Ecommerce Promotions: What are the strategies that work best?
Ecommerce Promotions: What are the strategies that work best?
Selling on the Internet is closely linked to promotions. So let’s talk about promotions in eCommerce. What are the strategies that work best?
It is undeniable that there has been a strategic sophistication, and e-commerce has been relying on price as the main universal sales argument for over a decade. That doesn’t mean that customers aren’t sensitive to offers.
5 promotional strategies that work for eCommerce
The reality is that, we can say, without fear of being wrong, that never before has the consumer had so many buying options and, above all, when it comes to comparing and researching the product. We owe this to the Internet.
Let’s take advantage of it, shall we?
#1 – Bundle packs or sets
This is one of our favorites because it not only allows us to increase the average ticket, but it is also a very effective way to get rid of that stock that is not selling and is generating costs in the warehouse.
Because bundle packs, in essence, are nothing more than the packaging of two or more products, usually with a certain discount compared to the independent sale of the same.
Thanks to these promotions in eCommerce, we increase the perceived value of the customer regarding their purchase. The key is to anticipate the potential buyer’s needs.
If they’re going to buy a mattress, why not make them an offer that includes a headboard, a bed base, or pillows?
#2 – Loyalty with balance for future purchases
A discount is always attractive when promoting your eCommerce, but it’s not always the most interesting for sellers.
Why? Basically because that discount accelerates the conversion once… and that’s it. On the contrary, if the user increases their balance in the store, we will achieve recurrence. They will convert again to not lose that acquired advantage.
Surely, this type of loyalty strategy is the most favorable for all parties. Although, if you keep reading, we will find another one that is even more favorable.
#3 – Affiliation: Let your customers sell for you
Affiliation consists of offering our customers a unique code that allows us to track all sales that are made thanks to them and reward them with a percentage.
In a way, we could say that it’s turning satisfied customers into brand advocates, since they will be the ones recommending our products to their contacts or the community that interacts with them.
The main advantages of this strategy are two:
- It’s a recommendation between peers and is always perceived in a more spontaneous and personal way than when we learn about a product through advertising. Here is where the importance of social proof comes into play.
- It’s a perfect promotion strategy for eCommerce, since we only pay commission when there is a sale.
#4 – Discounts and flash promotions
For a promotion to work, it’s essential to have a competitive price and a sense of urgency. The less time it lasts, the better.
As online store owners, we always have to aim for impulse buying rather than reflection in the purchasing process. A customer who compares and evaluates excessively is a sale that is gradually cooling off. This delay can result in many factors that frustrate the initial intention.
However, when we manage to create a sense of urgency, the most unconscious and primary part takes charge of the decision.
Flash offers are perfect to exploit this urgency. By setting a validity period of 24, 48 hours… or a week, customers feel the fear of missing out. By the way, countdown timers on the home page and product pages are of great help.
#5 – Promotion on abandoned shopping carts
Like it or not, shopping carts are abandoned in large numbers. As long as it’s within normal parameters, it’s not alarming. Many users make comparisons, others simply want to keep exploring alternatives, they get distracted… sometimes they get frustrated when they see unexpected costs. There are countless scenarios.
And yes, it may not be alarming, but it can be an opportunity.
If we remind the customer via email that they have their cart saved and additionally offer them some advantage – how about a little extra balance on their next purchase? – we will encourage them to close the conversion.
This strategy is a bit delicate when it’s based on discounts, so we shouldn’t abuse it because we run the risk of customers catching on and trying to take advantage of it.
We’ve listed 5 strategies, but we could also have talked about progressive discounts by volume, segmented strategies based on customer lifecycle…
Would you like a second part of this post? Let us know in the comments!