less than 9 minutes. In total, it sold over 15 million items within 24 hours. Moreover, it sold 3x more products than an average day. Thus, if you plan to clear out stocks or get more traction, it is clear that this is the period for your business to take full advantage of.
2. Multiply Sales
Been thinking to move sales figures, but scared that discounts might end up cutting into your profits? This might be the perfect opportunity for your business to boost sales by giving discounts to customers! The campaign will attract many customers with its major discounts. There are 2 ways your e-commerce shop can move sales figures during this hype:
- Reduce the price of your products but targeting a higher number of sales. For example, normally your shirt is priced at $15 each and your monthly target is to sell 30. That makes your income: $15 x 30 = $450. During 9.9 season, you cut down the price of each shirt to $12 but targeting to sell 50 pieces by the end of the month. That makes your income $600, $150 more than your normal KPI.
- Use voucher codes for customers to receive free shipping or discounted price during checkout. It will help your customers purchase your items at a lower price without you having to worry about losing profit.
3. Gain New Customers
During these events, most customers that participate are those loyal users of the platform. Meaning, they are constant users/shoppers on the platform. Hence, why not make those loyal users of the platform, your next loyal customers?
Now that you are aware of how the 9.9 campaign can be advantageous for your business, you may start to wonder, “How do I make use of this opportunity?” Here, we have listed 5 things your e-commerce shops can do to maximize this campaign:
How to Maximize 9.9 Campaign
As mentioned before, this campaign is mainly about the discount. Hence, giving a price reduction on your products will be the best strategy to align with the campaign. However, if giving out discounts does not work with your business, you might want to consider bundling or giving out free items for certain purchases. These will work well without having to damage the brand in the long-term.
2. Inventory and Stock
After planning to reduce the price while targeting a higher number of sales, you need to ensure there is enough stock to meet the forecasted demand. Hence, stocking up more physical items during this season compared to others. And if you don’t have enough budget to stock more for this season, fret not! Aspire is here to help you stock up when needs arise out of the blue. At Aspire, we provide online e-commerce sellers with up to S$150K of financing for you to stock up your inventory this 9.9.
If your business can afford it, it is recommended to spend extra budget more on marketing during the sales season. For instance, advertise more about the sale that ongoing for this campaign on Facebook Ads and social media.
4. Customer Service
For many customers, this might be their first time purchasing from your shop. If you did your promotion well enough, you’ll get an influx of traffic and visitors into your shop. Hence, you will want to prepare a prompt and good customer service to them. We’ll recommend preparing a set of planned answers or FAQ bot so that customers will receive a quick response and be more likely to purchase from your shop than your competitors.
When you go the extra mile to serve customers and ensure they have a good shopping experience, they are likely to revisit your store again in the future.
Again, this could be the first time for some buyers to purchase from your business. Give them a great and memorable experience from start of end of the customer journey. Good offers should not reduce the quality of the product or packaging of the product. Remember that a good first impression matters!
All in All
Those are the 5 tips you can easily implement! Do take note that different platforms have different campaign dates. You want to make sure you make use of every single opportunity!
At Aspire, we envision a world where business owners have fast and simple access to the funding they need to grow. That’s why we’re on a mission to re-invent banking for SMEs across Southeast Asia.
Our current product provides SME and startup owners in Singapore with financial flexibility through a line of credit of up to S$150k. Which, can also be used to make business payments to enjoy 60 days free credit terms.