If you ever tell the buyers that they can save money, you have their attention. This is the purpose of offers. Creating new promotional ideas can be challenging, but they ultimately pay off in profits when implemented correctly on your store. Offering promotions and special offers to your potential customers is an effective & easy method to drive footfalls to your store, getting more clicks, acquiring new customers, growing revenue and increasing brand awareness. Best of all, these promotions can also be used to encourage customer loyalty and repeat purchases. They help you attract more customers and get more business. In this blog we will discuss about the offers, and how on the one hand it helps the buyer save money and on the other helps the seller get more business. There are six trending offers in the market; Exchange offer, Cashback offer, Discount Offer, Extended warranty, Buy X get Y Offer and Freebie offer.
The buyer can exchange an old product for a new one at the right prices. With new products emerging in the market frequently, all buyers would be curious to purchase and experience the latest model out there. Within a brand, this offer is also called buyback. The most important draw for the seller is the returning buyer who is now a loyal customer. The demographic is mainly tech savvy, who wants to be the first one to get their hands on any new, updated product. With exchange offers, it becomes very convenient to get your hands on the latest model out there without making a hole in your pocket. You can exchange your old phone, and get a new one on a highly discounted price.
Cashback is an incentive offered to buyers for certain products whereby they receive a cash refund after making their purchase. Cashback achieves heightened customer loyalty that other offers don’t generally reach. If you are an online seller, you can target the payment application users. The minimum purchase limit set for a cashback can help with upselling. Is there something better than getting an incentive on buying a product. If the payment applications are used properly, you can save a handsome amount.
A reduction in the usual price that helps you to attract buyers. The amount can be reduced in percentage or flat. The actual selling and discounted amount is projected for the buyer and can influence the buyer to buy more products. This is one of the oldest tricks to get more footfalls. Anything that says “Sale” or “Flat discount” always have and always will attract buyers. For retailers in the Fashion industry it can also be a way for a clearance sale. Nothing makes a buyer happy than getting a hefty discount on desired products. If you want to pay half or even less than half, then target the stores with discount offers.
An extended warranty, is a prolonged warranty offered to consumers in addition to the standard warranty on new items. The extended warranty may be offered by the warranty administrator or the retailer to grab attention mostly in the electronics category. Dealing in electronics, services and warranty is always a major concern. The extended warranty is a viable option as it provides assurance to the buyer that if they need any services, it will be provided. Post-purchase services are always a headache. With extended warranty you are assured that if any glitches or trouble, your problem will be solved without any extra cost.
Buy X get Y Offer:
Buy X Get Y offers are top trending and can be implemented across many product categories. They help to attract customers as they pay for X products and get Y products in addition. A common form of promotion for easy sales.
This offer is mainly centered around the fashion industry. If prices are planned properly, the sales number definitely increase. It always makes you happy when you pay less and get more.
Freebie offers make the buyer spend an extra amount to avail additional benefits in the form of a new product on a minimum purchase. A freebie offer is given to the buyer without having them to pay for the whole of it, especially as a way of attracting interest. With a small gift on a minimum purchase always pushes the buyer the increase their spending limit. It is very tempting and always attracts more purchases. Who does not like getting something extra. Rewards in shopping can always enhance the experience.
Setting up offers does not take a lot of effort, but it is very effective. The offers could be promotional, seasonal or for special occasions. If you as a seller promise the buyer to give them something more than the monetary value they are always your happy customers. ')}