When you are the owner of an online store, you need people to come to your site and click that “Buy” button. However, this can be difficult as the market is competitive, and there are so many e-commerce sites that it’s easy to get lost between them. So how can you do it? The answer is coupons.
You might think that by offering coupons and discounts, you are losing a part of your profit. Nothing could be further from the truth. How? Well, people are more willing to buy a product if they have a coupon for it. Everyone loves buying things with a discount – that’s why people are creating websites, which search attractive coupons for them – such as CouponCodesMe.
Coupons are a very effective way for shops and e-commerce sites to boost their sales and statistics show it. According to them, 50% of people are more willing to visit a store they have a coupon for. Natalie Warb, a financial expert at CouponBirds who has written extensively about consumer behavior, says 80 percent of people look for coupon codes before shopping. This means that handing out coupons can entice consumers to consider buying your product. This means that handing out coupons can entice consumers to consider buying your product.
So how can you increase your sales by using coupons? If you want to find out, all you have to do is keep reading.
Offer Coupons For First-Time Buyers And Existing Customers
One of the hardest parts of running an online store is convincing new people visiting your site to buy from you. Once they make the first purchase, it gets easier to build trust, so that they will come back and become a regular customer.
Something that many stores practice is offering coupons with an alluring discount for first-time buyers. Some of them also use an exit intent pop-up that will display the offer just as the customer intends to leave the site.
This way, you can gain customers that normally wouldn’t buy anything. Also, since usually getting a first-time shoppers coupon requires giving an e-mail address, you can use e-mail marketing to send your customers more coupons in the future – it will help you in keeping your store at the forefront of their minds.
Use Coupons To Drum Up Excitement During Specific Seasons
You probably experienced it yourself – once the seasonal change or popular holiday happens, the inboxes are full of e-mail with discount coupons. And even though some days are better than others (such as Christmas or New Year’s Eve), there will always be an opportunity to use date-specific discounts to boost your sales.
You can do it in two ways – you can inform your subscribers via e-mail, or you can display the offer on your home page. However, nothing stops you from doing both of these things.
Remember, though, that just because you are sending the coupons through e-mail doesn’t mean that they don’t have to be appealing. You can offer them, for instance, a Cyber Monday offer, free shipping or gift card bonus in December, or a Black Friday offer.
Offer price-minimum coupons to increase your per-sale averages
One of the most important things for an online store is how much, on average, you earn for each purchase. Obviously, everyone involved in e-commerce would like this number to be as high as possible. Coupons are actually a great way of achieving that.
You probably know this from your own experience, that when there are coupons and discounts involved, many people tend to spend way more than they usually would. And this is great for you, as you can offer coupons that would activate for purchases over a specific sum.
So let’s say that you are offering customers a 20% discount if they spend more than $100. Since you’ve already run the numbers, you know that even after the discount you’ll still be making a profit. This can help you in increasing sales, as it drives impulse purchases.
Create BOGOF coupons to move less popular items
In an ideal situation, all of the products you are offering would sell equally. However, you often will need to face a situation where the products are not selling as well as you wanted them to. When it comes to physical products, it becomes a problem, as they are taking up space where you could place new things.
That’s where BOGOF coupons come into play. BOGOF stands for ‘Buy One Get One Free.’ When you see that some products are not selling well, it’s only logical to sell them with the bestsellers by using coupons. This way, you can make the products which are selling well even more attractive, and at the same time get rid of the unwanted inventory.
Even though selling those products together won’t generate as much money as if you would sell both of the products individually, it still drives many more sales, which means that you are benefiting anyway.
Let Them Save While Introducing a Friend
Often people are asking their friends for recommendations regarding online stores. And this your chance of boosting your sales. Many shops that introduced discounts with a condition realized that offering these types of coupons works very well.
Give your customers a discount when they convince their friends to shop from your store. Adding ‘Refer a friend’ to your website will tempt your customers to buy more and to advertise your website among their friends and family members.
You can introduce something like a ‘reference code.’ After registration, each user would get an individual code, which they can give to people they are recommending your website to. When putting in the order, people who they convinced can put their ‘reference code’ so that you know that this person is actually helping you in making your e-commerce store more popular. It’s a win-win for both of you.
With the right approach, coupons can help you boost your sales significantly. You don’t have to use all the methods listed above – you can start with one or two, and then try out a new one every once in a while until you’ll figure out which one works best for you. Good Luck.