There are now millions of businesses operating online, all competing for traffic, attention, and sales. With so many offerings, many of them inevitably end up selling similar products and services. This can make getting regular conversions tough, especially when your eCommerce business is just starting.
One option is to leverage sales promotions. However, when using them you need to tread a fine line. Too many and your company will look cheap and spam-filled. Yet the right promotion at the exact time can boost your income considerably. Read on as we discuss powerful promotion ideas for your online business.
Offer New Customers a Free Gift
Everyone loves getting something for free, so offering gifts and incentives is one of the easiest and most time-tested ways to increase sales. It is also an excellent way to get new customers to your company, by offering incentives for signing up or first-time purchases.
Gifts don’t always have to be physical items either, which is useful if you sell services as opposed to products. You may give free quotes or offer free shipping on items. While they will cost you time and may cut into profit margins, weigh it up against the long-term benefit. You have a chance to build a relationship based on long-term customer retention. Look at this over the lifespan of the customer and how many times they return to you, and it is usually a sound investment.
An industry that has been using this for a long time is the iGaming industry. CasinoSmash highlights online casino sites, their average reviews, their chosen payment methods, region, and their welcome bonuses, including enticing options such as free spin offers, in order to effectively rank the best casino competitors on the market. Having all this information conveniently laid out in this format enables players to find the best brands that offer value for money. All this works on the assumption that customers will return once they sign up or use the initial promotions, owing to a positive experience on the site.
This technique is something you should be able to easily leverage for your brand, too. The promotion is the bait and the long-term engagement is the product of a stellar website and services.
Instill Urgency
Another promotional tool that works is urgency. A little bit of pressure can work wonders, as people often have an inbuilt fear of missing out. Luckily, you can apply this in several different ways.
Sales can be done using a short time frame, perhaps over a weekend or ending within 24 hours. You can also apply this to products, explaining that they have limited stock and only a few are left to purchase. Finally, consider combining this with other sales methods, such as offering your free gift but only for a short period. Once you get them in the now or never mindset, it forces a decision.
Address Cart Abandonment
Cart abandonment is when consumers fill up their online shopping basket with goods but fail to make the purchase. This can be frustrating as they are at the last point in the sales funnel. They may have decided against it, or just got distracted and forgot to return.
With cart abandonment rates at a huge 79%, then even converting half these customers can reap huge rewards. The best way to do this is to set up email reminders for anyone who has items left. It is a great idea as it provides a friendly reminder for them to return.