A lot of people celebrate Valentine’s Day by giving gifts to their closest loved ones to show their appreciation for them on this special day. Increasingly, people are turning to online shopping for the perfect gift for their friends and family as a result of the rise of eCommerce.
In the UK, Valentine’s Day is one of the biggest holidays for eCommerce, with sales reaching £1.37 billion in 2022, up from £926m spent in 2021, according to Wunderkind. According to the same report, ahead of Valentine’s Day, online traffic to retailers’ sites was 33 per cent higher than in 2021 and 39 per cent higher than before the pandemic.
These figures indicate a significant potential for businesses to boost sales and reach customers through eCommerce on Valentine’s Day . By understanding and embracing the latest trends and using data effectively, it’s important for eCommerce businesses to understand how they can use all customer payments data to enhance their sales.
Trends to watch this Valentine’s Day
The use of payments data can be a powerful tool for eCommerce businesses looking to enhance their sales for Valentine’s Day. By using payments data to track pricing and payment methods, businesses can ensure that they are offering a seamless and convenient shopping experience for customers.
By embracing these trends and using payment data effectively, eCommerce businesses can thrive and succeed in the competitive online marketplace:
1. Emphasis on personalised gifts.
Consumers are looking for gifts that are unique and tailored to the recipient’s interests and preferences. This trend can be seen in the popularity of customised jewellery, personalised photo frames, and monogrammed home goods. eCommerce businesses can use payment data to understand their customers’ buying patterns and preferences and offer personalised recommendations based on that information.
2. A focus on sustainable and eco-friendly gifts
Consumers are becoming more conscious of their impact on the environment and are looking for gifts that are environmentally responsible. This trend is evident in the growing popularity of potted plants, reusable water bottles, and recycled paper products. eCommerce businesses can use payment data to understand consumer preferences for sustainable products and offer a wide range of eco-friendly gift options. This can not only help increase sales but also align with consumer values and contribute to a better planet.
3. Make the payment process seamless and convenient for your customers
With the rise of mobile devices, customers are increasingly using their smartphones to make purchases. This has led to the growth of mobile payments, and businesses must be prepared to accommodate this trend. Payments data can be used to track the popularity of different payment methods and ensure that the payment process is optimised for mobile devices. This can help reduce friction during the checkout process and increase the likelihood of successful sales.
4. Offer competitive pricing
Businesses can track the prices of similar products offered by competitors and adjust their pricing accordingly. Furthermore, payments data can be used to understand the impact of promotions and discounts on sales and help businesses make informed decisions about pricing strategies.
A tool to help you succeed at online selling
Often the least thought about when it comes to eCommerce, payment gateways play a critical role in facilitating online transactions and making online selling possible.
In addition to providing a secure platform for transactions, payment gateways also offer merchants a variety of features that make managing their eCommerce business easier.
TRU Connect, our online payment processor, is a simple, easy and fast gateway that works on any device. With its capabilities to accept credit, debit, mobile, and a wide range of alternative currencies and payment types, it can cater to a wide range of customers. Additionally, Dynamic Currency Conversion can help generate new revenue streams by allowing customers to pay in their local currency.
By pairing it with TRU Insight, Trust Payments’ data dashboard designed to provide simple, accessible, and actionable payment insights, you can leverage your payments data to the fullest possible extent. This way, you can avoid expensive business intelligence software and hiring analysts to interpret online reports.
Take a step forward and let us help you grow your business. Reach out today!