I am sure you could not have missed the “Big Billion Day” or the “Week long offers” and more offers that just finished. If you are an e-commerce store owner or an aspiring e-mompreneur, you must be thinking about what all coupon codes I can use on my store and what can or can not be included as part of the promotion that I make.
To de-mystify this, I thought of penning down this blog, helping mompreneurs like you to define your promotion strategy for the upcoming festive season just a few months ahead.
TYPE OF COUPON CODE:-
This is the most popular coupon code used both by merchants and buyers. There is an astounding abandonment of 44% due to a lack of free shipping options on the website, and at that time, a coupon code for Free Shipping can be your life savior. You can create a free shipping coupon that pops up on the checkout page and even customizes / cap it for a minimum order amount, thus increasing your average order amount. Remember the last time you ordered for food and the guy told you, “Sir! minimum order amount for free delivery is Rs. 250/-“.
Flat Amount Off
This is a coupon code that gives a flat amount off an order total when applied on a cart Example: Rs. 500/- off on your next purchase.
This is the percentage cousin of Flat amount coupon where instead of the flat amount, you suggest a percentage amount off on the next order. This coupon works well with the average order value as a percentage off on a lower cart value will not mean much to a buyer; besides, we also recommend you to cap the maximum of that a user can take in terms of percentage Example – 10% off on your next order (fine print – minimum order amount of Rs. 2500/- and the maximum discount that can be availed can be of Rs. 1500/-) that means it will act like Flat amount after Rs. 15000/- of the cart value.
I have mentioned it separately as the above-mentioned coupon codes can be used without a minimum cart amount. Still, if you are scared of running a promotion without an upper capping, you should use the Minimum Purchase value to feel safe.
Buy X, Get Y
“Buy 2 get 1 free” or “Buy 4, get 10% off” must have read or heard about these promotions. These promotions are a good way for you to try a coupon system on a certain category or a brand. It also assures that you are getting a certain order total before offering a discount.
Raving Fans or Loyal Customers: You must have lots who love your products and love to come back again and again. Well, this coupon code is just a nice way to ask them to come back once again and provide you with an opportunity to serve them.
Daily coupons can be like deals that could run site-wide or a category-wide or on a product providing discounts to your buyers only for the day.
Holiday-based Deal Coupons
These could be coupons that are valid for a period, say a week or a month, for the buyers to redeem—another great way to make the best out of your holiday store selling strategy.
There will be times when you will hear about the iPhone 7 or 7S and offer a pre-launch booking offer discount. Create a story and invite your buyers to be amongst the first few to purchase an item that is yet to hit the markets.
Refer and Earn Coupons
Who else can be a good advocate of your products and services than your own existing client? Allow them to refer your store to their friends, thus passing on a unique code that can be redeemed by their friends. For each refers, you offer them a coupon code as a store discount while for the friends offer them discounts for their first signup or first purchase.
Miss You Coupons
They bought and then forgot, customers whom you have not transacted since many days ago, they made a purchase and then never came back; you can send them a Miss you coupon and offer them an opportunity to come back to you.
First Purchase Coupon
This coupon can and is used extensively by our clients who have recently launched their store. This allows them to create coupon codes to discount the first purchases made by a buyer coming into the store. To know more about How to Make Your First Online Sale
HOW CAN YOU SHARE this COUPON?
Now since you know about the coupon codes and can create them, how do you share them with your prospective customers is a question. You can use the following techniques to get the best out of this :
Share this coupon on social media websites, groups, and even on your own Facebook page.
It is always good to start a subscription-based newsletter and use the coupon code as a banner or an offer in your newsletter.
Coupon Sharing Websites
Share these coupon codes on various coupon sharing websites like couponduniya.com, couponraja.com, or couponrani.com.
Share these with cart users who have just abandoned your carts. On average, a user comes back in a maximum of 3.35 hours to finalize an order post adding an item to his cart. In case the order is not finalized, you have missed the purchase, and it is the right time to push him a coupon code. Abandoned cart conversion has a 29% conversion rate as per industry study.
Not to forget, you can use coupon banners in your signature.
Danger Ahead – Cruise with Caution
Though coupon codes look like a legitimate way of conversion but overdoing or mindless coupon creation can do more harm to your business. A small word of advice will be to check if they are not getting coupled with your other offers leading to double discounting like:
- Do you want to offer discounts to affiliate forwarded customers as you will be bearing the burn of affiliate commission too?
- Does your coupon codes stay valid along with the in-store promotions you have?
- Make sure your coupon codes have an upper order limit to restrict use above an order amount.
- Make sure your coupon codes expire after a certain period.
- Make sure your coupon codes are restricted for the number of times a buyer can use it.
- You can also make the coupon codes usability restricted to registered users, thus increasing your registered user base.
- Be sure that your system check and re-checks for a coupon code validity on checkout as they can be users who had applied a coupon code but did not check out a few days ago, and now since they have returned, the code has expired. Still, your system accepts it as it was applied during the validity period.
With this knowledge and information, you will be able to manage your coupon promotion strategy effectively and have a great holiday selling experience. In case you think you have questions regarding the same, do write back to us at firstname.lastname@example.org.
You can even ask us at Retaxis to help you create your e-commerce store. Call us at 0120-4222758 to schedule a NO OBLIGATION FREE ONLINE DEMO of the e-commerce solution offered by us.