Product offers allow an e-commerce to increase sales and favor the acquisition of new customers in the short and medium term. They are an effective tool to increase the income of businesses and improve their positioning in front of their competition. To achieve these benefits, without reducing the business’s profit margin, you can rely on a pricing suite when adjusting or modifying your prices. If you already have this, though, we will explain to you what the best offers are to attract clients and to get them making purchases.
Step 1: Monitoring prices of your competition
Counting on tools to monitor the prices of your competition is essential for establishing prices in an e-commerce. The information provided by these softwares will allow you to make offers and provide conditions of sale better than your competitor’s to potential clients. Furthermore, we know that price is one of the most important factors in deciding whether or not to make a purchase, and because of this you should make sure it is attractive for users. Designing a campaign offer without knowing the prices that other e-commerce are selling at can result in failure and losses for the business.
Once you have analyzed the market movements, it is important to design product offers based on the value that it gives to the clients. They think about how your products will improve their day-to-day life and what necessities you can cover according to the profile of your target audience.
Conditions that product offers should meet
On one hand, launching an offer should be punctual, limited to a concrete period of time and tied to a motive of interest for the e-commerce, be it the releasing seasonal stock or giving deals to clients on Father’s Day. This seasonal limit, although it is sometimes weeks or months, accelerates final decision making on purchases.
On the other hand, experience in e-commerce demonstrates that offers with the lowest success rate are those that that are too general and that are directed to a target too wide and too different. Try to make personalized offers based on the interests and likes of every one of your buyer personas. Because of this it is important to have a good segmentation of your database and accompany your promotions with attractive marketing campaigns that increase traffic to the website.
Inside the large variety of offers that you can implement, we recommend four highly effective ones:
- Flash offers or very limited time offers: these generate a sense of urgency and exclusivity in users that favors the conversion. You should announce these well in advance to capture the attention of the maximum number of consumers possible.
- BOGO Offers or Buy One Get One: the user feels attracted to the possibility of receiving a second item for free or for a reduced price.
- Discounts for a pack of products: also known as bundle pricing, this consists of selling two or more products together with a price lower than if the products were bought separately. They should be related products that are directed to the same target to call attention to users.
- Personalized discount coupons: discounts sent only to a segment of your database and applicable to specific products they are interested in. This can be included in:
- Email order confirmation.
- Client satisfaction survey.
- Retargeting campaigns.
Lastly, e-commerce should have the time and adequate resources to plan the campaign offers based on the strategic established lines in the annual growth plan. Especially in the case of newly created online stores, where the offers are given to those that can help gain greater visibility, increase the website’s traffic, and grow its reputation. The offers can also go hand in hand with the automatic repricing processes that continue to adjust to their prices to supply and demand changes, both in the e-commerce and in the marketplaces.