Do you want to make more sales on your eCommerce store? Are you looking for innovative ways to enjoy more profits from your Magento website?
Most of the eCommerce store owners feel that they can improve their sales just by reducing their prices. This is not completely true. The fact is that eCommerce stores face a lot of competition these days. You need to think of unique ideas to make the targeted customers get attracted to the offers and promotions you advertise.
A lot of people look for coupons and great deals while shopping for products or services online. More than 97% of online shoppers look for the best offers.
Well, there’s no doubt that offering discounts or running promotional offers on your Magento store can help your business grow. You must have seen some eCommerce stores offering huge seasonal discounts to pull the attention of more and more users.
Adding discounts from time to time can boost your business revenue and make huge profits. It can be a good idea to use the Promotional Banner Magento 2 Extension to display the discounted products on the banners.
Is Christmas approaching soon? Have you thought of offering free shipping for customers nationwide? Have you thought of applying a certain discount on every product during Black Friday? Can you try to run a contest on social media networks to grab the attention of potential customers?
Why should I offer discounts on my eCommerce store?
Magento’s built-in shopping cart rules can help you increase your sales. Using targeted promotions not only helps to increase the traffic but also results in greater conversion rates.
Here are some of the main reason to offer discounts:
- You’ll be able to achieve your short-term targets when you plan proper promotions in your store.
- If you want to get rid of overwhelmed stocks, offering discounts can help you increase sales.
- Discounts work well for attracting new customers.
- Building customer loyalty can be one of the reasons to run promotions in your store.
This article will help you understand how to write a discount offer and drive more sales. You can apply one or multiple tactics to create promotions on your Magento store.
What are the different types of discounts and promotional offers?
Some of the most common types of discounts and promotional offers run on eCommerce stores are:
1. Cash discounts
You must have come across some of the eCommerce stores offering a flat $X amount off on the purchase of a particular product. This is a type of cash discount provided by the website owners. Shoppers will be attracted to such offers as they are applicable for a limited period only. For instance, the eCommerce website offers “a discount of $12” on a particular brand of a bag for the next 24 hours. This cash discount offers help website owners pull the attention of more and more customers while customers can buy the desired products at discounted prices.
2. Coupon code
eCommerce website owners can create coupon codes for special occasions and offer specific percentage discounts to the users. Sending out emails, SMS or in-app notifications with the coupon codes can help you increase your online sales. There are several Magento Discount Coupon Code Extensions that can be integrated to increase user engagement and make more sales online.
3. Percentage discount
While shopping online, you must have seen that a particular store offers a 5% discount on selected items. Though this is similar to cash discount, this method helps you grab more customers who are looking for offers and discounts online.
Offering a 5% to 10% discount on selected products can help eCommerce website owners make more sales.
4. Free Shipping
Free shipping is one of the major factors that online shoppers look for. If a store offers free shipping on all orders, customers are more likely to buy from that store instead of the one that charges minimal shipping fees.
If a store offers free shipping over the amount of $50, customers would not mind adding a few more items to avail the benefit of free shipping. According to recent research, 41% of online shoppers search for promo codes for free shipping too.
5. Product bundling
Product bundling involves upsell and cross-selling strategies that tempt online shoppers to shop for more items from a particular eCommerce store. As shoppers feel that they’ll be able to save more money by buying more than one item, they choose product bundling. You can group multiple products to increase the customers’ order value and enjoy greater sales online.
How to use promotional offers and discounts for your eCommerce store effectively?
Now, that you are aware of the benefits of offering discounts on your online store, you might be wondering how to apply different tactics to increase engagement and drive more sales. Well, there are endless options for increasing your sales through discounts and offers. We’ve listed some of them below:
1. Email subscription offer
Email marketing still does wonders for eCommerce businesses. Sending out email campaigns to your newsletter subscribers can be a good idea to increase your ROI. Collect email IDs of the shoppers by providing a pop-up on your website home page.
You can also provide a 10-15% discount coupon code to the people who enter their email address for the first time. Once you have a list of email addresses, you will be able to build better relationships with your customers by sending regular promotional emails with discount codes or offers running on your store.
2. Gamified deals
How often do you get attracted to the spin-wheel contests on some online websites? You might have seen such gamified offers on some eCommerce stores.
Gamification can work wonders for your online store. Think of a unique strategy to engage the users and tempt them to purchase your products. Running contests on your website or social media platforms can be a great idea to grab more new and repeated customers. Offering freebies to the winners can help you create a positive customer experience.
3. Customer loyalty rewards
Providing rewards to returning customers is an old school tactic for Magento eCommerce businesses. All you need to do is plan a unique strategy for the customers who shop from your store often.
How about providing them loyalty or reward points every time they shop from your store? Once a customer collects 1000 points, they can be redeemed for $10. Isn’t it a great way to get more repeated sales from your existing customers?
Offering them a 2-5% discount every time they shop, can also be a good way to attract more online shoppers.
4. Cart abandonment deals
If a user has visited your website, browsed several products, added a few to the cart, and left your website without completing the purchase, there are several ways you can pull them back. Sending them an email with “Hey, your cart item price is reduced by $15” or “You left something in your cart. Here’s a 10% discount coupon code to complete your purchase” can help you bring back those customers to complete their purchase.
You can also offer exclusive free shipping to those customers who left items in their cart and left your website without buying them.
5. Referral programs
Referral programs can be a great way to reach more target customers who may be interested to purchase your products or services. Asking your existing customers to refer your brand to their friends or family members can be a good idea in return for something.
You can offer incentives or discount codes to people who refer your store to their loved ones to visit your website. Advertise “Get $10 off by inviting your friends” and offer the same rewards to both existing and new shoppers who are invited to your store.
If you want to increase your sales and revenue, you need to think out of the box and come up with unique strategies to engage your customers. Conduct online competitor research to find out what strategies they use for driving customers and making sales. You can try out different tactics and check what works best for you. For instance, you can run an email promotional campaign for a month and use gamification for the next month, and so on. Keep trying until you succeed.
Hire Magento developers from Solwin Infotech to plan the best engagement strategies to help your business grow. As we have worked on several Magento development projects, we know what it takes to create a successful online presence. Get in touch with us to know more.