The dawn of the New Year is one of the happiest moments as people intend to buy happiness off the shelf and online. It was a long-awaited moment as Christmas went by six days ago, and the long holidays of winter come with all kinds of joy. During these days, the shopping patterns spike up. Many businesses are offering discounts, and it can be tough when you have an SMB (Small or Medium-sized Business) to cope with the competition. Another good news other than the New Year is that you can cleverly circumvent this problem if you have a product-based business.
Every product-based business needs custom packaging. You can get them at 20% to 30% off at the time around the New Year. Custom Packaging Pro offers a 20% to 30% discount on all its packaging and boxes. You can cover discounts on your products by ordering from Custom Packaging Pro.
Every business owner knows that coping with cut-throat competition can lead you into anguish. But if you impose the following promotional strategies along with percentage discounts in your business, there is a fair chance that you can do well not just only on New Year's eve but in any hard time when you are having trouble paying your bills.
When you need to sell something, you should know this strategy very well. It is something that can boost your sales when you add this element in your selling. You can create a "sense of urgency" in the mind of your customers. Remember, it is a mind game; you have to influence the intention of your customer.
Limited Time Offer: Limited time offer is a kind of incentivization in which you offer your customers something extra and put a cap on time. This incentive can be any offer like a discount, unique gift, or a reward and tell the buyer that if you buy now, you will get this offer.
Limit time offer works like a charm to draw people in and increase the conversion at your store.
When you are using a limited time offer, you have to be smart not to misuse this strategy, but most businesses, especially businesses online, do that all the time. They offer something for a limited time, and if you visit the same store after a little time, the offers are still there, only the price numbers and wordings have changed. An eCommerce store with a busy landing page and a hefty marketing budget can get a hard hit because repeat customers make businesses and brands. When the returning customer finds out that the limited time offer is always there, it makes a negative impact on the customer's mind. So use this technique cautiously and give your business some breathing time between such offers.
Scarcity: When a customer comes at your store, if he sees something that he likes, you have to have some marketing mechanism in place to make the buyer buy other than having the products in the right looking Kraft boxes. If the customer likes the deal and it also bears value, he may move on to somewhere else from your competitor and gives up the thought entirely if you do not make him buy instantly. It is here where scarcity comes in; you need to tell the customer that limited items are available, and they are selling like hotcakes, and pretty soon, your inventory will exhaust. You may not lie and be a hundred percent honest because every store has top-selling products like these; you have to make records and have a thorough analysis to serve your customers well. It is a win-win situation.
Timer: The timer technique is adaptable to online stores. A timer shows next to the offer with incentivization or a discount. The buyer is informed to get the deal before the timer runs out. It is also a way to create a sense of urgency. However, it is a debatable matter that it works or not anymore. Because many online marketers say that this technique does not produce the desired results anymore, yet, you can see timers creating a sense of urgency for products and services around the Internet.
Discounts and Coupons work very well in the developing world's eCommerce economy. Take this statement with a grain of salt because the results are not guaranteed.
High Conversion Rate: Huge ecommerce platforms like Shopify and RetailMeNot report figures that are encouraging. They suggest that coupons and discounts do work to convert well in businesses. Shopify says that the stores that offer discounts codes to their customers for shopping online are eight times more likely to convert than those who do not. On the other hand, RetailMeNot, a company that offers a collection of coupons for offline and online businesses, claims that as much as 67% of the conversion rate increases. Most of the purchases are unanticipated or impulsive.
Increase in Customer Acquisition: Selling products in high-quality cartridge packaging is one way to attract customers. If you want to convert your business into a customer acquiring machine, you need to have a severe offer plan for discounts and coupons on your products. A survey from RetailMeNot reveals that 80% of first-time customers admit that they had temptations to buy a product from a store because they were drawn in with an irresistible discount offer.
