Valentine’s Day is an important occasion for online sellers, as it can significantly impact their sales and overall business performance in the year’s first quarter. Since it is one of the top consumer spending events, it is crucial for online sellers to take steps to prepare for this celebration to achieve profitable Valentine’s Day sales.
Valentine’s Day: A Brief Background
Valentine’s Day is said to have originated from the Lupercalia celebration that takes place annually in the middle of February. The festival was then Christianized by Pope Gelasius I, who dedicated it to Saint Valentine, hence its current name.
The holiday became widely recognized and celebrated in the 18th and 19th centuries, emphasizing gift-giving as an expression of love and affection. These gifts are meant to show fondness and gratitude for the person receiving them.
Valentine’s Day Sales in Numbers
Valentine’s Day is another avenue for sellers, especially Amazon sellers, to increase their revenue in the first quarter of the year. According to the National Retail Federation, Valentine’s Day spending is expected to reach nearly $26 billion in 2023.
Consumers are expected to allocate an average of $192.80 for the occasion, a $17 increase from previous years. Historically, consumer spending for Valentine’s Day gifts has increased, averaging around $163 since 2017. Such an allotment will likely drive Valentine’s Day sales.
|Valentine’s Day Year
|Total Spending per person
Source: Adapted from NRF’s Annual 2023 Valentine’s Day Spending, Jan 24, 2023
What Products Should You Sell for Valentine’s | Great Gift Ideas Valentine’s Day
Being aware of popular Valentine’s Day gift items sought by consumers on eCommerce sites like Amazon can give you an edge in your Valentine’s Day sale activities. Additionally, having such information can help refine your Valentine’s Day promotion ideas. Here are some of the go-to gift shopper’s purchases during Valentine’s Day.
Valentine’s Day is definitely the number one holiday for floral purchases. According to the Society of American Florists, Valentine’s Day accounts for roughly 28% of annual floral sales. To capitalize on the heightened demand for flowers during Valentine’s Day in 2024, your eCommerce store can offer complementary products that pair well with such gifts. To generate sales, you can bundle greeting cards, scented candles, and decorative or personalized vases.
Confectionery (Chocolate & Candy)
Confectioneries are some of the items that are highly purchased during Valentine’s Day. The American consumer considers chocolate and candy their perfect way to celebrate Valentine’s Day, which is why the Valentine’s Day season represents about $4 billion in confectionery sales annually.
Another high-profit niche you can sell during Valentine’s Day 2024 is a teddy bear. A teddy bear is a popular gift to significant others during Valentine’s Day because it connotes the feeling of warmth and love. Furthermore, teddy bears complement other notable Valentine’s Day gifts, such as chocolates and flowers.
The growth of eCommerce has fueled the development of the teddy bear industry. By 2031, its global industry value is estimated to reach up to $9 billion and is projected to have a Compound Annual Growth Rate (CAGR) of 4.3%. One of the ways to maximize sales for this particular product is to offer custom texts on the teddy bear itself.
Beauty products are another go-to product you can list in your store for Valentine’s Day 2024. Over the past years, beauty products have been highly requested gifts, especially among women. Some of the top-selling beauty products on Amazon today include but are not limited to hydrating serum, hair strengthening oil, false lash, makeup remover, and more.
Fashion and Apparel
Online retailers should include the fashion and apparel category in their preparations for Valentine’s Day 2024. With the consistent increase of eCommerce spending observed in the fashion and apparel products from the first week of February 2022 to 2023, there is a high probability that consumers will invest more in these items during Valentine’s Day 2024.
Valentine’s Day Marketing Strategies to Win Shoppers’ Hearts
If you wish to improve your sales performance in the first quarter of the year, you should take the necessary steps to improve your Valentine’s Day campaign. Here are some Valentine’s Day marketing ideas you can implement to give you a headstart for your eCommerce business.
Valentine’s Day Interactive Social Media Post
One of the best ways to capture shoppers’ attention this Valentine’s Day is to create engaging social media posts. Try to create interactive social media posts that will entice your audience to participate.
