Holiday discounts are a fantastic way to maximize your holiday sales. However, markets are now more saturated than ever, and it is challenging to establish yourself when other, more prominent brands are already on the run.
This article will cover the best holiday discounts to offer your customers if you're running a small business or are just starting in eCommerce.
The Psychology of Discounts
Customers usually prefer to purchase products from well-known brands since people expect huge businesses to produce quality products that are pocket-friendly as well. It isn't always true, but often a customer's psychology revolves around the total opposite of the saying, "Don't judge a book by its cover."
The average conversion rate across all industries is 2.35%. However, when a small business offers promotions and discounts, customers more attracted to money-saving methods automatically purchase more products from that brand, thus increasing the store's conversion rate.
Why Holidays are the Perfect Time to Thrive For Small Businesses
Holidays are when people exchange gifts and spend time with friends and families. Get-togethers demand nice clothing and festival-centered merchandise too. Therefore, small businesses have a great chance of attracting more customers by offering discounts.
Holidays are the shopping season, so for a small business that does not have a reasonable conversion rate, offering discounts not only works as a temporary increase in sales but also establishes the reputation of that business in the market.
Small businesses can also gain traction by making holiday shopping easier for their customers. In turn, this gives room for more customers to come all year round.
How to Improve Conversion Rates With Discounts
Here are a few ways that you can use to increase your store's conversion rate by offering various types of discounts.
Give Special Offers For New Site Visitors
The first impression is the last; if it's good, you win a long-term customer. For every new user who visits your website, you can offer special discounts so that they feel welcome.
It's not always about discounts, but small gifts as well. For instance, 30% off your first purchase is fantastic, but what can be even better is a "free gift" with each order.
For example, if you sell custom blankets, including a free festive blanket cover with one's first order could be enticing, as it's likely that the customer will find a use for the gift. You can discover tons of ideas depending upon a few factors, such as:
- The type of holiday
- Your budget and the best you can offer
- What your target audience is interested in
Set Discounts After Cart Abandonment
It sometimes happens that a customer spends time carefully going through your products and adding them to their cart, just to abandon it during the last step before the conversion. This change of heart might be because the cart total is higher than they would’ve liked.
Powr.io offers plugins that instantly detect a cart abandonment and pop up an ad featuring an "only for you discount" offer right before the visitor decides to leave. Upon finding a discount voucher, there's a 70% chance that your visitor will want to take advantage and complete their shopping, as now that the final sum they saw is less.
Furthermore, after receiving their products and discovering that the quality of the products is excellent, they would love to be your regular customer.
Give Special Offers For Double Purchases
Like every business owner, you would also want your products to sell in more significant amounts. A unique trick can help you sell more products than you usually do. Offer a discount when a customer buys two products from your store
For example, you can offer "50% off 3rd order" or "30% off the total when you purchase two products."
It will remind your customers that they have a great deal waiting for them in your store whenever they need more than one item. This approach is just one of the many automations that ensure that your customers will keep coming back to your store.
Provide Email Subscriber Discounts
Offering discounts to your email subscribers is an intelligent way to engage your customers and make them purchase merchandise from your store. Email marketing is the backbone of digital marketing – something every business owner requires to get noticed on the internet.
When your store visitors subscribe to your promotion emails, it becomes an excellent source for you to give them a reason to purchase products from your brand. An email, for example, including a discount coupon and a message saying, "We care about you, that's why we are offering you a 40% off custom embroidery apparel", during the holiday season, can quickly bring in more conversions for your store.
Provide Early Bird Offers
Suppose you're about to launch a fantastic product anytime soon, and you're still determining whether it will sell well. You can set up early bird offers for your visitors and let them know that they are the special ones who will get a discount on the upcoming product among a large audience.
It will ensure that there will be some buzz and anticipation for the product when it finally launches.
Create Holiday Gift Guides With Your Discounted Products
Creating and sharing gift guides and lists is a fantastic customer engagement strategy.
Help the curious and confused buyers learn more about the types of holiday gifts and which could be the best for them. Create a gift guide list and share it with your subscribers through email. You can also publish your guide on social media platforms or your website.
Along with the email linking to the gift guide, attach a discount voucher for your audience and let them know they can get special offers if they purchase holiday gifts from you.
Add Holiday Countdown Timers
Powr.io provides a great plugin that you can use to set up holiday timers on your website, along with different customized messages. You can offer discounts while the timer continues to run; once it reaches 0, your audience will know that the sale is over.
Countdown timers create a sense of urgency in your customers, as they will not want to miss the holiday discounts, ensuring faster conversions.
Small businesses must focus on offering quality products and creative ways to engage customers. Discounts and sales are the best way to turn store visitors into customers.
The best approach is to get creative with your discounts and how they reach your audience – via email, pop-ups, social media, etc. Tools such as POWR apps help you set up your store and make it as customer-friendly and high-converting as possible.
Be creative and analyze which approaches and designs bring the most conversions, and you are sure to succeed.
About the author:
Filip Nikoloski is a Partnership Specialist at Printify. Printify is a transparent print-on-demand and dropshipping platform designed to help online merchants make more money simply and easily.