Sell More with Coupons [2020 Version]
To sell more products with coupons, there are 4 main steps that you must take:
- Have clear and specific goals in mind
- Know your customer LTV (lifetime value) and profit margins
- Send different discounts and coupons to different customer segments
- Communicate your offer clearly
Below are the 3 main coupon strategies that you can do it in Lelong.my especially in this 2020 period.
Promote Your Offerings
Instead of direct slash price that jeopardise the brand value or image, you can use coupon codes to incentivise users to check out your promotional material and even share it in your social media page.
In Lelong.my, we have cart type coupon, product type, and shipping type of coupon. This is to incentive customers to spend more.
In this period of time, the Product Coupon to minimize losses accrued through unsold inventory.
Cart Abandonment Coupons
According to a study done by Barilliance, more than 70% of e-commerce shopping carts are abandoned. This is quite true when we match back our data. This is one of the biggest sales opportunity that a lot of sellers missed What you can do here is create a cart coupon to recover the abandonment cart sales. (PS: Please make sure make it invisible to the public).
You can create a cart coupon to recover the abandonment cart sales. You can send a PM reminder or a SMS blast message together with a 5% Off Coupon Code after the order showed ‘Pending Payment’ after some time. You can set to blast it after 1 day or 3 days after the ‘Pending Payment’ status.
Post Checkout and Review Reward Coupons
Giving out coupons to users immediately after they’ve made a purchase is a fantastic strategy for customer retention and customer LTV for you. It encourage the user to come back to you within a short period of time especially when the coupon comes with a time frame. The more they purchase the more you can study purchase behavior and interest, the easily the can convert them again in the near future.
A review reward coupon is also another strategy to encourage the user to buy more again for you. In fact, a review reward coupon is a duo-winner tool that not only encourage to buy more from you, but it also can be used to generate positive word of mouth and reward buyer that leave you a 5 star review.