Black Friday, Cyber Monday (BFCM) is falling from November 25 to 28 this year and competition among online sellers is more intense than ever. Buyers have infinite option to make purchases from. Amid this tough competition, sellers can only take advantage based on their discounts strategy ahead of the busiest shopping season.
Recently, Shopify Support explained in a tweet that how sellers can launch powerful discount promotions with the help of Shopify. “As you prepare for Black Friday, don’t forget one of this year’s biggest game changers: discount combinations,” Shopify Support tweeted, mentioning three advantages of discount.
✅ Boost your AOV
— Shopify Support (@ShopifySupport) October 4, 2022
✅ Reduce abandoned carts
✅ Unlock creative promotions
As you prepare for Black Friday, don't forget one of this year's biggest game changers: discount combinations. https://t.co/uGfU3EhN3n
1. Boost Your AOV
AOV is the abbreviation of the average order value, which can be calculated as the average amount of money spent by customers on each order. Total revenue is divided by number of orders to ascertain the company’s AOV. With Shopify discounts, merchants can convince customers to purchase more than what they had planned for. A higher order value with each customer will ensure
2. Reduce Abandoned Carts
Another advantage of Shopify discounts is that merchants can reduce the number of customers that that abandons cart and leave without placing an order. For this, merchants can display discount coupons on product page as well as on checkout pages. A little price cut attracts all.
3. Unlock Creative Promotions
With the help of Shopify, you can also engage with customers using competitions, quiz and puzzles to unlock creative promotions. One example of this could be American YouTuber Jimmy Donaldson, who operates ‘MrBeast‘ YouTube channel. MrBeast makes creative content on video-streaming platform YouTube and sell merchandise on Shopify store.
In August, when MrBeast completed 100 million followers on YouTube, he launched a new range of merchandise on his Shopify store. To make most of the ‘unlock creative promotions’ feature mentioned above, MrBeast organised a competition and kept its behind a paywall. This meant that one had to buy his new 100M merchandise to watch the full video. That merch included two t-shirts promoting the secret giveaway video. After one bought any of those t-shirts, video access was given in a private email.
Incentivize Shoppers With Discounts
Shopify discounts promises to boost sales and cart size by attracting new customers and increasing repeat business. Discounts help merchant convert visitors into shoppers. “Discounts incentivize shoppers to buy more and help you move unsold goods off your shelves,” Shopify states on its website.
Shopify also allows merchants to run multiple promotions on a single product so that one can buy with the best price possible. “Offer a variety of promotions to attract customers and give them more reasons to buy when you let them combine discounts,” it says.
You can scale your business with a discount strategy based on customer segmentation. This helps merchants “to reach millions of customers with targeted promotions containing unique discounts”.
Over the next few weeks, Shopify will roll out a feature to get creative with discount combinations. Discount is a win-win deal as merchants see more sales and customers get power to buy more. Three ways in which discount helps both buyers and sellers include:
1. Create, Automate And Combine
Shopify allows merchants to set specific discounts on particular products and automation that shows coupons for a fixed amount off or free shipping. Some sites allow combining more than one discount coupons to make customers get the best of deals. This also helps in audience engagement.
2. Customisation
Merchants can also customise discounts for different situations like slashing price for a single product, a specific collection, discount on total bill and limited-time offers.
3. Analytics
With Shopify you can also measure how discount coupons are helping your business and make improvements on the go. It is easy to track promotions with Shopify’s analytics to monitor performance, make strategic changes and improve discount offerings.
Plan Your Festival Discounts
With festive season and BFCM 2022 around the corner, customers want to buy more. With persuasive and powerful promotions, give them a season to choose you among your competitors. In analytics, Shopify provides simplified reports that give you “a clear understanding of what’s working and what isn’t”. Merchants can see discount details, gross and net sales and returns or exchange on discounted products.
Sharable discounts feature of Shopify encourages a potential buyer to visit your online store. These discounts can then be applied automatically at the time of checkout.
“Offering the right discount, at the right moment, to the right customer, is crucial when it comes to attracting new shoppers, and keeping existing customers loyal and happy. However, when running a promotion there often isn’t a one-size-fits-all model, meaning you need to work harder to reach buyers with specific needs and wants,” Shopify says in its blog.
“Using Shopify’s powerful segmentation tool, you can create any segment of shoppers within the Customers section of Shopify and this segment will also appear in the Discounts section of your admin, making it possible to offer personalized discounts to specific groups of customers. And once you’ve decided on who you’d like to target, you can use Shopify Email to easily send unique discounts to thousands of customers. With customer segmentation and integrated marketing tools, we’ve made it easy for you to run promotions and target the right shoppers,” the e-commerce platform adds.
