With the increased and widespread access to the internet, the e-commerce industry has grown exponentially and will continue to do so as technology further improves due to the convenience and efficiency for everyone in the supply chain.
However, one thing that hasn’t changed when it comes to purchases is that everyone loves a good bargain. This is true whether you’re buying from a physical store or online. This is why like the traditional methods of selling, offering lucrative deals, promos, and discounts is a surefire way to attract potential customers to your online site and increase your overall revenue.
Here are some of the benefits of using deals, promo codes, and coupons for your online store’s advantage.
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Attract potential customers and retain old ones to boost traffic and sales.
As mentioned, all customers, even when they can afford the full price, love scoring a good deal when shopping for their items. Offering various promos, discounts, and deals is one of the surest ways to attract potential customers and incentivize them to become loyal and repeat customers of your brand which in turn will increase your site’s overall traffic and sales.
The boost in traffic and sales will be more than enough to compensate for any losses you will receive from offering discounts, coupons, and other promotions. You can explore websites similar to Groupon to leverage their audience.
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Exhibit the various products your store has to offer.
As your business grows, your store’s catalog will keep growing as well and some older products will inevitably fall by the wayside and can be easily overlooked by new or potential customers.
Offering deals for your products, both new and old, is also a good way to call attention to them. Customers are more likely to browse through your catalog because they will check if there are other products they would like to purchase. Many sellers report ticket size per consumer increases solely due to exclusive discount coupons. This is also a good way to showcase just how diverse your product selection is.
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Encourage customer behavior you want to see.
Every business requires a good marketing strategy and a good marketing strategy requires thorough planning. During the planning phase, you have to set smaller goals for your business which will involve urging certain actions from each individual customer that will help create a more inclusive atmosphere.
Offering something like lucrative deals, coupons, and bonuses for things like signing up, referring your business to a friend, and downloading your app will not just incentivize them to act but this will also help achieve those business goals. If you do not want your coupons to be shared for everyone, you can partner with exclusive deals marketplace such as Gomontana. Compared to traditional coupon websites, Gomontana gives full control to merchants about the spread of deals.
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Help establish your unique brand and customer compensation system.
A business will not survive without its customers which is why it’s a good idea to give loyal customers special offers that will help keep them loyal to your brand.
Rewarding your customers through attractive deals, discounts, and promotions will not only encourage them to become repeat customers and continue patronizing your business, but this might also urge them to recommend your business to their friends and family.
This might also push them to leave an excellent review online about your business, something that potential customers might see. Having excellent online feedback about your business is important now more than ever, especially with the prevalence of social media in our daily lives.
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Free up space for new products.
When it comes to selling, some items will sell much faster than the others. However, sometimes, no matter how much advertising you give certain products, they don’t attract as much attention as some of your other offers.
If you have older products that haven’t been selling as well as the others, selling them at a more attractive price point might be the key to freeing up your storage space to make room for newer, updated models.
Conclusion
The advancement of technology and increased ease of access to the internet has not only allowed people to connect with one another despite long distances but it has also allowed them to use it to make their lives easier and less of a hassle which includes shopping for things they need and want.
Due to the convenience it brings, many people have turned to online stores to do most of their shopping – from clothes to gadgets. While it may seem like offering deals to your customers will result in more losses than gains, it actually does the opposite.
Not only will it attract potential customers and increase your store’s overall revenue, but it will also help solidify your business’ reputation and expand your brand’s reach, allowing your business to grow into how you envisioned it to be.
Michael Johnson is a business consultant focused on e-commerce companies. He writes about sales, marketing strategy, and conversion funnel.
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