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How Payday Affects Your Shopify Store
Last modified: July 3, 2024
Sales are often not uniformly distributed throughout the month. Many people around the world are on tight budgets, and they often rely on making purchasing decisions on the days when they have the most funds in their bank account. This is usually when they are paid by their employer and this is known as payday.
Payday is a big day in your monthly calendar, and you should be looking at utilizing this date to improve sales on your website. The more effort you put into marketing around this day, the more money you will get.
There are several things that you can do around the payday to improve your business’ results. Here are some suggestions.
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Understand the Window Shopping Phase
The first thing that you need to do is to understand the Window Shopping Phase of the purchasing journey. Many customers will often shop before the payday to create a list of the products that they would like to buy. If you can get onto that shopping list, you can convert them easier on your website.
So about a week before payday, try to market some of the products that you’re going to be selling. This can include promoting on email, social media and through YouTube videos.
Use Social Media
Ensure that there is a flourish of activity around your social media accounts on the few days before and around the payday. Showcase your best products, coupons, deals, and more around this time to grab the attention of your audience.
If you can increase your social media presence by increasing the number of posts that you’re doing by 50%. So if you’re publishing two updates per day on your channels, start publishing one more update per day.
Offer Discounts/Promotions
The next thing you could try is to offer payday deals. It is a simple, effective way to attract customers new and old to your website on payday. You can offer something like a 10% deal that is only available for 48 hours.
Be sure that you don’t have too high a discount, or you will harm your profit margins. You can use tiered discounting, using an app like this one, that can help you reward those who buy more from your brand with bigger discounts. This strategy can improve your profits without getting more customers. Ensure your brand color is consistently used in these promotions to strengthen brand recognition and appeal.
Payday Reminders
Finally, you can try to bring back past customers by using apps to set payday reminders. You can use apps like Ping that can help you subscribe visitors to your domain who have not converted on their visit (up to 97% of your website’s visitors) and then send them a reminder of your products or their wishlist on payday. There are numerous wishlist apps that are available.
This system has been known to bring back about 20% of those who visited you before and convert them into customers. It is a simple process that can be run on automatic, and you don’t lose value on your products.
Enhancing Payday Sales
Strategic Timing and Offers
Payday, a time when bank accounts are replenished, presents a unique opportunity for online retail store owners. It’s a period when consumers are most willing and ready to spend, making it crucial for businesses to strategize effectively.
We’ve observed that offering special discounts and promotions during this period can significantly boost sales. Implementing a well-timed campaign that aligns with the end of the month, when most people receive their paychecks, can yield optimal results.
WhatsApp Marketing Integration
In our extensive experience with digital marketing, we’ve found that integrating platforms like WhatsApp can enhance customer engagement. Utilizing WhatsApp for sending personalized messages and alerts about payday sales can increase conversions by up to 40%.
Customized messages with the latest offers, sent a day before and after payday, ensure that your store remains at the forefront of customers’ minds during this high-spending period.
Targeted Campaigns for Different Customer Segments
Every customer is unique, and so should your approach. For new customers, offering extra discounts or special offers can create a Fear Of Missing Out (FOMO) effect, encouraging them to make their first purchase.
For those who have ordered only once, cross-selling paired with express delivery or offering discounts in exchange for feedback can be effective. Regular customers can be engaged with standard discounts and timely alerts.
Strategies to Amplify Payday Sales
Planning the Payday Campaign
We understand the allure of payday – it’s a time of financial replenishment and increased purchasing power. To capitalize on this, we recommend launching new products or offering exclusive discounts towards the end of the month.
Our years of digital marketing experience have shown that customers are more inclined to make purchases when their wallets are full. Price your products strategically to maximize appeal during this time. We suggest sending alerts or newsletters a day or two before payday to create anticipation. Follow up with a notification on payday to capture the audience’s attention and drive sales.
Creating a Sense of Urgency
Over the years, we’ve observed the powerful impact of creating a sense of urgency in boosting sales. Consider showcasing premium products on payday or shortly after, for a limited time, to create a FOMO effect.
We have effectively employed this strategy to tempt customers into making impulsive purchases, significantly boosting sales during the payday period.
Monthly Mini Black Fridays
Every payday is a mini Black Friday for us. We’ve honed our strategies to maximize these monthly opportunities, offering enticing deals that customers can hardly resist.
Our approach is holistic, combining well-tailored email campaigns, engaging social media posts, and effective payday reminders to capture the attention of both new and regular customers, ensuring no sales opportunity slips through the cracks.
Conclusion: How Payday Affects Your Shopify Store
Payday is one of the biggest days in your monthly calendar. You should be using this special day for customers to improve your website’s performance by shifting the focus of your marketing around this day. By utilizing some of these updates on your website, you can see the growth of your business.
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How can I design an effective Pay Day Campaign?
Create a list of products to feature, consider customer preferences, and offer special discounts or promotions to maximize sales during the payday period
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How can I re-engage customers who have only ordered once?
Provide irresistible offers or ask for feedback in exchange for discounts, and consider offering free shipping or express delivery to encourage repeat purchases.
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What challenges does payday pose for your Shopify store?
Payday can lead to a surge in traffic and sales on your Shopify store, straining website performance, inventory, and customer service. Balancing heightened customer expectations for discounts while maintaining profitability and security also becomes a significant challenge.
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