5 discount strategies to attract Malaysian online shoppersBy Amirul Mokhtar · 4th April, 2016
There is no doubt that Malaysians love discounts. I know you won't admit it but I'm pretty sure everyone is guilty of using the phrase "got discount?" or "got free gift?". There is nothing wrong with that. We all want value for our money right?
Of course as a buyer, we want discounts on everything but what about as a seller? We dread the thought of giving discounts because we have to bear the cost. Well, it doesn't have to be that way. You can think of it as an investment to bring in more customers because discounts are great way to attract online shoppers.
Here are five discount strategies you can use to attract online shoppers
1. Offer free shipping
Many studies have shown that offering free shipping increases conversion rate. This is because online shoppers are easily attracted to the word "free" and they are also less likely to drop out since the final checkout price is the same with the price that was displayed.
But keep in mind that this can also kill your profit margin if you are not careful. To prevent from killing profit margin, Gojasu Story offers free shipping for purchases above RM100. This actually resulted in an increase in the average amount spend per customer.
2. Slash out retail price
You can see this being practiced both online and offline. You see a sign that says 50% off and you look at the price tag. The original price has been slashed out and the selling price is now half the original price. Shoppers love to see that they are getting the best value for their money.
iToys uses this discount strategy to attract a larger amount of traffic to the store and also to get rid of old inventory. Make sure that the retail price is a reasonable market price. Online shoppers are good at surveying prices and they will leave your store if they see something is not right.
3. Include free gift with purchase
If you're selling shoes, include a free pair of socks. If you're selling fragrance, include a sample of something else they might like. Yeah, you get the idea. It can also be something not even related. The point here is that people like free stuff.
Not only is this a way to attract new buyers, you can also use this as appreciation for your customers. It will build loyalty and result in repeat purchases.
4. Give away promo codes
Promo codes are a fun and more interactive way to attract buyers. They are unique codes that people can apply to your online store to get a certain amount off of the checkout total.
Generate a custom code with EasyStore's built-in voucher code generator. Make sure you set the amount to discount and the usage limit. Then, promote the code to your social media followers, email subscribers, or make it more exclusive and only give it to your loyal customers. You can also start a contest that involves the promo code to get more engagement.
5. Special membership price
Every small business has those special customers that just keep coming back and repeating purchase. But how do you get yourself one of those? You have to give them a reason to be one. Become a member and get reward points for every dollar you spend, buy 5 and get your 6th one free, member's only sale or members get 10% off of every purchase. With these kinds of offers, who wouldn't want to become a member? Just look at your wallet or purse. How many membership cards do you have?
By separating out customers into groups and offering something exclusive or special for that certain group, they will feel special and appreciated. This will make them think twice about buying from your competitors. Not only that but it will make other shoppers feel left out if they don't join the membership. You can use the information gathered from the registrations to send out promotion newsletters or do remarketing to keep them coming back to your store.
With EasyStore, you can easily assign customers to different groups and set the discount rate for those groups. When members log in to your store, they will see their price is displayed. (More EasyStore features)
Giving discounts is great for your customers but don't go overboard with the discounting. You still need to make sure that you are not killing your profit margin. When used properly, these can be a great weapon to have for your online business. Try them out today!
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