Tremendous Ways to Offer Discounts Without Affecting Your Pocket!
In the eCommerce industry, there is no doubt that discounts and offers always attract customers to visit online marketplaces and make their purchases. For sellers, it is always a great idea to offer attractive discounts on their products to generate maximum sales. Discounting has mostly been used as a tested weapon to encourage customers to break a deal. It’s not new but an effective strategy. But the problem is sometimes, these discounts and offers drastically affect the seller’s pockets.
The ultimate solution to this problem is to maintain a balance between offering discounts while saving your money. Frequent offers and discounts contain the risk of losing money. So it is essential to get along with such tactics that can not only help you attract more customers but also not affect your pocket. This blog is about resolving the dilemma behind eCommerce discount strategies. Most eCommerce sellers offer discounts to boost their sales without knowing that it is affecting their pockets, and they must look into this matter. However, if you also want to know how to offer customers discounts without losing money effectively, this is a must-read blog.
Five Effective Ways to Offer Discount Without Affecting Your Pocket
Before going any further, let’s quickly know why you should offer discounts to your customers. Well, most customers implement this tactic to generate more sales and acquire a solid customer base. Discounts attract their attention and encourage new customers to know more about you and your products. It can help you in attaining your first purchase as well. Discounts can also let your online business survive in this fiercely competitive industry.
Offer Discounts on BOGO Products
To save money and escape the risk of failure, you should offer discounts on combo products. You must have seen that most eCommerce sellers offer discounts on buy 1 get 1 product. This tactic can help your products to entice more customers and scale up your overall business as well. You can even offer special discounts on bulk purchasing as well. The goal should be to motivate your customers to come online and buy your products in the first place. This effective discounts strategy can help your products to sell in an effective way without affecting your budget. You can offer one high price item with one low-price item to attract more potential customers. However, before offering such discounts on several products, you need to double-check whether all the products are available or not. Here you may require inventory management software such as eVanik OWS to manage your inventory automatically.
Apply Bundle Pricing Strategies
Bundle pricing is also one of the remarkable ways to offer discounts without hurting your pocket. It is a strategy by which you can offer various specific products in one bundle and sell them at a specific price instead of implementing individual discounts on each item. Offering discounts on bundle products can also help increase your AOV (Average Order Value) by minimizing the per-unit price of one or more products within the bundle. As you know, the festive season is on the way, and marketplaces are already running various sales to attract customers. In this scenario, it can be an excellent way to implement bundle pricing strategies significantly during the festive season. For instance, if you are selling online beauty products, you can offer a bundle of skincare products, including moisturizers, facewash, and serum altogether. In such a way, you can upscale your sales without losing a penny.
Offer Discounts at the Checkout Process
To ensure each purchase is complete, this strategy can work tremendously. In this process, you need to offer some discount on shipping or on the product itself at the final checkout process. In this discount strategy, you can offer your seller a significant discount on their credit card, debit card, and even on UPI payments. Ideally, sellers offer discounts on the payment modes, not specifically on the products. This tactic can help you to attract your existing customers as well as your potential customers also. Another approach you can apply is to offer discounts on the minimum order amount. For example, you can offer your customer a Flat 20% discount on purchasing products on a specific price. Undoubtedly, this discount strategy can help you achieve multiple business goals by adding an enormous number of potential customers and encouraging them to repurchase.
Offer Flash Sale For a Limited Time
Such a type of discount inspires customers toward impulse buying. Limited period offers have the potential to create a hustle in the customers’ minds to make most of such offers within the time. You launch a new product during the flash sale and offer attractive discounts on them for a limited period. It can be 2 hours, 24 hours, and a maximum of 2 days. During the flash sale, you can consistently offer discounts on products with lower sales and no sales. It can also prove to be a compelling way of clearing out your stocks. If you have ever experienced a stock situation, you need to worry about it because such practice can let you sell unwanted items by generating potential revenue. On the other hand, to manage your inventories effectively, you get along with any available inventory management software. It can send inventory reports from various marketplaces and regulate your inventory effectively.
Offer Discounts to New Customers
Offering discounts to new customers can help you attain new and potential customers. You must have seen several offers for first-time customers on various marketplaces. Most sellers implement such tactics to intensify their customer base. In this process, you can offer the actual price of the product by representing it as a discounted price. On the other hand, you can offer them a welcome gift by making their first purchase. This procedure can save you a lot of money and add more value to your business. Understand the fact that customers always want to get some special offer before trying a new product. It provides them the satisfaction that they are getting a product at the lowest price, so it doesn’t matter whether the product is good or not. If they experience that they have bought a good product at a discounted price, they can become your loyal customer.
Hence, these excellent ways of offering discounts can do wonders for your eCommerce business without hurting your pocket. Such discount offers can let your business thrive and add an enormous number of customers to your business.
Undoubtedly, in such specific ways, you can not only drive maximum sales but also attain more and more customers for your online business. Although, whatever the ways you select to offer discounts to your customers, do analyze what works better for your business. It is not required that what works for your competitors can also work for you as well. By initiating various discounts, offers, and promotions, you can experience which tactic is doing well for your business. There is one more factor that you need to take care of; whatever the discounts tactic you are implementing, you need to execute the order fulfillment process as quickly as possible. In this regard, an eCommerce order management software can help you efficiently. Several software such as eVanik OWS, can automate the entire order fulfillment process and help you make your customer happier than ever.