How to Use Deals and Coupons to Drive Revenue

02/24/2020 10:41 AM

Deals and coupons have always been a driving force behind increased bottom lines. And with the advent of the digital revolution, digital deals and coupons are quickly becoming an integral part of E-commerce businesses worldwide. Customers are always on the lookout for discounted items and jump at the chance of a good deal, sometimes even when they're not particularly looking to make a purchase. That's the magic of deals; they lure you in and make you analyse the pros and cons of making a purchase you didn't comsider in the first place and you most likely end up buying it anyway because it's a lower price than the actual maximum retail price.

There are hundreds of ways to use deals and coupons to increase customer acquisition and retention rates as well as drive up the sales in your online platform. E-commerce merchants have realised the importance of increasing customer interest to fuel their business and fully utilize the appeal of digital deals and coupons in various ways, a few of which are elucidated below.

Subscription Offers:

Augmenting the customer database is an important part of online marketing for e-commerce businesses. And retailers realize the importance of acquiring the email addresses of their potential customers so that they can keep their brand name in the consumer's mind with periodic reminders and offers. Getting customers to sign up is the tricky part, however, and this can be circumvented by enticing customers with digital deals and coupons that reward them for merely entering a few characters into the box that requests their email address.

Loyalty Rewards Programs:

Every business has a string of loyal customers who are passionate about the brand and bring in periodic revenue. It is important to keep these loyal customers happy and retain their loyalty by giving them special consideration. Loyalty programs such as cashback offers and reward points increase customer satisfaction among frequent customers and help increase customer retention rates.

Gamification Offers:

Who doesn't likw to play games? And who complains if they win exciting offers while spending a few enjoyable minutes playing fun games? Gamification is a creative way of engaging customers and keeping them hooked. Gamification offers with digital deals and coupons can include scratch and win deals, spin the wheel games, and similar casino games.

Bundle Offers and Re-engagement Discounts:

Cross-selling is another popular method employed by E-commerce retailers. Bundle offers make consumers shop more as it allows them to avail the better discounts associated with bulk shopping. Another popular hack retailers employ to lure dormant customers to the front of the shopping like is to send targeted discounts to them to spark their interest in shopping again. .