What is the Best Way to Make More on Your Online Store? Q4!
If you want to be successful in the online market, you’ll need to be one step ahead of the competition. Everyone wants to improve their profits but there is one sure way to do this:
Make Q4 your key focus.
What is Q4? This is a quick ecommerce term to describe the lastand fourth quarter of the year. The reason it’s the most successful is because it is the busiest time for sales due to upcoming holidays and spending events. In fact, according to the ‘Big Commerce Holiday Readiness Report & Checklist’, sales spike by 57% in Q4! (source)
That’s the general definition of most companies, but of course different companies may have more successful quarters and would be able to find that out based on their previous sales. For instance, Amazon does not split up their year in the standard sense:
Q1: January, February, and March
Q2: April, May, and June
Q3: July, August, and September
Q4: October, November, and December
This is because their most successful selling times and events such as Prime Day fall at different times. Their Q4 is during November to January which is clearly extremely successful as Amazon’s News Release revealed that their last Q4 made $72.4 Billion compared to their Q1 that only made $51 Billion (source). Going forward, it would be wise for online stores who want to increase their sales to see when most of their events and holidays are bunched together and focus their advertisement and stock quantities mainly on that period of the year.
Why is this so important for online stores?
When selling online, you’re competing against millions of other companies, probably with similar products to yours. More of the public are buying online for the holidays because of its quick delivery and accessibility. That means there’s far more of a pressure for online stores to provide, especially during Q4. You need to make sure your products stand out and are relevant to current demands and trends of customers. Are you stocked up? Do you have enough trained staff to deal with the demand? Have you budgeted to pay for extra advertisement and cover specialised discounts during this period? This is a time where your company could suffer because it gets hidden by bigger companies gloating about their products. Unless you’re able to maintain this energy and drive for promotion, the same will happen to your online store. Our top tip? Plan early! Preparing for Q4 takes time and you want to make sure your online store is of the highest quality so don’t wait until the last minute to update all the important stuff for your website.
How can you make the most of Q4?
The typical Q4 is coming up soon and most online stores are predicted to make the most amount of profit than any other quarter. So to be found amongst search engines and such a large database of companies, you’ll need to do some planning. This involves researching the biggest holidays and keeping up to date with your marketing. Thankfully, one of our previous blogs presents the ecommerce calendar in detail so you can be aware of when these events will be and who your target audience are. Read about it here.
If a Q4 is organised properly, your website is only headed for success. To correctly plan ahead, only select the relevant stuff to promote for a more personalised shopping experience. If customers are visiting your store during a busy holiday, make sure you’re advertising what will appeal to them at that time. Build upon the past. What has sold well previously? Look at statistics and target how to improve them even more. And finally, lead up to it. Remind the public these holidays will be happening. Make customers aware that you’ll have these features and promotions on your store, send out emails or notifications to potential customers?
A successful Q4 is like life support for online stores. You’ve got to make sure you’re always switched on. If you’re planning is up to standards, (with our tips and tricks, we’re sure yours will be), your Q4 will be the best yet!