There’s nothing more disheartening for an online business owner than to get only a handful leads via your seller portal even after spending all you could afford on Google and Social ads. As a startup, the real revenue takes a hit when you begin to notice that almost 50-70% of your leads simply bounce away showing bleak or almost nil possibilities of coming back.
While one of our first recommendations on ideas to increase sales would be that you sign up for Amazon’s Affiliate Program, let’s move on to explore a few more tangible and proven way to convert your customers.
Coupons are quite obviously a no-holds-barred trigger when it comes to luring those prospects down the sales funnel. So if you’ve signed up on an online listing site like Amazon, here’s our round-up of best practices on coupons and how to strategically derive the most out of them:Free shipping coupons
Almost any customer will get attracted to this one. Shipping charges are one of the primary reasons why people consider buying at local stores. So if your competitors are available locally, this is one of your best shots to get your revenue climbing up. Make sure you have this coupon in big and bold on your product page. For those of you scurrying for ideas to increase sales and make some actual profit in your new business, here’s an interesting tip – you can simply hide your shipping charges by adding an average amount to the product’s price itself.Percentage discount coupons
Believe it or not, somehow the human mind will still get excited at inflated prices slashed down to a believable and comforting number that comes close to justifying the product. However, remember to look out for your margins before you settle on a number. Most businesses can juggle around the prices in a category or product line and still manage to procure a decent margin. You can also leverage these coupons on your social media
or website to ensure enough engagement and eyeballs. BOGO coupons
This one generally works for products with medium or low manufacturing costs. Also for products whose sales seem to be dwindling, this can be one of the best ideas to increase sales. Customers love to get something free and it may not always be the same product. You can even try putting a specific price cap on your brand, exceeding which they get a complimentary product. This is one strategy wherein you don’t just benefit from a onetime purchase but succeed in even creating a positive brand experience.Quantity discount coupons
These work best for gifting items. Most people look for bulk products when it comes to clothing or home décor and art. Planting a quantity discount coupon will help them believe they are getting a reasonable price cut while tipping your revenue scales within a short period of time.
A report states that 86% of customers agree that coupons influence their choice of brand1. So go ahead and reap the benefits of coupons in the e-commerce space. Begin by registering as an e-seller
on Amazon today. Reap benefits of assured delivery, secure payments and much more. Make hay while the sun shines bright on e-commerce opportunities in India.Source: Kissmetrics: Coupons Influence Customer Buying Decisions