Increase your Shopify store sales with the Top Discounting strategies
Looking for a strategic way to acquire more customers, get rid of unsold inventory and earn repeat customers? It’s time to try our discounting strategies.
Looking for a strategic way to acquire more customers, get rid of unsold inventory and earn repeat customers? It’s time to try our discounting strategies.
Discount pricing is a strategy of applying discounts via sales, coupons, codes, or bundles to products in order to entice customers into completing a purchase.
The strategy is focused on changing the customer's perception on what a product or service is worth by creating a win-win situation.
Discounts have been a commonly used promotional tactic used by online businesses to attract customers. When done right, it can lead to:
• Acquire new customers
• Increase sales
• Earn repeat customers
• Get rid of unsold inventory
• Maximize profits
But when done wrong, it can lead to:
• Reduced value perception
• Decreased profits
The right type of discounts can maximize sales, prevent shoppers from abandoning their carts, acquire and retain customers. Here are our top favorite discounting tactics!
There is no one size fits all approach to discounting and that’s why our experts follow a process before recommending any of the strategies above.
In-depth discovery call to understand your brand, target audience, current challenges and business goals.
Deep dive into audience segments and competitors to understand purchase power, motivation and preferences.
The team shortlists the best discounting strategies for your Shopify store for each segment.
Our team continually monitors the performance of discounts and optimizes them for more sales.
We find the best Shopify apps and solutions to set up the discounting strategies on your store.
See how global brands are using different discounting strategies to increase their sales and profits.
Our Shopify experts frequently share discounting tactics, best practices and examples on our blog to help you acquire new customers.
Speak to our experts to explore the best types of discounts for your business to maximize both sales and profits.
While there is no one-size-fits-all approach, percentage-based discounts are the most commonly used and successful because they give the impression of greater savings. This discount strategy is also more versatile and can be tailored to different products or sales goals.
There are definitely pros and cons to discounting if not done strategically. The pros include a boost in sales and gaining new customers. But excessive discounting can lead to financial loss and harm brand reputation. We’ve shared a detailed cost benefit analysis on our blog.
Discounts can help re-engage customer interest and bring them back for more purchases. But to boost customer loyalty, you need to create a sense of exclusivity around your discounts, giving a segment of customers special deals and benefits.