With the major winter holiday rush behind us, marketers are finally seeing some relief to the inflated CPM and CPC numbers now that competition for ad space has decreased. That comes in perfect timing for the first major spending holiday of 2017 – Valentines Day.
How People Plan to Celebrate
While many people will go to a movie, dinner or a show, that is not the only thing Americans will be spending money on this Valentines Day. According to the National Retail Federation, last year almost 1 in 5 Americans (19.9%) planned on purchasing jewelry for their loved ones for a total spending $4.4 billion. Almost one-third of consumers (27.9%) planned to shop online creating a great opportunity for savvy internet marketers like you.
Who People Plan to Buy Gifts For
If you think that people only buy Valentines Day gifts for their significant other, you’d be wrong. Consumers last year also planned to spend a combined average of $40.70 on gifts for either family members (children or parents), children’s classmates and teachers, or co-workers. With these spending habits in mind you can get creative with your designs and targeting.
Now is the Time for Necklaces and Mugs
If you haven’t tried selling custom necklaces on Viralstyle, now is the best time to try it out! Not only is jewelry a popular item category during this time of year, both mugs and necklaces have a much higher frequency of customers buying more than one. That’s because they are often seen as gift items – approximately 1 in 5 customers who buy either a mug or a necklace on Viralstyle will purchase two or more!
Order quantity isn’t the only attractive thing about selling mugs or necklaces on Viralstyle, the profit margins are great too! Both products have low flat-rate base costs and customers are willing to pay a higher retail price than you might think.
Currently, the average selling price for a round necklace on Viralstyle is $25.66 (slightly higher than our suggested retail price of $24.99). With a base cost of only $7.45 that means an average profit of $18.21.
Our white mugs have an even lower base cost of $4.75. Average retail price is $19.03 which is only $0.04 more than our suggested retail price of $18.99. White mugs have an average profit of $14.28.
Valentines Day Fulfillment Cutoff
As always, we work extra hard to shorten fulfillment times for major spending holidays. This year, any Shopify orders or orders placed on Viralstyle campaigns ending on 2/4/17 or earlier will have guaranteed delivery before Valentines Day!
For the consumer behavior found in the article and more, visit the National Retail Federation.