Are you selling your products or services online? If so, you are probably running some type of promotion and sales-effort through your website. Whether you are looking to boost initial sales of a new product, or reinvigorating an old one, running promotions is a crucial way to boost your sales.
Of course, finding the right promotion to balance sales volume and per-sale revenue can be difficult. To help you in that regard, you can strategically grow your sales with these top 10 types of e-commerce website promotions.
Top 10 Types of Ecommerce Website Promotions
1) Product Discounts
The classic way to boost sales for a limited time is to discount individual products. Be sure not to discount it past the profit margin, but offering a $20 product for 10% off can help you temporarily boost sales for a lagging product.
2) Free Shipping
Customers increasingly expect large orders to ship for free. But even for select individual items, consider offer free shipping to boost sales. For you, the result will be similar to a product discount, but it will seem more valuable to your customers.
3) Cross Promotions
When one of your customers is checking out a product on your website, show them products from the same category or otherwise related. You can even offer a discount on these products that's directly tied to buying multiple items in a single category together.
4) Volume Discounts
It's the classic "20% off of $100 or more. You encourage your visitors to keep shopping to hit the threshold, and the discount is minimised by spreading it across multiple items. As a result, your profit margins will suffer less.
5) Loyalty Discounts
Especially if you offer more than just guest checkouts on your website, offering discounts to your most loyal customers helps keep them coming back. For example, offer loyalty points for each purchase, which can redeemed against perks like free shipping, promotional gifts, or discounts in the future.
6) Subscription Offers
When growing your e-commerce business, building an email list is crucial. To incentivise your audience, offer them a promotional gift or coupon for signing up to your list. Now, you can communicate with them about any new products, promotions, or discounts as they occur.
7) Social Integration
Similarly, you can offer perks to customers who engage with you on social media. If you run a version of your online store on Facebook, you can easily track who bought from the network and offer targeted discounts. Alternatively, offer discounts or free shipping to customers who like your page on social media in order to reach them more easily in the future.
8) Abandoned Cart Discounts
E-commerce software now lets you track who abandoned your cart, which can be up to 80% of your online shoppers. Re-engage them by offering discounts on the items they left in your cart, helping to finalise the checkout process.
9) Flash Sales
Amazon has made these promotions popular through its Lightning Deals. The goal is to significantly discount specific products for very limited times, such as a certain amount of hours. Build buzz beforehand, which will allow your users to check your site when the time comes.
Finally, encourage your customers to refer their friends to your website. Offer discounts to both parties, such as loyalty points for your referrers and free shipping to your new customers. The result will not only be a new growth of customers, but increased loyalty on behalf of your return customers.
Of course, to implement any of the above, you need e-commerce web design that allows you to integrate sales and promotional efforts. Ideally, you should be able to track individual sales, so you can better determine their success and plan more strategically in the future.
To help you get there, through an e-commerce website that fits your business, industry, and target audience, contact us.