Your e-Commerce discount strategy shouldn’t make you look cheap. The truth is, more than 59% of online consumers look for discounts before buying anything, and more 64% do not make a purchase unless it’s on sale.
What’s the sweet spot between giving customers the incentive to hit ‘Buy’ and be seen as a bargain store? While discounts and coupons are an effective tactic to incite action, having a strong strategy behind your discounting i.e. understanding the objective behind your discounts, and knowing when and where to use discounts, will help customers see your sales events as an opportunity, not a devaluation.
💫 55% of consumers believe receiving targeted promotions and discounts would create a more enjoyable email experience (from Dynamic Yield). Customer focused promos like limited time early-bird discounts on new products or personalised abandoned cart discounts, when used sparingly, will compel customers to take more action.
💫 When you discount certain products, consider if you want to offer a percentage discount or dollar amounts. Always go with the option that has the highest perceived value. For example, use “25% Off” as opposed to “$5 Off”.
💫 Rewarding referrals in the forms of product samples or free gifts is a great way to get new customers into your funnel. According to ReferralCandy, 83% of satisfied customers are willing to refer products and services. But, only 29% actually do, so another way to do it would be to offer a discount to referral & referee. Win-win!
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