Retailers and consumers alike can benefit from the use of digital coupons, and according to Forrester Research Inc., coupon use has increased by nearly 50% in the past five years. The challenge for many retailers is how to effectively take advantage of this trend. With the help of coupon management software, here are seven ways retailers can use digital coupons to increase sales at their stores, both on and offline.
1) Re-engage with customers
Email isn’t dead. In fact, it’s one of the best ways for retailers to engage with and re-engage customers. And guess what? If done right, email is also one of your most powerful tools when it comes to building customer loyalty and driving sales from existing customers. An automated email strategy allows you to send coupons, promotions, and product recommendations based on purchase history or browsing behavior; segmentation makes these emails relevant for each individual customer without having to waste time manually targeting shoppers who are unlikely to make a purchase. So if your digital coupon software doesn’t have an easy way to organize subscribers into customized lists, look for another option that does.
2) Increase website traffic and conversion rate
A recent study found that online coupons directly influence internet users to click on and visit a website. Here’s how it works: A visitor comes across a coupon he or she would like, but cannot print out or use immediately. This visitor will likely go back later, whether later that day or weeks down the road.
The coupon is still in mind and can potentially influence their purchasing decisions in your store. Research shows that people who receive a digital coupon are more likely to return later than those who receive paper coupons because they can easily scan them and use them when they come back at a more convenient time. Digital coupons make sure your customers won’t forget about you!
3) Drive online sales through social media
Promote your digital coupons on social media platforms, particularly Facebook and Twitter. You can link customers to online coupon codes or direct them directly to your retail site, or both! Having a presence on social media is not only an opportunity for promotional deals but also a great way to interact with customers and build brand loyalty. Online sales are heavily influenced by social networking sites; consider giving these marketing channels precedence in your retail strategy.
You can also take advantage of offline promotion methods. Place sales flyers, and promotional posters nearby your local area or at the mall entrance. Offline promotion is a great way to reach potential clients or employers who may not be online.
4) Collect data that adds value
Whenever you have a retail store, coupons and promotions are a great way to increase revenues. However, sometimes promotions can be overwhelming for customers and sales staff. This happens when there is no system in place that helps track how many customers redeemed each coupon or promotion.
Many retailers take weeks (or months) just trying to reconcile all of their sales because they don’t have an efficient system in place. To reduce those errors and track each of your customer’s purchases, make sure you implement a data collection software program at your store. By collecting data from every transaction throughout your store, you will be able to better monitor how much money is coming into your business as well as which promotional strategies are most effective at driving traffic into your store.
5) Improve customer service
Let’s face it; despite our best efforts, you’re bound to leave some unsatisfied customers in your wake. And these are just lost sales. Not everybody who feels let down will be so quick as to walk away from your business altogether. But many of them will talk about their bad experience and discourage others from shopping with you. So, here’s what you need to do: Make sure you have a solid customer service game plan for when something goes wrong.
6) Conveniently accept payments from your retail store or eCommerce site
Mobile payment processing software is a simple but powerful tool that makes accepting payments from your retail store or eCommerce site easier than ever. Here are a few things to consider when making your decision about which technology is right for you:
1. Contactless payments:
These make paying with mobile phones even easier than it already is and are quickly becoming popular among customers at both large and small stores alike. As more people start using them, they could become an important point of differentiation.
2. Mobile couponing:
This feature allows you to make coupons available only when they’re shown on your customer’s smartphone, giving you an easy way to target more specific promotions and offers toward shoppers who might not otherwise be aware of them.
3. No matter what you’re selling
whether luxury goods or common household items—you need effective payment systems in place to process transactions and keep moving your business forward. Consider these ideas as you evaluate different merchant service providers, find one that meets your needs, and then use coupon management software to reap all its benefits.
Payment Processing 101 While online transaction volumes continue to grow each year, in-store transactions still account for around 70 percent of all purchases made in many countries around the world.
7) Access valuable market data
If you plan on becoming a retailer, then having access to data from your supplier is extremely important. As a new business owner, getting such data can be difficult. However, if you manage your suppliers through digital channels and make sure that they’re digitally connected with you as well, then gaining market data will be much easier.
Additionally, if you do succeed in establishing such connections and gathering important data, it will give you an edge over competitors who don’t have access to that kind of information. At least from a competitive standpoint!
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