ECommerce being one of the most competitive industries where a thin line separates success and failure, choosing the right promotional mix can determine the success of a Web site. Promotion is effective not only in attracting customers but also in making those already on the company’s list to buy more products.
Let’s discuss some of the most beneficial and beneficial types of eCommerce promotions that will increase the sales and result in the increased customer loyalty.
8 Types of eCommerce Promotions
1. Discount Codes and Coupons
Coupons and discount codes are types of promotion that have been used for ages. If you offer customers a certain percentage or a specific sum off the price you generate the feeling of the limited offer. The target promotion strategies that can create more opportunities for mass conversion include giving new customers a better price, or simply having special promotions that can boost the rates hugely.
Benefits:
- I choose the customers who are searching for cheap offers.
- Encourages impulse purchases.
- Can be used to take advantage of to take out old and obsolete inventories.
2. Free Shipping
Delivery costs are one of the most important motivating factors for the online consumers. Among consumers, the usual complaints are high shipping costs as reasons for abandoning a cart. When you keep saying ‘free shipping’ you keep minimizing the customer’s risk and hence you influence the person into buying your product.
Benefits:
- Reduces the rates of cart abandonment.
- Cuts across customer satisfaction as customers are happy to deal with a company that is flexible with their policies.
- Can often be integrated as a trigger promotion, for example a ‘buy $50 or more and get free shipping’.
3. Buy One, Get One Free (BOGO)
It is usually notable that the BOGO promotions work so effectively for sales quantity acceleration. This strategy aims to make customers purchase other products they did not come originally, to purchase, doubling the output.
Benefits:
- Helps to raise buyers’ average order amount.
- Turns over slow moving stock rapidly.
- Actually makes the customer take up a new product/brand in order to gain conviction.
4. Flash Sales
The idea of flash sales makes everything look rather exclusive or more attractive due to the limitations in time. Sales promotion with time bound offers can also compel consumers to make a purchase because they do not want to lose the opportunity to buy the time given.
Benefits:
- Generates quick sales boosts.
- Creates a sense of urgency.
- Attracts bargain hunters.
5. Loyalty Programs
Discounts and points or give–away presents are some promotional tools based on customer loyalty. It is not only a way of promoting sales but also a plus to help the organization create a brand community.
Benefits:
- Increases customer retention.
- Maintains long term customer relationships.
- It offers useful information on the customer purchase behavior.
6. Seasonal Promotions
Seasonal promotions are your sales that are based on the holiday, season, or an event. They make the most out of a time when the season is on the mind of most customers already making it easier to develop solutions that suit the season.
Benefits:
- Fit the shopping pattern of customers’ as customers prefer shopping during a particular season.
- Increases the number of mentions in the stores during busy times.
- Opens opportunities for creation of promotions campaigns with a common theme.
7. Bundle Deals
Bundle offers mean that customers get a different price when they make purchases of certain products at the same time. It is the most ideal for cross selling or increasing revenue per customer.
Benefits:
- Is good in creating awareness to its customers to use more of their money to purchase more products.
- Aids in identifying slow moving merchandise from the warehouse.
- Helps customers feel that they received higher worth for their money.
8. Limited-Time Offers
Promotions are 2 ways which make use of time scarcity where one has to offer discounted goods or services for a specific duration. It can educate customers to buy a product before they possibly lose this particular chance of making a purchase.
Benefits:
- Increases conversion rates.
- Shortens the time customers take when making decisions.
- Generates awareness about your brand to the people.
Conclusion
The following eCommerce promotions can enhance your sales and even help you foster customer loyalty. This means that you need to focus your efforts, time and money on identifying your target market to be able to easily offer promotions that suit their needs and satisfying them. Begin trying out these techniques to determine those that would be effective for your business.