As a business, there are various factors that may help you boost your sales, and running offers/discounts is an important one. According to a RetailMeNot survey, 94% of consumers look for a deal while shopping online.

When it comes to discounts, the first thing that may cross your mind is dropping your prices and that’s where most businesses miss out on the idea of it. The goal should rather be to make it appear as if it is priced right, while not losing the profit margins. It doesn’t matter what kind of business you may be running, most customers are attracted to buy a product in which they see more value. 

What are the different types of offers and discounts that you can run?

Now as we have understood the importance of implementing discount strategies as a business, there are several ideas that you can adopt as per your need. Here, we have compiled the five most simple yet rewarding ones to help get you started.

1. Free Shipping 

You may have seen the major e-commerce platforms like ETSY and SHOPEE offering free shipping. As a customer, not you or even I would like to pay extra to get a product delivered to you, and hence free shipping works as a great purchase incentive. Now considering that it may incur expenses to ship the product, the right way to do it, is to either offer it above a certain price point or as a coupon code to a specific product. At least 67% of customers tend to browse search engines after selecting a product for free shipping coupons. 

2. BOGO and COMBO

When it comes to selling multiple products at once, BOGO (Buy One Get One) and other combo offer like ‘buy 2, get 1’ have been the go-getter. To a customer, you are giving away one item on selling another, which instantly puts value on it. However, that may not necessarily be the case, obviously, the price needs to be adjusted prior as also suggested by Shopify in this article. Combo offers on the other hand help sell multiple relevant products at once, the value proposition being that you make less profit, but on more items resulting in overall revenue growth.

3. Customer Rewards

Offering rewards has been a go-to for one of the largest financial markets in history, credit cards. The simple reason is, that it offers guaranteed growth when it comes to revenue. As a business offering customer rewards not only helps you sell more but builds a network with a customer. Whenever they buy something, they tend to get closer to a reward goal which not only keeps them coming for more but also helps you generate future leads and boost your sales. These rewards tend to be almost always lower than 10% on shopping value and retractable in case the order is canceled. Also, you can have a limit to how much of these can be redeemed for a specific period of time.

4. Limited Period Sales and Festivities

Limited period sales like “It’s our birthday, come let’s celebrate” tend to be very unique as they help you target customers when others aren’t. This helps, not only in terms of revenue growth but also to build a connection with your customers. While such sales help you stand out, festivities are something you can really target to boost product sales. The best part is that you can go with global as well as native ones, the opportunities are unlimited. You can also check out this article which explains the very factor in terms of Valentine’s day. Valentine’s day tends to be the second-largest spending day in the US, with estimated spending going up to $24B, which certainly is a big market to tap into.

5. Email Subscriptions and Offers

Emails have always been one of the best yet simplest ways of engaging and retaining customers. When it comes to offers and discounts via email there are a number of useful ways. Firstly, you can simply ask customers to subscribe to email for the latest offers and also bundle it with a subscription coupon to add more value to it. Apart from that emails can be effectively used to regain abandoned carts or manage high website bounce rates. The average worldwide cart abandonment is 68%, and customers who leave your store without completing a purchase can still be recovered by reminding them to complete their purchase with an exciting offer or discount on the same. This is a practice used by almost all major web retailers worldwide like eBay to boost their sales.

Turn your ideas into beautiful materiality! With Blend App.

With all the knowledge at your disposal, you still need the tools to do it right. You can create great offers and discount images with Blend App, it lets you choose from over 500 templates and create unique designs. The app helps you remove backgrounds, resize, and add texts with ease and these are just to name a few of its handy features. You can create artistic and informative offers to send to customers with a few clicks, making it cost-effective and time-friendly. You can also follow this article to see more relevant editing apps and tips. You can go to the Google Play Store for Android and iOS Store for iPhones to get started.