It is a known fact that consumers love discounts. So follow these creative ways to offer discounts and increase sales on your online store.
Also referred to as sales discounts or purchase discounts, cash discounts are designed to encourage customers to pay quickly.
If the invoice is due in 15 days, a reseller might give the buyer a cash discount say 5% if the invoice is paid within the first 5 days after receiving it.
So when you Build an ecommerce store and want your online consumers to pay faster for your products and services, don't forget to offer cash discounts.
Often described as incentives, cash discounts will enable you to get your invoices paid sooner. This will allow you to put cash back into your business quicker.
Amongst all the discount options, free shipping has the biggest influence in making purchasing decisions.
Free shipping is one of the most effective ways to increase online business. It has been the standard practice adopted by various ecommerce sites to boost online sales.
Free shipping allows customers to receive their orders without paying delivery charges. Many ecommerce sites set up free shipping on the basis of order amount.
Say you Sell servers online. Now if a customer buys a few servers and the order reaches a certain dollar amount that qualifies for free shipping, ensure that he gets free delivery. Many ecommerce sites set up a minimum purchase value for free delivery.
Value Added Items
Discounts need not be always in terms of price. Instead of reducing the price of the products, you could think of ordering free gifts. This incentive is effective if the free gift is a value-added item.
For instance, if you Sell toner cartridges online, you can offer stationery products for free. Free gifts that complement the products that have been purchased can work wonders to increase your business.
Product bundling is a unique way to sell more. In this method, multiple products are grouped together into a single unit.
It is observed that customers like to purchase bundled products because buying them separately can be an expensive affair. Customers are able to buy multiple products in a single purchase that too at a discount price.
From the reseller's perspective, product bundling helps to increase average order value and subsequently boost profits. If the products as a combination is valuable, it can definitely encourage customers to purchase.
Many online sites selling IT products offer laptop bundles at discount prices. Popular bundles in the IT market include laptop + rechargeable mouse + USB or laptop + Microsoft Office 365. If you are able to convince customers that you save money by purchasing bundles, expect an increase in sales.
Creating Killer Customer Loyalty Programs
It is important that you reward customers who are frequently purchasing from your site. Customer loyalty programs focus on providing discounts and special offers to the company's existing firm.
The aim of such programs is to build lasting relationships with loyal customers. If you reward your loyal customers for their repeat business, they would stay with your business for a lifetime.
So decide what type of loyalty program you will adopt and accordingly ensure that the customers who are regularly doing business with your company are given additional benefits in the form of gift vouchers, gift coupons, etc.
In short, ensure that loyal customers get preferential treatment so as to maintain valued relationships and increase sales.
Deals for One-time Customers
They are not your loyal customers but that doesn't mean you ignore them. It is important that you offer special deals to your one-time customers so as to encourage them to become your regular customers.
Agreed! These customers have not been active for a very long time. However, offering them re-engagement deals will help generate interest among dormant customers.
All in all, it is necessary that you reach out to your one-time customers so that they eventually become your recurring source of revenue.
No matter what type of discount you offer, make sure you are connected with the right distributor. Say you are reselling school supplies. Ensure that your School supply distributors are providing high-quality products and have a strong reputation of delivering on time.