Great Deals and Discounts Using Online Coupons
One of the selling strategies online is offering voucher or promo codes to potential buyers in order to entice or convince shoppers to put more items in their shopping cart upon checkout. It is proven that offering great deals and discounts for your online store is beneficial to your business as this generate a word of mouth, increased purchase rate, and other indirect advertising through your direct customers.
Online stores utilize promo codes and voucher coupons which is a very effective tool to gain customer loyalty. The value of your product determines if you want to set your product as a higher end compared to others, so it is better to gain customer loyalty than providing weekly sales. You need to be aware that there are factors you need to consider in providing discounts or offers, whether this will affect you in a good way in the future or not. Experimentation should be done such as starting in s small percentage discount then measuring the results. The advantages of an online business offering vouchers or discounts include easier tracking and implementation, increase acquisition of customers, conversions and customer loyalty. You must bear in mind the disadvantages to your business such as decreased profit and market margins, potential brand damage making it look cheap or poor quality, decreased conversions of sales outside time frames allowing potential buyers to wait for offers before purchasing, price-driven non-loyal shoppers, and reduced order size.
Percentage based discounts, dollar value discounts, free shipping and free gift are just some of the types of discounts and offers that you can offer as a seller. Percentage based discounts include small percentages such as five or ten percent off, and in order to liquidate items or products which are not being sold, old stock or not moving, you can offer large discounts that drives greater sales include twenty, twenty-five, fifty or seventy-five percent off. There is a recent study that dollar value discount converted as a credit is more effective than percentage based discounts. Offering free shipping cost is the best way to convince a potential buyer to go through the checkout page restricting hesitance or doubts. Many buyers are enticed purchasing items with free gifts providing more value to your buyers’ money.
Weekly and monthly discount offers increase end-of-month target sales and projected goals. If you are in the prelaunch stage, offering a prelaunch promotion or discount can drive customer interest and traffic. Email or newsletter subscription offer is very effective for target audience proving opportunity to advertise new products at a discounted rate. Major online marketplaces utilize promo codes or voucher coupons to entice buyers, and therefore increasing the selling rate and performance of online business sellers.