Looking for some tips on how to increase revenue amid dips in consumer spending? Here are some tried and tested techniques used by leading retailers to convert more customers in any economic climate. 

1. Focus on existing customers

Cautious spending and consumer confidence means you’re more likely to secure orders from existing customers rather than win over new ones during a recession, so refocus your marketing strategies to re-engage and incentivise shoppers who’ve previously purchased from you.

 

2. Maximise on-site opportunities 

Make the most of the ready-to-buy shoppers by looking at ways to increase the average order value on your store. Product bundles, multi-buys, BOGO promotions, and conditional offers can encourage customers to spend more, along with smart up-selling and cross-selling.

3. Increase value perception

Many shoppers are focused on making savings right now, so make sure you highlight offers and discounts. Also look to emphasise any other ways that your products can add value, e.g. by increasing convenience, saving time, or providing an alternative to high-cost items. 

4. Promote scarcity

When you publicise that items are exclusive to your brand, low in stock, or only available for a limited time period, it can prompt shoppers to buy sooner rather than later as scarcity increases the perceived value of products. 

5. Utilise remarketing 

For shoppers that visit your store and leave before making a purchase, ensure you have measures in place to remind them to return. Consider targeted ads or a basket recovery system that automatically emails customers who’ve added items to their basket but haven’t yet completed an order. 

6. Expand your payment options

Offer more than a standard debit/credit card option wherever possible, and partner with a payment gateway provider that supports multiple payment methods including wallet options such as Apple Pay or Google Pay for increased convenience. 

7. Review your returns process

In this climate, having a strong returns process could give you a USP over your competitors, so review what you currently have in place to ensure it isn’t deterring potential customers and make sure  your policy is clear and easy to understand to build consumer confidence.

8. Diversify delivery

To avoid losing shoppers right at the last stage of the purchasing journey, offer multiple delivery options to meet varied needs. Relying on multiple delivery providers can also diversify your risk, particularly during periods of peak shopping or industrial action.

9. Leverage voucher codes 

Attract bargain-focused shoppers by promoting offers and discounts on voucher sites, or simply highlight current discount codes across your store to avoid losing hard-earned customers to a competitor.

10. Interrupt exits

Designed to keep customers on your store, exit intent pop-ups can reduce bounce rates and increase conversions by offering incentives to shoppers (e.g. Don’t go yet - use the code NEW15 to save 15% off) when they’re about to leave your site without making a purchase.

11. Acknowledge loyalty


Implementing a loyalty scheme can be critical at a time when shoppers are looking for additional value from their purchases, however keep in mind that there isn’t a one-size-fits-all solution - any rewards you offer should be tailored specifically to your brand, your customers, and how they shop. 

12. Review rewards

If you already have a loyalty program in place, now is the ideal time to review and revise it to ensure it’s working hard for your business. Look at how and when customers are using it, measure its impact, gather feedback, and make adjustments to improve its performance.

13. Build brand advocacy 

Some studies show that referred customers can be the most valuable ones, so ensure you have multiple methods in place that enable your existing customers to promote, highlight or recommend your store to others. This can include referral schemes, as well as loyalty programs and review systems.

14. Reduce entry barriers 

For subscriptions schemes or other programs that encourage customers to make regular purchases, make sure that the barriers to entry (e.g. minimum subscription periods or purchase amounts) are set at the right level to convince shoppers to sign up.

15. Streamline the purchasing journey 

Always ensure that every step of the entire shopping journey on your store - particularly the checkout process - is frictionless. This should be regularly reviewed in any economic climate, but is especially important when consumer confidence is low.

For more eCommerce insights and the full findings of our UK consumer survey,  download our latest report - How to accelerate in a recession.