How to use the discount coupon strategy as an online retailer
Shopping was fun when you held your mother’s hand and went to the nearby store to buy clothes or gifts for the family. You always saw your mother bargain the price of whatever she bought to save some extra bucks.
But in the 21st century, shopping has become a time-consuming job. People don’t have enough time to visit the store, but they have not forgotten the bargaining effect. To avoid that, you can use discount codes to ensure that customers don’t take the trouble of bargaining again. The best part is they won’t be able to bargain anyway because they will be buying whatever they need online. However, as an online retailer, you should have a strategy to lure the customers into a honey-trap that will be beneficial to you and also them. Here’s what you need to do:
1) Offer more discounts on old inventory, fewer discounts on new ones
It doesn’t matter if the product that a customer wants to buy is from your old inventory stock or not.
They don’t know it, but you do. Of course, you shouldn’t sell products that have passed the expiry date. But using popular coupon offers like Studio voucher codes on this inventory will attract a lot of customers. One of the strategies that online retailers often use is that they provide 10 or 15% discount on the first purchase and up to 60% discount on the second one. When the customer buys the second product, you can push one of the items from the old inventory.
2) Bundle discount offers
Have you seen online stores selling 3 deodorants at a reduced price than what you had to pay if you had bought the 3 deodorants individually originally?
This is known as bundled discounts. It is a common discount strategy that you can implement, and customers are most likely to buy them because they always look at the bigger picture. They want to save money on every purchase no matter how they do it. If they feel that spending fifty bucks will help save 10 dollars in the long run, let them go with the flow. Bundled discounts not only attract the attention of the customers but also increase the sales volume of your online store.
3) Volume discounts
This is almost like bundled discount offers but with a twist. You declare to the customer that they will be eligible for a lump sum discount if they buy a quantity or number of the products or if they reach a specific figure of purchase at one shot. The customers will end up paying less for every item, but the number of products sold will be more which is what you should care about. You can tie up with leading discount coupon providers like PlusVoucherCode to give additional discounts to the customers.
These are some of the best strategies that you can implement for any online business. They have been tried and tested by thousands already, and you can be the next successful online retailer to make it big in the virtual world of shopping.