5 Tips to Use Discounts and Offers to Hike up Your Retail Revenue
Discounts, offers, coupons and deals - These are nothing but terminologies that can augment the heartbeat of any consumer. But most retailers are faced with a number of dilemmas, in this case, like whether to offer discounts, if yes then how much should be the discount worth and when the ideal time will be to offer them.
If you can use discounts in the right way then they can play a pivotal role in enhancing your conversion rates. But if used in the wrong manner it can render your business unprofitable and can do significant damage to your brand.
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Here, we will try to explore when and how to use offers to enable maximum customer acquisition and enhance the conversion rates. Just go through them so that you can also take some ideas from them to rejuvenate your retail business.
Discounts and Offers during the Prelaunch Period – If your business is still on the prelaunch stage or are about to launch a new product, then this is the right time to go for prelaunch offers. This will help you to peak interest and drive maximum traffic. For example, there is one online retailer that used this and achieved great success. They asked to share their site and in return they provided each with a product of their company. As a result of this tactic, they managed to get about 100,000 subscribers even before they launched the store.
Monthly or Weekly Offers through Coupons to Meet Revenue Goals and Drive Sales - These are traditional methods used to drive augmented sales. Most of the times, sales are offered at the quarter or end of a month. You can make use of discount coupons in this case. These are mainly used to enhance revenues for meeting goals and projections. This is also a great way of promoting your brand.
Abandon Cart Offers – More than 60% of customers actually abandon their carts and put the purchase on hold. One of the powerful tactics to bring back such people are to use an abandon cart email. There is an online retail shop that offers customers a 30% subscription that is valid within 24 hours after cart abandonment. This way, they lure the customers to come back and complete their subscription.
Discounts in the Holiday Season – If you look correctly the entire term is dotted with many holidays which implies that your opportunity for attracting more customers gets enhanced. They not only take advantage of the holidays but also make full use of the various seasons for promoting their brand through offers.
Referral Offers – Keep it in mind that people will be much more enthusiastic to purchase from you if they hear it from their friends, family or neighbours. Use this to your full advantage and use offers to encourage this. You can think of offering something to the person referring, to the person being referred or both. This way you will make your existing customers happy while attracting new customers, too.
The above are some of the ways in which you can enhance the revenue turnover of your retail business. Most of the reputed and established retails like Super 99 in India have achieved success by adhering to this strategy all along their lifetime.