Many people are surprised to find out that applying promo codes while shopping online can actually help them save more money.
Depending on the type of code you are using, you can expect to receive anywhere from 50 to ninety percent off your purchase.
These codes can be used just once per order, and some are valid for only one day. These codes can be highly beneficial for online retailers.
You can use them to offer free gifts, increase customer loyalty, and introduce new product lines.
One way to increase your revenue by offering a promotional code and Macys promo code to shoppers is by allowing them to apply it while they are shopping online.
Studies show that shoppers who are aware that they can save money on an item by applying a promotional code tend to spend more.
This is an excellent opportunity to upsell. According to a study conducted in the US, families that clipped a coupon spent an average of $0.66 more on a product than those that did not. This represents a 30% increase in sales!
Can improve customer loyalty
Studies show that 80% of sales come from the top 20% of consumers, so applying a promo code while shopping online can increase customer loyalty.
An increase in customer retention by just 5% can boost profit by 25%. Coupons are the main weapon used by marketers to increase customer retention.
While they’re often considered a marketing tool to attract first-time buyers, these codes inspire loyalty in older consumers as well.
When a customer receives a promotional code, their oxytocin levels rise. This hormone is responsible for making us feel happy.
Companies should never ignore the power of a small incentive that improves the shopping experience for customers. Here are some ways to make a promo code work for your company:
Can offer free gifts
If you’re looking for ways to increase your average order value, apply a promo code while shopping online.
Free gifts are a great way to give your customers an added incentive to buy, increase average order value, or get rid of unsold products.
You can even run storewide promotions to give free gifts to all customers.
Can be used to offer free shipping
It’s hard to justify free shipping, but you can use psychological tricks to increase your sales. You might use the dollar sign, for instance, to scare off potential customers.
A dollar sign can be scary, and act as a friction element in the sales funnel. That’s why most retailers only offer free shipping within the contiguous United States.
However, if you’re willing to spend a few extra dollars on shipping, you can offer free shipping to anyone who buys from you.
You can also use dynamic pricing to offer free shipping with certain products. For example, if you sell clothes, offer free shipping with orders of $25 or more.
Free shipping is not the same for every product, and it’s harder to create free shipping for larger, heavier items. Most businesses understand these limitations and will adjust their prices accordingly.
Just be sure to limit your promotional prices to a specific time, so customers don’t lose track of the promotion.