Discounts and promotions have been a crucial tool for eCommerce businesses to boost their sales for many years. eCommerce businesses have to compete with countless other online and offline retailers to draw the attention of consumers. Giving discounts can convince customers to purchase more items, leading to an increase in revenue and a positive effect on the bottom line. A well-planned promotion can increase website traffic, generate buzz and keep the business competitive – all while boosting customer loyalty.
If you’re wondering how to use discounts and promotions to increase your eCommerce sales, read on.
1. Create urgency and scarcity
Increase conversion rates by creating urgency around a promotion. Encourage customers to act fast by setting time limits for discounts. Scarcity can also create a sense of urgency. You could offer your customers a limited time offer or a limited stock of a specific product. Use language like “get it before it’s gone” or “while supplies last” to increase the sense of urgency.
2. Create value-driven promotions
Offer your customers promotions that bring them value every time they purchase from you. Focus on giving discounts or added values, such as a free product or service, rather than just reducing prices. This creates a sense of goodwill and customer appreciation for your store and products that makes them more likely to shop with you in the future.
3. Focus on your most profitable products
Rather than creating promotions and discounts on individual items or across the board, concentrate on your high-margin products. By leveraging this product, you can generate more revenue and increase its visibility. You can also position your less profitable products strategically with your high-margin products.
4. Set minimum threshold levels
To boost sales, set minimum thresholds to motivate your customers to spend more. For instance, you could offer a discount on a purchase over a certain dollar amount. You could also offer free shipping with a minimum purchase requirement.
5. Make use of social media
On social media, you can reach a vast audience and promote products to your followers and fans. Social media platforms provide an excellent way to make use of discounts and promotions to drive traffic, generate sales, or bring new customers to your store.
In summary, promotions and discounts can be an effective way to boost eCommerce sales. By creating urgency, focusing on high-margin products, setting minimum threshold levels and making use of social media, you can encourage your customers to purchase more, while also enticing new customers to your store. Remember to dig deep for the most appropriate one, tailor it to your eCommerce store’s needs. By implementing the tips mentioned in this article, be confident that you will experience growth in sales.