It’s impossible to ignore the sheer size of the opportunity presented by the e-commerce business.
These days, however, competition is becoming increasingly fierce: using the right promo can be a great strategy to boost your sales, especially in a moment of crisis like the one we are going through.
Here are some promo ideas that will help you increase your business:
Cross-sells are an excellent way for e-commerce stores to increase their average order value by offering interesting or complementary products to customers at the moment of purchase. The most common cross-sell for online stores is the complementary cross-sell, which strategically positions a product alongside the product a customer has in their shopping cart. An alternative to the traditional cross-sell is to offer an exclusive product that is only available when you purchase something specific. The fact that something is only available while purchasing another product makes it scarce and exclusive, enticing more customers to take the bait.
ABANDONED CART RECOVERY
According to the latest data, the average online cart abandonment rate is 69.89%. That means that almost 70% of people who are adding an item to their shopping cart on an e-commerce store are not following through with the purchase. The key to recovering abandoned carts is to adopt re-engagement strategies such as triggered emails and targeted remarketing ads.
A flash promotion is a short time-bound period in which you provide a highly valuable offer such as a discount, a new product bundle, or something else that hasn’t been offered to your audience recently. The time-bound nature of these campaigns, often combined with a limited product stock, entice customers to buy immediately, rather than waiting.
LIMITED TIME COUPONS OR DISCOUNTS
Urgency is a powerful psychological marketing tactic for e-commerce stores as it accelerates a customer’s purchase decision and reduces the chance that they will leave your site without buying. An effective way to elicit urgency is by offering coupons or discounts which are only available for a limited time. You could run this as a standalone promotion for a set period of time, or alternatively, you could set up expiring coupons that are delivered to potential customers in strategic moments. This may be when they sign up for your email list, make their first purchase, or if they have been inactive for a certain period of time.
We hope that with these tips you can get the best out of your e-commerce business with DroppyBrands!