5 Discounts Strategies For eCommerce Businesses

5 Discounts Strategies For eCommerce Businesses

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Increasing the sales number is the ultimate goal for any business. When it comes to online business or e-commerce sites there are a lot of options that can help to increase the sales and conversion of leads into customers. We all know by now the basic strategies that make an online store to be profitable and get more website traffic too. However, getting traffic on your website doesn’t mean that you will also enhance your sales figures. Discount deals and offers are one of the topmost strategies that will help you to chase those sales figures, realistically. With so many offers like Black Friday Pakistan or 11.11 discount offers, the e-commerce sites are enhancing their sales aggressively.

In fact, it should be noted that Alibaba made a sale of more than $1 billion in just a few minutes with their Black Friday Sale 2019. However, there are few more tactics that are needed to even enhance the discount strategy that will generate more revenue for you. We have compiled a list for you that is needed to make your discount offers even more successful.

Bundled Discounts

Bundled discounts are the ones where you don’t put a discount offer on one product but rather on two or various products. In this way, you will be selling not just one, but you would be selling more than one item in a single sale. This will help you to generate more revenue, more revenue per order, and even lower costs for the order. Secondly, you will be able to sell less popular or preferred items with products that are more in demand. You can leverage from the popularity of certain items or products.

Reward your New Customers

This is the discount offer that will allow you to earn customers. Now we know getting traffic on your website can be achieved through a lot of options. However, the real task is when you have to convert those leads into customers. And it should be noted that the cycle doesn’t stop there because a customer that is browsing your website or has even made a purchase, may or may not come back ever. Hence, providing a discount for new customers should always be the way to go because then you can make them loyal and they will keep on coming back to your online store to avail further discounts and save money on their purchases, as well.

Offer Prepayment Discounts

Prepayment discount comprises of offering discounts to the customers who are paying the amount before the product is shipped or received by them. It is very common for software as a service providers where customers are offered to buy a plan for monthly or on an annual basis. Now if you are buying the annual plan then you will be paying the payment for the entire year at once and will get a discount on it. This strategy will help you maintain your cash flow and there are times when online stores get short of cash, but with advance payments you can avoid it.

Go with Early Bird Discounts

Anytime that you launch a new product that you would want to build a hype for then you should be offering early bird discount on it. The number of customers or “early birds” can be totally set by you and you shouldn’t set it any further than the cost, because after all, you would have to reach the break even. It will help you not to just offer discount and make your customers happy, but it will also market the product. You wouldn’t have to spend any extra penny on the marketing of the product as the early bird discount would be doing the thing for you.

Moreover, in early-bird discounts, word-of-mouth also plays a huge role as people go on telling to their friends and family about a new product and the discount offer attached to it. This one is a win-win situation for you.

Always Reward your Loyal Customers

Ever thought of why Apple even with its down-the-hill sales is still one of the companies that is known for its in-demand products? Well it is all due to their loyal customer base. No matter, what the price tag of an iPhone is, the people who are loyal to the brand will end up buying it. This is the power of loyalty. Now this is what any online store should always aim, because competition has been becoming more fierce and if you don’t have your loyal customers to back you up, then you can be in deep waters. Offering discounts or coupons to your customers who keep coming back to your website should always be the way-to-go strategy.

You can check the purchasing history of the customer and offer them something that they would want to buy at a discounted price. Furthermore, attaching an expiry date to the discount will also help you to get quicker sales. It can be like a 10% discount on all dresses or selected handbags. However, the discounts should always be according to the customer’s liking so that they can come back to you again for it.

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