Payment Technology

5 Ways to Boost Your eCommerce Sales During an Economic Slowdown

Moe Tassoudji
VP of North American eCommerce

The economy runs in cycles. At some point, whether due to mysterious market forces or a worldwide pandemic, people will lose jobs or start spending less money. Most businesses, though, can't afford to stop bringing in revenue during these times.

The economy runs in cycles. At some point, whether due to mysterious market forces or a worldwide pandemic, people will lose jobs or start spending less money. Most businesses, though, can't afford to stop bringing in revenue during these times. You need to keep paying the bills and pay your staff during the lean times so you remain ready for the next boom. To keep your eCommerce sales going during a slowdown, consider these strategies.

1. Offer a Loyalty Program

When the economy suffers, people still shop. They just place more value on bargains and deals when they do so. If you offer a loyalty program with perks, discounts, or even freebies along the way, you stand a better chance of holding onto customers. Communicate with your customers and give them extra value to hold on to some of your sales.

2. Boost Online Marketing

More than ever, people need ways to find you during a slowdown. If you focus on smart online and social media marketing, you can keep your message active and available for the public. Boost your profile and build links back to your website. Even in a slowdown, the first step to building sales is making sure that people can find you.

3. Give Limited Time Offers

When times are lean, more people respond to advertising with a sense that they can always buy later. If your business is struggling, though, later may not be good enough. Present limited time offers, with deadlines for purchase at discounted or clearance rates. This helps create a sense of urgency, a critical component for driving sales in any economic environment, but even more so during a slowdown.

4. Offer Free Shipping

One of the best deals you can give eCommerce customers is free shipping. Whether this is a default or one option among many, it gives your customers a choice, and a chance to save money on every purchase. When every little bit helps, it can be both a lifeline for your customers and a big marketing hook to grow your sales.

5. Follow Up

After your customers make an online purchase, you have email contact information for them. While you don't want to blast them with communications to the point of annoying them, sending a thank you and a link back to your site costs you little and lets you generate important goodwill. The more your customers feel connected to you, the more likely they will come back, recommend you to others, or both.

Economic slowdowns are hard on everyone. If you approach the problem thoughtfully and strategically, you can give your eCommerce sales a shot in the arm even in the leanest times. Stay connected to your customer base, and take action to keep your business going strong.

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Moe Tassoudji
VP of North American eCommerce
Moe is Nuvei's VP of North American eCommerce. He has over 15 years of experience in credit card and ACH payment processing and was previously COO of a boutique payments company, helping merchants transact globally.

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