Black Friday Discount Strategies
A personalized discount strategy is integral to increasing sales and keeping customers connected and engaged with your store and products. There are several advantages to discounting, and although it seems counter-intuitive to drop product prices, the result is diverse carts for your buyers and increased profits for your store.
We have outlined 5 discount strategies to help you as you plan for BFCM 2022.
Types of Discounts
1. Dynamic Discounts
Dynamic discounts or Smart Product Discounts, (SPD) is a method of personalized discounting that works according to your customer’s shopping habits. Basically, if two different customers are looking at the same product, each customer will receive a different discount depending on how they shop.
Curious to learn more about dynamic discounts? This unique discounting method is available for ShoppingFeeder merchants. Get in touch with our experts!
2. Bundling
Bundling involves grouping two or more related, or unrelated, products together to add value and broaden customer carts. When bundling products together, it is useful to bundle related products together, like lamps or lightbulbs, but it also might be advantageous to increase customer interest by bundling unrelated products together, like a drill or a hammer.
3. Recommendations
E-commerce recommendations are ultimately suggestions of products curated according to what your customer likes. There are various ‘types’ of recommendations:
- Up-selling: When your store recommends an item that is similar, but slightly more high-end.
- Cross-selling: Involves recommending complementary or similar products.
ShoppingFeeder’s recommendations engine is an incredible bolt-on that curates recommended products according to your customers’ tastes. Get in touch to find out more.
4. Exclusive discounts
Exclusive discounts or special offers are ultimately extra items or products that entice your consumer to buy more products. Although it seems counterintuitive, adding additional items customized to your shopper’s desires actually removes their resistance to check out. This method is particularly useful if you are a cross-border seller with high delivery fees.
5. Subscriber offers
Your loyal subscribers are the key to your Black Friday Success on Shopify, WooCommerce, AdobeCommerce, or whichever e-commerce platform you use. To improve your overall customer experience as you plan ahead for Black Friday, we would recommend the following:
- Entice your loyal subscribers with Black Friday discounts beforehand
- Give your followers sneak peeks
- Consider incorporating Black Friday coupons and discounts in your newsletters
Which discount is better?
All of the above discount strategies are meaningful to your customers in one way of another. Our recommendation would be to use a combination of several discounting strategies in order for your customers to keep your store top-of-mind as you lead up to Black Friday 2022.
Conclusion
Personalizing your customer’s experience is a core part of e-commerce sales and one of the ways in which to do so is by discounting strategies.
Would you like to learn more about diversifying your customers’ carts ahead of Black Friday? You might be interested in this article.
