Lunar New Year is a traditional festival of people in East Asian countries. This is a great festival, offering many shopping opportunities and benefits for both shoppers and businesses. In this article, we would like to give the plan that sellers need to prepare for Lunar New Year to maximize profit.
Overview of the market in Lunar New year
Lunar New Year is also known as the Spring Festival. It is celebrated not only in China but also all over Asia and lasts up to about 15 days. With its unique customs during this holiday, it has a great influence on the market. The market to prepare for the Lunar New Year is an extremely active one. Not only in the Asian market but around the world, markets have recorded a spike in consumer shopping and willingness to spend. In addition, all sectors of goods or services almost recorded the highest number of purchases in the year, such as food and consumer goods and services like transportation and catering.
What to prepare to maximize profit this Lunar New year?
Conduct research and development
To achieve the greatest profit during this Lunar New Year, businesses must first conduct market research and come up with development plans. This is a great time for new product development, so businesses can do market research early, find suppliers for new products or variations they want to develop and increase quantity to boost sales.
Businesses need to learn market trends through keywords to find the right products and then add them to their inventory, or they can look for potential opportunities to expand beyond the current market. Research and development will help businesses understand consumer needs and direct them to their products more smoothly.
Review and improve business
Businesses also need to prepare for Lunar New Year by reviewing and improving their products. Do you need to find out and consider whether the product title is specific enough, including relevant keywords, brand names, and models? Besides, each element in the product list has an impact on the sales of the business. Therefore, businesses need to focus on the image and title and put it under the microscope. After editing and polishing the image, businesses will receive comments and opinions from customers so that they can continue to modify and adjust products or businesses to the best fit. With this focus, maximizing profits is certain to be achieved during this festival.
Focus on customer experiences
Enterprises prepare for Lunar New Year with the expectation that profits will be achieved and the person bringing profit is none other than customers. If the business stands as a seller to advertise and market new products, you will certainly make mistakes because those products may not gain priority with consumers. Instead, today’s shoppers almost always consider products/services carefully and look at reviews before making a purchase. Businesses, therefore, need to build trust through customer-centricity. Businesses can use customer email lists for a personalized approach, encourage shoppers to review, and best of all, use an automated tool to do so. Focusing on your customers and focusing on their experience will help you get the most out of your business.
ConnectPOS is a great tool to help your business prepare for Lunar New Year and get the best profit. It offers powerful features to support the sales process, multi-channel inventory management, and generated reports to make holiday business easier and more seamless.
Lunar New Year is the best opportunity for businesses to maximize profits so make sure to well prepare for this festive season. If you are in need of a support tool for your store, contact us.
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