As Valentine is fast approaching, e-commerce business start-ups have to manage several day-to-day operations and ensure to receive the highest number of orders and get them delivered to make more profits. Also, it is a fact, that eCommerce businesses demand more attention towards various tasks related to their website. And this is why online retailers constantly search for new ways to increase their online revenue and satisfy their customers.
For large numbers of consumers, getting coupons, discounts, and other deals are a vital part of their overall shopping experience. Did you know 88% of consumers use coupons for shopping in the United States? A well-strategized campaign can definitely entice new customers to your business. All you need is to understand the details of discount offers and coupon codes as marketing tactics so that you can plan a fail-proof strategy.
A May 2021 survey revealed that 91 percent of U.S. shoppers always, usually, or sometimes search for a deal or offer prior to an online purchase. – Statista
How do promotional offers help e-commerce start-ups mint dollars during Valentine’s?
Increase customer acquisition
Whether you know it or not, providing discounts is a significant way to acquire new customers to your brand and convert them into loyal customers. By offering discounts and other deals to your probable customers helps you to eliminate the risk factors that might be pulling them back from espousing your brand. Moreover, promotional offers also help to build up the trust of these new customers and your brand from the get-go—and will make a connection for the long-term relationship.
Improve conversions
Costumers love discounts and coupons as they help them spend less and shop more. Many renowned e-commerce vendors roll out active discount codes and promo codes to attract more customers, accelerate sales, and multiply profits. This could be one of the prime reasons to offer a discount scheme to customers in the first place that it adds extra value that tips the scales and compels the hesitant customers to convert delightfully.
Reduce losses
Another crucial benefit of offering discount codes and promo codes is that it enables you to cut losses accumulated due to unsold stock.
One good example of such a scenario in the real world is soon-to-expire dairy products and meat are often on sale at delis as well as grocery stores. And,
By giving products at certain prices at a discount can minimize your losses and free up costly inventory space, which can later be occupied with new as well as more in-demand products.
Enhance customer retention
Calling attention to long-lasting relationships, offering promos and discounts to your loyal customers is an emphatic manner of thanking them for their continuing support—and to have them coming back for more in upcoming times.
As per Merkle’s explanation in its 2021 Loyalty Barometer Report, “61% of consumers say that the most important way a brand can interact with them is by surprising them with offers or gifts just for being a customer.”
Undoubtedly you can include physical gifts and freebies, however, the value of offering targeted discounts and offers to your most esteemed customers cannot be determined. Whether you carry out a promotional offers strategy through organized loyalty programs or on a more periodic basis, your best customers must be among the first people you can recall while planning a new promotional campaign.
Take away
These were a few pros that e-commerce start-ups can leverage by setting in motion discount and coupon campaigns to the right audience. However, it is also important for retailers to know the best ways to make use of coupons and discounts before strategizing promotional campaigns.
Various business owners have used coupons, deals, offers, and discounts to boost their revenue however as previously said it is important to follow the best practices to achieve their profit goals. Therefore, make use of discount coupons to your advantage this Valentine’s Day. And magnetize more customers and double your eCommerce business revenue without a shadow of a doubt.
