In this online era, every e-commerce business growth reached a new level. And thanks to the marketing gurus who have introduced the best strategies to boost brand sales and to stay always on the top.
More vouchers, more happiness- a skyrocket strategy
Did you know?
In 1887, the Coca-Cola company distributed the first-ever coupon-the idea emerged by Asa Griggs Candler to promote his company. This unique tactic changed the game for the Coca-Cola Company and made it the number one soft drink brand.
With the voucher, customers could redeem a free glass of Coke at any dispensary. This encouraged consumers to buy more coca-cola, and between 1894 and 1913, one-in-nine Americans enjoyed a free Coca-Cola for a total of 85 lac free drinks. This is how the company and other brands realize how important the concept of voucher /promo codes would be in shaping the future of e-commerce. Now nearly every brand uses discounts or other promotional strategies to grow their businesses and boost long-term sales and profitability.
Of course, an easy and effective way to attract new customers is to offer exclusive deals in the form of vouchers/coupon codes that have taken e-commerce to the next level. But what is a great voucher? Great voucher is worded eloquently/attractively and has a short voucher code-customers often forget long codes: keep it simple! Furthermore, discount voucher offers consistently lead to more cart value and increase conversions, but if it really does offer a deal.
Characteristics of An Effective Coupon
- Brand name: It has a brand name
- Your contact details: Ensure your company name & address is available on coupon.
- A well-crafted offer: An attractive offer is worth redeeming.
- A legal note: Add a note, if necessary
- Best possible product image: Put up a tempting or irresistible looking product image.
- Coupon expiry date: Make time limit certain to allow customers to avail discounts and to reach the full potential of coupon campaign.
- Tracking Code: It helps the company to measure the effectiveness of their voucher strategy.
Now, the question arises how e-commerce voucher turns out to be a game-changer?
1: Branding: One of the major goals of discount vouchers is to promote your brand and to gain more consumers. Discount coupons are like small advertisements but also the powerful one which you can spread and tap into.
2: Getting new customers: Naturally, those who love discounts are more likely to share those vouchers with their friends and relatives who further would like to forward to their loved ones. This helps the brand gain, new customers!
3: Retaining existing customers: Giving coupons makes the customer feel good and special and increases your sales in return. You can also appease unhappy customers by offering them a good deal.
4: Achieving sales targets: when you see a downward trend in your sales graph, offer some coupon distribution to boost sales. This strategy would help you reach your target revenue in the short term.
5: Clearing old stock: As a retailer stocking up more than required is your habit, but sometimes there are items of which you have loads of unsold old stocks. So, to clear this stuff, the brand can run a coupon campaign and ship at a discounted price to increase sales.
But before you introduce any deal, think for which purpose you’re going to use it?
- To drive more sales?
- To increase your audience?
- To sell an unwanted stock? Or
- If you need more followers and likes on social media?
The type of deals a brand could introduce is as follows:
- Percentage off coupons/ vouchers (e.g.20% off on purchase of Rs.5000/-)
- Free shipping deals (e.g. free shipping over Rs.3000/ purchase)
- Buy 2, get 1 free’ deals are incredibly successful.
Vouchers/ Coupons are a powerful tool to boost sales and can offer great benefits for e-commerce business if they’re implemented right. Though shoppers now practically demand discounts and deals, they still find joy and happiness in receiving an exclusive offer.
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