How to Start an Ecommerce Business
How to Start an eCommerce Business eCommerce is bigger than ever, and according to statistics, 60% of online shoppers love to get deals, vouchers, and coupons. In fact, around half of consumers are more likely to visit an online shop when they know that there’s an opportunity to get money off or they have a voucher code to use. If you run an eCommerce store, flash sales and promotions are some of the best ways to attract more visitors to your store and boost sales. Here’s what you need to know.
There are a few different discounting strategies that you can use to run a flash sale to promote your products. This could be a percentage-based discount, cash incentive discount, combination deal, volume-based discount, free delivery discounts, freebies when the shopper fulfills the conditions or discount on the customer’s next purchase. Consider the type of discount that you want to offer for your customers and the conditions that will entitle them to get it. Will the discount be available to everybody, or will the customer be required to buy a specific number of products or spend a certain amount of money? Will discounts are applied automatically or will the customer be required to enter a discount code?
Discount codes are a very popular option with both shoppers and eCommerce retailers because entering the code and visibly seeing the price of the shopping cart go down is more psychologically pleasing compared to discounts that are already reduced in price. Discount codes can be very beneficial to eCommerce store owners because they encourage brand loyalty and are very appealing to prospective customers, who may be more likely to choose your products over competitors when there is a voucher code available. They can help promote new products or help you offload excess stock quickly.
Whatever kind of flash sale you decide to run, the first strategy is to make sure that your discount terms are clear. Transparency is crucial when running a sale or promotion. So, make sure that your discount is displayed from the beginning of the customer journey right the way through to the checkout, including the terms of the discount. If your customer is expecting a discount, it’s important to make it obvious that you’ve awarded it to them and that their final price has been adjusted accordingly. If not, your customer might question that they are actually getting a discount which could increase the risk of them abandoning their shopping cart.
Know Your Customers:
Finally, it’s important to get to know your customers in order to better understand the types of promotions that will appeal to customers and encourage them to purchase from your store. For example, some shoppers might prefer free delivery over two-for-one deals, while others might be fine with paying delivery fees if they can get a free product. It’s important to conduct market research so that you have a solid understanding of what your target demographic will prefer.
Running flash sales and promotions can be a great way to encourage shoppers to buy from your eCommerce store. Get the best results by understanding your customers and figuring out the kind of sale that will work best for them.
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