Online store offers can be an effective tool not only for customer acquisition but also for customer loyalty. However, it is important to consider your overall brand strategy before you start offering discounts and online deals. If you want to position yourself as a high-end brand or if you have low margins, you can consider sticking to customer loyalty offers as opposed to weekly sales. On the other hand, if you have healthy margins, deep discounts and daily or weekly sales may be better for achieving your goals. Ultimately, you need to consider what offers and what types of offers are right for your brand. Building an online business will usually involve a lot of experimentation to understand what works best. The best approach is to choose a goal for each campaign and offer, start small and measure the results.
Types of offers, direct online deals and discounts
- Cash Discount
Direct online deals like price-off incentives that an eCommerce store provides to a buyer in exchange for a purchase, e.g., “Apply the $5 discount”. A price-off incentive may appear in the form of a direct cash discount or with the use of a coupon code. E-commerce stores often use cash discounts to take advantage of the principle of urgency, as these cash discounts are available for a limited time most of the time. If buyers will no longer buy the item at the discounted price, chances are they will miss out on saving money when they buy later.
- Percent Off
A percentage-based incentive works similar to a cash discount/coupon, except you are offering the incentive with a percentage reduction in the value of the item, e.g., “Apply 5% Discount”. The same principle of urgency applies, however, because the customer’s perception of effectiveness now becomes relative.
- Free Shipping
Free shipping is the number one option buyer’s checkout online. It even prompts buyers to take action only to qualify for free shipping. As such 48% of shoppers add more items to their cart to qualify for free shipping and 41% of shoppers also search online for free shipping promo codes.
- Value Added Offers
Without discounting the price of your product, you can offer your buyers a value-added item, e.g., Free gifts in exchange for their purchase. Most value-added offers can be complementary items or you can use your slow-moving inventory as a free item or offer a free service.
How to use offers, coupons, discounts and online deals to increase sales and customer loyalty
You have unlimited options when it comes to applying offers, coupons, discounts and direct online deals Malaysia. But, let’s explore some of the best practices in the eCommerce industry today, coupled with the most creative ways and examples to increase your online revenue and impact customer loyalty.
- E-mail Subscription Offer
Email sounds a bit traditional but email marketing is still one of the most cost-effective marketing strategies. This means growing your email subscriber list is a good investment for every dollar you spend on marketing. By getting the email addresses of your buyers, you have the opportunity to build relationships, increase sales, and boost customer loyalty in the future. You can entice your visitors to join your email subscription or newsletter by placing an email opt-in form with a discount offer as an incentive.
- Gamified Deals
Gamification is a fun and engaging activity that you can apply to your offers and online deals. The element of surprise and entertainment will help attract your buyers to participate. Gamification increases your customer engagement and helps you foster a positive customer experience. And a satisfied customer means a customer who comes back to your online store and makes purchases again and again.
- Product Bundling
Product bundling is a type of upsell and cross-sell strategy that prompts buyers to order more items and enjoy the benefits of bundled pricing. Product bundling works because buyers will realize that they will save more money by buying two or more items together rather than buying them individually. This is one of the most commonly used strategies to increase a customer’s average order value.
- Re-Engagement Deals
You will meet one-time customers who will be inactive and inactive after their first purchase. For some online stores, they will leave that relationship unattainable. Instead of ruining that relationship, you can re-establish that relationship by making an offer of engagement again. For example, you can use your online store’s app to send push notifications and in-app messaging to reach your inactive customers. You can also use SMS to send incentives to your list of inactive and inactive buyers.
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