When your business hits the slow season and your sales have fallen uncomfortably low, you’re bound to be a little nervous. And while any good store owner knows to look at the big picture and think of average daily sales across a year, it can still be tough to feel secure when you’re not getting the traffic that you’re used to. That’s why many companies and small business owners have been turning to online vouchers. If you already have an eCommerce website or any sort of online presence, this is an easy solution. If not, it’s still doable but we strongly recommend building a website.
Online vouchers are codes that apply a discount (with specific parameters) to anybody that uses them when making a purchase on your website. They can be either given only to certain partners to use as rewards or distributed freely to one of many voucher websites (for example, you can find great deals on Phase Eight products through ‘MyFavoriteVoucherCodes’ here:
You Gotta Give to Get Something Back
How can giving out discounts to my merchandise increase my sales? It’s simple: people can’t resist a good deal. For every 10% off you give to 10 people, you’re likely to have enticed more than 1 person to buy. In addition to this, many people that are drawn to shop with you will realize they want to buy some other things you have to offer. This leads to increases in sales of related products that you offer, even if those are not discounted.
This is a tried and true method for boosting sales during slow periods, but you must be careful to design your discounts well. You don’t want to give so much away that the extra sales won’t supplement the loss, and you don’t want to give discounts that nobody will really want to use.
This is especially easy to do if you have something you want sold quickly or otherwise would have to get rid of, like an obsolete model or a perishable item. With vouchers, you can discount these items and sell them before you’d have to cut the loss.
How Much Is Too Much?
When designing your discounts, you want to make sure that you’re making an offer people don’t want to refuse. However, you also need to make sure it’s an offer you can afford to be taken up on. This will vary greatly depending on your type of merchandise and target demographics. For example, you may want to give a higher discount on cheaper items that people might be likely to purchase more than one at a time of, because bulk shoppers love a deal more than anyone.
Generally speaking, the discount you should start with as a general rule is 20%. This is because you know that for every 5 people that buy your product, you need 1 extra person to buy this product to break even. Whatever the case is for your business, vouchers can be a great way to significantly boost your daily sales during those slow periods.