How to Increase your iCraft Sales Series: Part 3: Sales and Coupon Codes.
For part 3 of our How to Increase your iCraft Sale Series we’re looking at using sales and coupon codes in different ways to encourage shop sales.
A good way to encourage purchases is by having something on sale all times. This is because having at least one product in your shop on sale means it will always appear in iCraft sale section, which is a frequently checked section of the iCraft storefront and is displayed on the home page.
Another great way to utilize sale pricing is for price anchoring. Price anchoring is having two similar listings and inflating the retail price of one and keeping the regular retail price on the other, but marking the regular price as the ‘sale price’. This is an effective tactic to use as it makes the customer want to purchase as they see a deal comparing the on sale item it to the ‘regular priced item’.
Price anchoring also helps with perceived value of the product as the customer thinks the retail price is actually much more than it truly is due to the marked up product.
This can be a fun thing to play around with in your shop to see what price thresholds and combinations your customer base bites at!
Coupons we offer:
Everybody loves free shipping! Offering free shipping flash sales or free shipping on certain items is a great way to increase store sales.
TIP: You can select where you offer free shipping!
Fixed amount discounts:
iCraft also offers fixed amount discounts Ex. $10 USD off. It is good to note these fixed amount discounts are always offered in your stores currency.
iCraft allows you to offer percentage discounts on your entire store, great for big store wide sales, or for specific items in your store, that maybe you want to clear inventory of.
All 3 types of discounts require you to set a minimum purchase amount. This will ensure that you stay on top of your profit margin and don’t take a loss by offering sales.
Creative ways to use Coupon:
Thank you coupons:
Thank you coupons are emailed to a customer who has purchased and are coupons customers can use on their next purchase, to encourage repeat purchases from your customers.
You can have it so your thank you coupons are only sent to specific countries (say you want to offer free shipping, but not to international countries) and have an expiry date to put pressure on the customer to return and purchase quicker.
TIP: Each thank you coupon code is unique to the specific customer so they wont be able to share the code with others.
A great way to utilize coupons is for celebrations. Use a coupon code to mark your 100th sale, or first year in business. These are also great ways to subtly increase your businesses accolades by mentioning the above things and also encourage sales.
What is your favourite way to increase checkouts with coupons and sales? Read Part 1 of this series and Part 2 of this series.