Valentine’s Day is a worldwide celebration of love. Specifically, a chance for lovers to show their affection in a material way. Last year, more than $20 billion was spent in the US and £1 billion in the UK during the holiday. Finding the perfect gift for a loved one is a tough quest, but as a retailer, you’re here to play the role of Cupid and help your customers find the item that truly represents their emotions.
Traditional flowers or exciting new surprises?
There are plenty of possibilities for highlighting your products as Valentine’s gifts, besides the traditional chocolate and flowers. Jewelry, clothes and candy are among the most popular presents. Experiences are also a valued treat, as well as a night out (a new outfit for the evening might also be on the customer’s wishlist) or some extra delicious food and drinks. Uniqueness and personalized products are trending, so why not put more unexpected products on display?
As Valentine’s Day shopping ramps up, it’s time to engage potential customers and show them that you understand their needs. As a shopping network that provides seamless payments and payment plans, Klarna is a valuable service to increase retailers’ conversion rates, drive new traffic and build customer loyalty.
Plus, Klarna retailers get to showcase their products within the Klarna app and community, inspiring millions of shoppers to get down to business. We create the buzz, and you offer the stuff.
Freedom to buy and pay
Roughly half of the population in the US and Sweden marks the day and/or buys a gift for their special one. This means you have a huge opportunity and it’s time to seize it. With Klarna’s different payment methods you give your customers the freedom to buy whatever they want – and pay for it when it suits them. Because hey, nobody wants to look cheap when it comes to love.
Using Klarna, shoppers can pay in 4 interest-free installments. This solution increases sales and offers the benefit of increased purchasing power. In fact, retailers offering the 4 installments option notice a 68% boost to the average order value. There is also the possibility of paying in 30 days, an option which 90% of shoppers are satisfied with. Another option is Klarna Financing, where customers are able to pay over 6-36 months, making even the larger Valentine’s gifts budget-friendly.
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Include, include, include!
Make sure to not leave anybody behind. Not everyone has a special someone, but that doesn’t mean they don’t shop for Valentine’s gifts. 14% of Americans will celebrate the holiday alone, treating themselves rather than someone else. If you want to truly make the most out of your holiday offers, this group should be on your radar too.
Also, spouses and partners aren’t the only ones to receive a gift. Customers are on the lookout for gifts for their kids, friends and pets (!) too.
Don’t miss out on the willingness to spend
… But know your different target groups’ budgets.
- People engaged to be married are most eager to open up their wallet. Americans in this group spend $88 on average for Valentine’s Day.
The amount spent drops as soon as the couple ties the knot. Married American shoppers spend $55 on average.
- The average American plans to spend around $58.
- In the UK, the average amount spent varies depending on geographical location. For example, in the British cities of Preston, Milton Keynes and Aberdeen, shoppers spend £48-53 on average. In Walsall, Coventry and Hull, the number drops to £26-32. A Londoner spends £43.30 on average.
- It’s worth noting that men spend more on Valentine’s treats than women.
Conclusion: In order to reach Valentiners within the different spending groups, retailers need to present gifts with price tags ranging from low-budget to luxury.