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There is no doubt about how discounts & promotions lead to greater sales. Everyone loves discounts and promotional offers; they can save money and buy the best product! It is a win-win situation for both the buyer as well as the seller.
Every product is different and requires the use of a different discounting technique to generate the right kind of buzz in the market to boost your sales.
Here’s mentioning a few types of discounts & promotions you can choose from to best suit your product.
- Discount on product price:
This is the simplest type of discount to offer. The original product prices are reduced by a certain percent of amount. The buyer immediately sees his/her gain in the reduced price and also makes the product look more worthy while saving money on it.
- Flash sales:
Flash sales are when the special offers and discount are only available across a given time and a customer must visit the E-store within the time frame to be eligible for the discount or offer. Social media, emails and visuals on the website may be used to promote flash sales. The shorter the time frame available the greater are the sales. It is a good way to boost sales as well as get rid of surplus stock.
- Free coupons, gifts, etc.:
Offering free redeemable vouchers or coupons gives the feel of receiving cash back. It also ensures that they will be returning to your store to redeem the voucher. Giving away free product gifts or branded gifts, add a surprise element in the customers shopping experience. It gives them a memorable moment associated with your brand. To the buyer, it can be a way to promote a certain new product in the market.
- Host competitions:
A great new way to reach out to people is by hosting competitions, where you give away one product as the prize. But what you gain is publicity, buzz in the market, acquire contact details, come in contact with those interested in your product, and much more. Competitions hosted on social media websites generate a buzz and get people excited about your product.
Apart from these one may choose to host a holiday/seasonal sale, offer free shipping, offer membership/loyalty programs, or may simply offer discounts on more purchase, etc.