Asking people on social media what Valentine’s Day gift they wish to receive is a good marketing strategy. A simple survey question or contest will give your followers a reason to interact with your post. Thus, keeping social media engagement at the forefront of your marketing campaign.
Valentine’s Day Gift List
Providing Valentine’s Day 2024 gift ideas on your online store or social media can benefit last-minute shoppers. Giving shoppers thoughts on what to buy for this Valentine’s Day 2024 is a good marketing strategy, especially if such a Valentine’s Day gift list is centered around your products.
This Valentine’s Day marketing idea will improve your Valentine’s Day sales performance and your inventory movement, allowing you to highlight slow-moving products.
Valentine’s Day Product Bundles
Another marketing idea that can help increase your sales and improve inventory movement is product bundling. This tested and proven strategy works for online retailers, including Amazon sellers.
By grouping your inventory items together, you can make Valentine’s Day shoppers buy more than one product during a single purchase. Thus, increasing your average order value. For example, you can bundle chocolates with flowers and jewelry with greeting cards.
Such a marketing strategy is so effective that Amazon has even incorporated it on its own platform, as observed in its “frequently bought together” or “buy it with” section.
Valentine’s Day Video Marketing
Around 96% of marketers view video as an essential part of their marketing strategy. Video marketing will not only improve brand awareness but also give shoppers a better understanding of your product.
Nowadays, online sellers no longer have to produce their own marketing videos from scratch, as online services now cater to this requirement. To save the extra cost on online service, you can leverage user-friendly online video creator tools so businesses can easily create professional-looking videos without needing extensive time and expertise. The lack of time and expertise are no longer valid excuses for not creating a marketing video for your brand.
If you wish to increase your Valentine’s Day sales, you should consider using video for product marketing.
Valentine’s Day Direct Marketing Tactics
Another Valentine’s Day marketing method you should consider for this Valentine’s Day 2024 is direct marketing. Direct marketing approaches such as SMS and email marketing enable you to promote your products directly to consumers.
Additionally, direct marketing, once done correctly, enables you to target potential buyers efficiently and offer a more personalized message. It is also generally considered to be low cost while providing high ROI.
Valentine’s Day Influencer Marketing
In addition to your social media campaign, you can expand your audience reach by collaborating with online influencers from various social media platforms. Influencer marketing is an effective strategy to help your brand or product reach more demographic-specific consumers. Influencers can promote your product and entice loyal customers to your business with relevant content.
Valentine’s Day Sponsored Ads
If you sell on the Amazon marketplace, you can use Amazon Sponsored Ads to enhance engagement and sales conversion for the upcoming Valentine’s Day season. Sponsored Ads serve as advertising tools that enable sellers to boost the visibility of their products and enhance brand awareness, particularly during the period when Valentine’s Day spending occurs. Notable Amazon advertising options encompass Sponsored Products and Sponsored Brands.
Offer Competitive Prices for Valentine’s Day Shoppers
Pricing defines the value that a product is worth, and the price is adjusted to a particular value suitable to both seller and customer. The price you associate with your product or brand can likewise serve as a marketing tool to help improve your Valentine’s Day sales.
To have an effective Valentine’s Day marketing campaign, you should also consider product pricing. No matter how great your marketing strategies are, if the price is not competitive, potential customers may lose interest in your product or brand.
In order to offer competitive prices for your eCommerce store, you need to research your competitors and understand their pricing behavior. However, not everyone has the resources to do so.
To overcome this challenge, online sellers use repricing software to keep pace with changes in demand for price adjustments. Specifically, high-volume Amazon sellers employ AI-powered Amazon repricers to adjust their listing prices to a more competitive level.
Maximize Marketing Strategies for Optimal Results
Valentine’s Day marketing strategies should not be used separately but rather in combination to enhance the chances of successful Valentine’s Day marketing campaigns. Combining different approaches can improve your Valentine’s Day marketing idea and overall sales performance during the Valentine’s Day event.
Moreover, it is crucial to consider past data in any marketing strategy, as it provides insight into what was effective and what was not. It can help you identify mistakes and guide you towards successful marketing tactics, leading to a better outcome in your current Valentine’s Day marketing efforts.