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How to use the discount coupon strategy as an online retailer
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Shopping was fun when you held your mother’s hand and went to the nearby store to buy clothes or gifts for the family. You always saw your mother bargain the price of whatever she bought to save some extra bucks.
But in the 21st century, shopping has become a time-consuming job. People don’t have enough time to visit the store, but they have not forgotten the bargaining effect. To avoid that, you can use discount codes to ensure that customers don’t take the trouble of bargaining again. The best part is they won’t be able to bargain anyway because they will be buying whatever they need online. However, as an online retailer, you should have a strategy to lure the customers into a honey-trap that will be beneficial to you and also them. Here’s what you need to do:
1) Offer more discounts on old inventory, fewer discounts on new ones
It doesn’t matter if the product that a customer wants to buy is from your old inventory stock or not.
They don’t know it, but you do. Of course, you shouldn’t sell products that have passed the expiry date. But using popular coupon offers like Studio voucher codes on this inventory will attract a lot of customers. One of the strategies that online retailers often use is that they provide 10 or 15% discount on the first purchase and up to 60% discount on the second one. When the customer buys the second product, you can push one of the items from the old inventory.