Discounts are so tempting and how many of you as customers are tempted by mind blowing discounts? The answer will not be any another than, almost all the time. The way to win your customers heart is tedious yet a beautiful journey. Discounts make your journey a lot simple.
Do you know, Amazon gains a profit of 27% each year because of a dynamic pricing strategy. Here are the top 10 pro dynamic discount strategy for your Woo-Commerce store.
Discounts, in the simplest context, are a reduction in the price of a product or a service for a fixed period of time to boost your sales strategy.
Woo-Commerce discount rules is a WP plugin to help you create online store discounts. Dynamic pricing is a plan of action for creating discounts according to customers behaviours to boost sales conversion.
A Woo-Commerce store owner creates dynamic discounts with the help of multiple WordPress plugins.
Here are a few advantages to your online store because of dynamic pricing
Dynamic discounts can engage your online customers regularly and motivate them for active participation.
- More shopping more is revenue.
- The other obvious advantage is to increase sales and maximise profits.
- Increase in sales of your online store, helps you lead in the race of your competitors.
Your best seller is the signature mark of your online store. People remember and reminisce your online store mostly because of your best selling products. Thus, giving out dynamic discounts of your best sellers will help you win the sales conversion.
Like, If your online store is the best known for classy shoes, give out frequent dynamic pricing so that it can reach popularity in the market.
When a certain product is in high demand, we ought to use the peak pricing strategy. Peak pricing is one of the smartest ways to increase store sales. Your competitors will also apply same peak pricing strategies but make sure you travel way ahead of them by implementing better ideas.
Many times, a customer purchases a product that comes in bulk or what we otherwise call as combo packs. Customers love buying multiple products as a combo which is also on a perfect discount. So if you feel, your store needs a boost in sales, apply the combo pricing agenda.
Offering discounts for a particular category are recalled the category wise pricing discount. When you are ready to give out discounts, try giving out according to categories.
To say, if it’s summer and you want to throw a discount for summer accessories, Design discounts for products that could be used during summers and also make sure, your offers on such products are unique. This is an efficient category pricing strategy.
Your regular, consistent customers are no less than any real gem for the success of your online store. They play a very crucial role in building your online business empire. Giving out a few extra discounts for such loyal customers is not going to hurt you. Give out discounts based on your customer’s frequent purchasing history. This could be achieved by giving them a few discount coupons.
One of the most cliched yet effective examples is of Amazon’s cart pricing methodology. When you purchase products above $20, Amazon offers you free delivery. This kind of cart pricing is called a cart discount strategy. Cart discounts also bring in customers the satisfaction of merchandising with your store.
If your customer is looking for one shoe and you provide buy one, get one offer which allows him to purchase one more shoe for absolutely free of cost, what else will your customer wait for? Buy one get one (BOGO) offers are by far the best discounts masterplans.
BOGO discounts are said to increase your store’s profit by multiple folds than it already is. It also achieves more and more target customers who are attracted by word of mouth strategy of your existing customers or you should have the knack to promote your product brilliantly in social media.
Popularising a brand in a particular milieu and giving shipping discounts is yet another dynamic pricing strategy. Choose which locality you want to provide offers with and then curate your offers for that region.
For an instance, providing shipping offers for customers in Chicago on winter accessories is effective. Why? Because It is biting cold out there and every person living in there will be looking out for discounts for Winter accessories. Thinking uniquely and applying such creativity in shipping discounts is all that counts for a better sales conversion.
Coupon-based dynamic discounts and the customer’s role play go hand in hand and designating such coupons is called coupon based dynamic discounts strategy.
You purchase for say $100, and your store offers you an opportunity to purchase for another $100 with the help of coupons. Giving out coupons ensure that your customers will come back again to purchase some more. You can be very sure of coupon based dynamic pricing. It not just brings an increase in sales but also make sure that your customers come back again and again for a better shopping experience. Promotional product pricing
You are about to launch a new product and you want to increase the sales by multiple folds or just create a customer base for that product, try out this game plan called promotional product pricing. To products that are new in the business of your store, you cannot take risks by setting high costs.
Wait. You can actually set high costs and then give a discount pricing from that. This could turn your business into much more profitable and can gain your customer’s credibility too.
Making your customers happy, is the prime goal and the prime fuel for your store. Discounts have been doing this job for how many decades unknown. You don’t want to miss out a single opportunity to please your customers and nothing else can be as easy and lucrative like discount strategies.