How To Navigate Pre-Election Sales Uncertainty and Impacted Consumer Spending

How To Navigate Pre-Election Sales Uncertainty and Impacted Consumer Spending

Thursday May 30, 2024 | Posted at 1:39 pm | By Harriet Pritchard
May 30, 2024 @ 1:39 pm

Volo CEO, Paul ‘Dilge’ Dilger recently talked to ChannelX about actionable strategies to optimise inventory and maintain sales momentum amid pre-election uncertainty.

With the UK government’s announcement of a general election on July 4th, e-commerce businesses face a critical six-week period. This is often a time of cautious consumer behaviour, making it essential to adopt tactical measures to sustain sales during the early summer months.

Drawing from past experiences, such as the Brexit referendum in 2016 and the 2019 general election, we’ve seen that periods of uncertainty can significantly impact consumer spending. Here’s how to stay ahead with the right insights and tools.

Key Strategies for E-Commerce Success in June and July

UK election polling station

1. Monitor Performance in Real-Time

  • Utilise Volo’s comprehensive dashboard to keep an eye on your KPIs daily. Set up email alerts for key metrics to ensure you’re always informed.
  • Set and track daily and weekly sales targets. Analyse performance against these targets and adjust your strategies accordingly.
  • Stay agile by monitoring external factors like weather, which can influence consumer demand, and adapt your approach swiftly.

2. Optimise Stock Management

  • Use Volo’s stock management tools to identify slow-moving items. Create deals or bundles to clear these out and free up cash.
  • Keep a close eye on fast-moving items to manage re-ordering efficiently, avoiding stockouts.
  • Leverage our dynamic pricing tools to stay competitive and maximise profitability.

3. Focus on Margin

  • Gain detailed insights into your gross and net margins using Volo’s analytics. This allows you to focus on high-margin products and eliminate loss-making orders.
  • Calculate order-level profitability by factoring in all costs, ensuring each sale contributes positively to your bottom line.

4. Think Like Your Buyer

  • Put yourself in your customers’ shoes. Understand their purchasing behavior during uncertain times and tailor your value propositions accordingly.
  • Consider implementing feedback loops through customer surveys and staff insights to refine your approach and meet customer expectations.

5. Maintain Excellence in the Basics

  • Ensure your product listings are optimised and regularly updated.
  • Communicate transparently with your customers via your website, email, and social media. Provide clear information on order status, returns policies, and customer support.
  • Continuously refine your marketing strategies based on performance data to enhance engagement and conversion rates.

6. Foster a Positive Team Environment

  • Lead with confidence and positivity. Your team will mirror your attitude, contributing to a stable and productive workplace.
  • Emphasise the importance of opportunity amid change, encouraging innovative thinking and resilience.

Interested in seeing how Volo could help you navigate the pre-election sales anxiety? Get in touch to find out more.

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