Offering deals and discounts for the e-commerce store, is a powerful technique. It helps to enhance the conversion rate to drive the loyalty of the buyers. But over exploitation of this technique can do a significant harm to the brand, or even turn the business unprofitable.
It is important to study some benefits of offering discounts and deals for the online store, and also look at some of the most popular ways online vendors can use discounts to attract customer loyalty. Let us dig in a little deeper and learn different ways to use them effectively.
CUSTOMER LOYALTY
Customer loyalty is, when a buyer chooses a particular brand repeatedly, over any other brand. Users make their final decision based on the previous interactions they have had with the brand.
What drives customer loyalty?
Consistency: A brand needs to maintain its performance at a level that attracts new buyers, and retains old ones.
Positive experiences: The entire process of online shopping needs to leave a positive imprint on the user.
High quality: The products delivered to the buyers need to be of great quality, as it motivates them to make more purchases.
Variety: Buyers shift from physical to online store to experience huge variety of goods and services. Therefore, providing them variety of products attract their loyalty.
Quick delivery: Buyers appreciate on time delivery. So to win their loyalty providing them quick delivery, is a must.
Authenticity: In order to build users' trust, ensuring the authenticity of the products is a must.
Warranty: Providing warranty to the customers, is another way to attract customer loyalty.
Offers and Discounts: One of the guaranteed methods to draw buyer's attention is to provide them coupons and discounts, at specific intervals.
Customer service: Last but not the least, buyers appreciate good customer service.
BENEFITS OF ONLINE STORE OFFERS
Before studying different ways to use offers to amplify buyers' acquisition and loyalty, it is important to study all its advantages.
Increase customer loyalty
Easy and quick to implement
Increase buyer acquisition
Easy to track
Quickly moves stock
Increase conversion rate
Achieve sales goals
FIVE WAYS TO USE OFFERS TO GENERATE MORE SALES
1. MONTHLY/WEEKLY DISCOUNTS Such discounts are given in order to drive conversion. Most of the times, such sales are used, during the end of the month or quarter, in order to increase revenue or meet business goals.
2. PRE-LAUNCH OFFERS
If an e-commerce store is still in its pre-launch phase, or if the online vendors are launching a new product on the portal, it is recommended to use pre-launch offers and discounts. It helps in driving targeted traffic and peak interest, and hence convert new customers into loyal customers.
3. SEASONAL DEALS AND HOLIDAYS
Special seasonal deals on winters and summers are the big ones, but the rest of the year is filled with commemorative and national holidays. This provide a great opportunity to the e-commerce portals and the online sellers to share relevant offers and discounts with the users. Holidays can be used to promote discount and offers to the new visitors and old buyers. The promotion can be done in different ways, for example e-mail, social media, and on websites.
4. ABANDONED CART DISCOUNTS
With almost 70% of people abandoning their carts even before making a purchase, providing abandoned cart offers is a powerful technique. This helps in attracting those customers back to the portal. Providing the potential customers a particular percentage of discount, only if they complete the final check out process, is one of the methods to bring them back.
5. REFERRAL PROMOTIONS
People are much more likely to make a purchase, only if referred by a family member or a friend. Online shopping portals can use this as their advantage. They can leverage discounts and offers to encourage referrals and hence attract more audience. Discounts can be given to the person being referred, the person referring, or even both.
CONCLUSION
It is important to make the most of the discounts and offers. Starting with a strong goal in mind, willingness to experiment, a solid understanding of the brand, it is possible to use offers to build customer loyalty, satisfy business objectives and increase business revenue. One portal that is successfully inculcating the same is WAKI.
WAKI, is one of the best e-commerce portals in Saudi Arabia. It provides a huge range of goods and services ranging from trendy apparels to attractive kids toys and from fresh groceries to latest gadgets. It also provides local vendors an opportunity to sell online, and expand the revenue.
So what are you waiting for? Get in touch today!
