Coupons are generally known as tickets given in exchange for a discount while buying a product. As an Online Store Owner, you may be asking why you should use coupons for your store, what impact would it have on your business, how would it affect your customer base and to what extent is it effective?
Like most businesses, the goal of an online store owner should be to make more profit. Coupons are known to be very beneficial in increasing sales for businesses; online store owners inclusive. Other reasons why you should use coupons in your online store are:
- It attracts new customers to your store:
Coupons are a great way of attracting new customers to your store, as everyone would love to get discounts on purchases.
- It is also aimed at making loyal customers:
Customers become loyal to a certain brand when they are convinced they are receiving the best of customer service quality from that brand. Avoiding coupons may put your business at risk of losing customers to those brands who are willing to give them discounts on coupons.
- Higher Rate of Turn Over:
Since Coupons help to increase sales, it leads to increased turn over in sales. And increased turn over in sales would also lead to more profit in the long run.
- Tracks customers:
By using different social media platforms to give out coupons, you can as well track most pf your customers and to a large extent know their location. You get to know where the products you offer are needed the most.
How do you get this done?
- Use the most appropriate and effective social media platforms to promote coupon codes.
- Target smartphones as it reaches your key customers faster.
- Place the percentage discounts on bulk items than individual items to encourage more sales.
- Add additional discounts on items that are slow in sales, for instance, free shipping.
- Also, add additional discounts for new customers. This would work at converting them into loyal customers.
- Ensure your offers sent by mail are personalized.
- Also ensure your offer is close ending, not open ending. It must have its expiry date so you can calculate profit and the impact of your offer on sales, within a given time.
As an online store owner, this would be a great step towards boosting sales and profit. You can begin with following the above steps, as you reach towards creating a greater customer base.