Deals and discounts are a powerful marketing tool that businesses can use to attract customers, encourage repeat purchases, and build brand loyalty. However, leveraging deals and discounts isn’t just about offering coupons or price reductions; it’s also about understanding how to present your offers and discounts in ways that will drive the best results for your business.
While discounts are a great way to draw attention to your product or service, it’s important to remember that people are actually looking for value and are attracted to products and services that make their lives easier. In fact, nearly two-thirds of customers agree that they often buy a product they didn’t initially intend on purchasing solely based on a discount or offer that they find.
In the e-commerce world, there are many different kinds of discounts and offers that can be used to promote your products or services. However, not all discounts are equal and some can actually hurt your sales and brand perception. Here are a few common types of discounts that you should avoid.
The first and most obvious kind of discount is the coupon. A coupon is a type of promotional code that a customer can redeem in your store to reduce the total cost of their order. Typically, a coupon will provide a fixed amount off of the total purchase or a specific percentage of the product’s cost. This can be a very effective promotional strategy and it can help you increase your sales in a relatively short period of time.
Another way to use coupons is to create a bundle that combines your products into one package at a discounted rate. This is a very effective promotion method for high-value items such as furniture, clothing, and jewelry. This promotion strategy helps to boost your sales and encourages customers to spend more on your product or service because they perceive greater value for the money they are spending.
Finally, you can use a “deal of the day” or a “deal of the week” promotion to highlight your products on Amazon’s Today’s Deals page. These are similar to Lightning Deals in that they last for a full day and require certain minimum discount amounts and inventory requirements. These promotions can be extremely successful at driving new traffic to your product page and can also be promoted in Sponsored Brands ad copy with the keywords “deal” or “saving” to grab a potential customer’s attention.
Finally, you can also use a buy-one-get-one free discount (BOGO) to move your inventory or encourage a higher average order size from your customers. This is a popular discount option that works in both retail and e-commerce settings. It’s important to note that e-commerce shoppers may still have to pay a shipping fee on the free item. However, this is a great way to increase your average order size and to introduce customers to new or related products that you may want them to try in the future.