E-commerce is a driving force in the modern business landscape. This is due to a combination of mobile commerce, increasing internet penetration, and advancements in digital payment systems. By 2032, the global e-commerce market is expected to reach a value of $183.8 trillion.
Attracting customers and bolstering sales is crucial for elevating the impact of your online store. If you’re looking for ways to boost your e-commerce sales, offering cash discounts is an ideal way to accomplish this. Discount pricing can increase customer loyalty and drive repeat business.
To learn more about how to implement a cash discount program, keep reading below.
Hold Flash Sales
Flash sales are short-term promotions. These promotions are effective in that they create a sense of scarcity and urgency among customers. A flash sale is often only utilized for around 24-48 hours, though some online businesses may choose to make it even less to spur action.
By offering a cash discount for a limited time, you can encourage customers to make a purchase immediately to take advantage of the discount. This can help boost sales and reduce credit card processing fees.
Have a ticker or a timer on your website that displays the countdown for the cash discount promotion. Prominently display the amount or percentage customers can save with the discount pricing.
Offer First-Time Buyer Cash Discounts
Offering cash discounts to first-time customers is another way to boost online sales. These discounts can help incentivize them to make their initial purchase from your store.
It attracts new customers and encourages them to try your products or services for the first time. For example, if a potential customer is on the fence about ordering from your e-commerce business, this can help seal the deal.
Once you’ve gotten a customer to place their first order through the use of cash discounts, you have the potential to turn them into repeat customers in the future.
Aid in Cart Abandonment Recovery
Globally, cart abandonment rates are at 73.25%. A way to address this is through the use of cash discounts.
Cart abandonment occurs when a customer visiting an online store places an item into a shopping cart but doesn’t complete the checkout process. This can be for many reasons, but commonly, cart abandonment is the result of discovering the total cost of the purchase.
Send targeted emails to these customers and offer them a cash discount on the items in their cart. Doing so can entice them to return to your store and complete their purchase. This can help recover lost sales and improve conversion rates.
Provide Cash Discounts for Bulk Orders
Cash discounts can also apply to bulk orders. By providing discounts for purchasing multiple quantities of a product, you can encourage customers to buy more to save more. This can help increase the average order value and boost sales volume.
You can also offer tiered discounts based on the quantity purchased to incentivize customers to buy in bulk. For instance, if a customer purchases 2-4 items at a time, they may receive a 5% cash discount on their order. For purchasing 5 or more items at a time, customers can receive cash discount pricing of 10% or more.
Implement Customer Loyalty Programs
The goal of any business is to build up a base of loyal customers. This is true of both an e-commerce business and a brick-and-mortar business model. Loyal customers become the life force for businesses and can lead to repeat business over time.
Rewarding loyal customers with exclusive cash discounts can help strengthen their loyalty to your brand. Offer discounts or special offers to customers who have made repeat purchases or joined your loyalty program.
You can also provide early access to new products and offer personalized recommendations based on their purchase history. This will help you incentivize customers to continue shopping with you and potentially become brand advocates.
Develop Referral Programs
Once you’ve been able to brand advocates through customer loyalty programs you can take it a step further with referral programs. A referral program encourages loyal customers to refer friends or family members to your store in exchange for a reward, such as a cash discount.
In a cash discount referral program, you offer existing customers a cash incentive for every successful referral they make. For example, you could offer a $10 cash discount for both the referrer and the new customer when the new customer makes their first purchase.
By offering discounts to both the referrer and the new customer, you can incentivize existing customers to refer others and attract new customers to your store.
Create Holiday Promotions
Holidays and special occasions are popular times for shopping. Customers visiting an online store will often look for gifts and deals.
Minimum purchase discounts allow you to offer a cash discount for customers who spend a certain amount in your online store. For example, customers who spend $100 or more could receive a $10 cash discount.
You can also create holiday-themed product bundles and offer cash discounts for customers who purchase the bundle. This can encourage customers to buy more items and increase their average order value.
By offering cash discounts during these times, you can attract shoppers to your store and capitalize on the increased demand. This can help boost sales and drive revenue during peak shopping seasons.
Utilize Off-Season Discount Pricing
At the same time, you may need to boost e-commerce sales during slower seasons. Give cash discounts on seasonal items or products that are not selling as well. This generates increased interest and attracts customers who are looking for deals.
Cash discounts can boost sales and clear out inventory. This can help improve cash flow and make room for new products or inventory.
Help Boost Your e-Commerce Sales with Trinity Payment Solutions
Cash discounts are a great way to attract customers who are price-conscious and looking for immediate savings on their purchases. They’re also a terrific way to reduce costly credit card processing fees. A cash discount program can help your e-commerce business improve its financial health and thrive.
Trinity Payments offers your business the innovative payment solutions it needs to keep up with the demands of the modern business world. From POS systems to e-commerce payment solutions, we can do it all.
Let Trinity Payments find the right solutions for your business. Get in touch with us today for more information.
