[Omnichannel marketing strategy #4] Discounts aren’t dead, either (Use them effectively)
Coupons are often what convinces the customer to ultimately buy, according to a study commissioned by RetailMeNot: Almost 80% of those surveyed said that that digital coupons “close the deal” for them when undecided on a purchase. Here are a few discount/offer ideas that are more than your typical “20% discount for all products” offer.
- Multi-buy offers: Multi-buy offers give customers multiple products for a price that together is less than if purchased separately. This is a good way to sell less popular, more-expensive products at full price by putting them together with a discounted popular item.
- Volume-based discounts: With volume discounts, shoppers receive additional percentages or amounts off when buying a certain threshold of product. For instance, if you spend $100, you get 10% off your purchase, but if you spend 150, you get 15% off. This “buy more, save more” model prompts more movement of the product at a lower price per piece.
- Gift with a purchase: Sometimes if a buyer is on the fence about a product, a free gift can be the tipping point to make them purchase. Even better if the gift is something that the buyer wants AND promotes the brand. Like a free t-shirt with the company logo on it.
- BOGO: Buy one get one free (or buy one get one at a certain percentage off), or BOGO, works by raising the prices of purchasing a single item when it means that purchasing multiple is a better deal. When a customer can pay almost the same price for two items as they would have for just one, it’s hard for them to say no. Retailers make up what they are selling in volume what they lose in margin.
With 85% of consumers looking for coupons before even visiting a retailer, there’s no denying ‘em.
Core dna provides our clients the opportunity to use discounts and vouchers for these coupon scenarios and many others by setting up a series of rules and actions that integrate into the retailer’s website and are automatically applied at checkout.
Each discount gets a name and description and can be set up as coupons (which are not automatic but activated through a customer-inputted coupon code).
For a discount to apply for the shopper, all pre-set conditions must be met. These can include the price, item quantity, or the date of purchase.
Then, you can decide what action should be taken, based on the discount, like percentage off, which items the discount applies to, how it impacts the shipping rate, etc.
