The retail industry has changed so much over the past couple of years, and digital shopping has undeniably become the new norm. In fact, recent statistics show that digital retail sales have seen a 25.7% growth at the height of the pandemic in 2020, and the trend is anticipated to continue in the years to come.
E-Commerce in 2021 and Beyond
What this trend means for businesses is that the competition in the e-commerce space can be tough, so a more deliberately planned promotion strategy is needed.
Coupons and discount codes must have some added benefits so that your offer stands out from the rest. What are ways you can do to improve your e-commerce sales? Here are 5 promotional ideas to get you started:
1. Time-sensitive discounts
One of the appeals of digital shopping is that it’s convenient and it can be accessed at any time of the day, 24/7 (for most shops). However, this also contributes to the likelihood of abandoned carts.
Incorporate the power of urgency by offering time limits to discount coupons. You can also consider providing cart abandonment offers; that is, offering incentives such as free shipping or additional discounts if a buyer successfully checks out an abandoned cart within a set time.
Additional Tip: Time-sensitive offers are more enticing if it’s seen as something valuable to your target market. Conduct audience research and/or create buyer personas to know your audience better.
2. Flash sales
As a related point, e-commerce is the best platform to host flash or one-day sales. This is also one of the most effective ways to add a sense of urgency and evoke FOMO (fear of missing out).
Live selling is also another type of flash sale that’s gaining momentum in the digital shopping space. Basically, you host a live broadcast, either on social media or your e-commerce app/platform, then you showcase the products you’re selling.
Additional Tip: An essential part of live selling is to have someone help you in taking note of orders, and most importantly, curating your offerings with products and discounts that customers can’t find anywhere else.
3. Social proof incentives
Encourage people more by providing incentives when they leave a review or follow your social channels. These can be in the form of discount vouchers, store credits, etc. This way, you’re hitting two birds with one stone: you can boost your brand’s online reputation and increase your sales.
Additional Tip: You can apply the same concept for customer feedback. This will help you get insight into your customer’s needs and wants, as well as anything your brand can improve on.
4. Membership or loyalty rewards
Cultivate customer loyalty by offering incentives to those who signed up for your brand’s loyalty program. There are several ways you can reward your existing customers, and one effective way to encourage them to buy repeatedly from you is to have a point-based rewards system: the more they buy, the more points they get in reaping a reward.
Offering membership-only deals is a good strategy too. You can take Amazon Prime’s lead in offering expedited shipping to members, or you can offer other forms of rewards, such as member-exclusive products, special discounts, or priority emails for newly launched products.
Additional Tip: Get personal with your customers. A study showed that 62% of people are more likely to make a repeat purchase if a brand treats them as an individual and not just another transaction.
5. In-store pickup discount
With the world slowly going back to “normal” and foot traffic in physical stores is increasing, in-store pickup discounts offer the best of both worlds: customers can place their orders conveniently from their phones/computers, and they can pick up their purchase from the store while also enjoying additional discounts.
Additional Tip: Automate your e-commerce app/platform by showing the nearest pickup locations for your customers. This is, of course, most applicable if you have multiple physical stores.
E-commerce is definitely not going to replace face-to-face shopping but rather is a good complement. Making a promotional strategy for your online business involves knowing your audience well, thinking about what’s valuable and important to them, and offering rewards and incentives that benefit your customers the most.
If you want to learn more about e-commerce and digital marketing in general, visit our blog at https://www.ilfusion.com/blog.