7 Coupon Ideas for Retail Stores and How retailers Grow Revenue on a Budget
The strategy that revolutionised the marketing landscape was first launched by Coca Cola. In 1887, the company offered one glass of Coke free for every coupon. The plan worked like wonders!
It is estimated that 1 in 9 Americans had availed free glasses of Coke with 8,500,000 drinks sold between 1894 and 1913. This was the first known instance of coupon marketing.
Coupon promotions are used by businesses to create a sense of urgency, increase sales, and acquire new customers. Discount vouchers are a terrific way to increase not only brand awareness but also customer satisfaction.
8 out of 10 customers claim that they search for relevant coupons before shopping. Coupons make people happier and relaxed persuading them to buy more leading to increase in sales.
7 Coupon Ideas to Boost Sales
Want to boost your marketing to a whole new level? Let us dive into different types of coupons your company can leverage to increase your marketing levels.
Amazon’s Great Indian Festival! Flipkart’s Big billion Days!!
How many of you have been waiting for the big sale? Did you know that over 30,000 retailers and brands selling on e-commerce platforms like Flipkart and Amazon earned a whopping $100k during the festive sale?
As much as people love hearing about festive sales, companies too make huge profits by offering discounted prices. More purchases customers make, they get greater discounts thus unlocking more festive coupons. This domino effect persuades people to ultimately collect more coupons during sale days. Festive coupons are one of the best revenue spinning techniques for a brand.
In 2021, Clubhouse an audio based social media platform attracted 2,000,000 users just by using a refer and invite approach. People could enter any discussion room or create their profile, only on receiving an invite from their friends or family. Due to this distinctive invitation-only policy, several users started downloading the app.
Clubhouse’s marketing practice is referred to as the velvet rope strategy which builds a loyal customer base by creating a sense of exclusivity. This approach gives access to a ready-made army of brand advocates for your business.
Trust plays a huge role here as people believe a friend's recommendation more than random sales pitches. If you can convince people to refer your store to their friends and family members, you will create a whole new avenue for word-of-mouth advertising without having to do any additional marketing yourself.
It's not just about making money, but also about establishing relationships with customers.
Stock Clearance Sales
Every year on January 1st, a swarm of shoppers rush to Westside stores. Westside a massive western outfit brand has not just adopted the clearance sale approach but also gets high profits on day one itself.
Stock clearance coupons are a great way to get your business noticed. You'll be able to clear out old inventory and make room for new products without having to dispose of the previous stock. It gives you an opportunity to bring in new products without having to worry about spending too much on goods that might not sell well in the future.
Buy One Get One Free
Enter the coupon code – “BOGO” at checkout!!
Get your customers to buy one, get one free!
This offer pushes customers to your store and encourages them to try your diverse products. It also makes your customers feel like they're getting a big deal. They'll feel like they're getting a bargain on two products instead of just one.
Get 50% off on your first five orders by downloading Zomato!
This offer attracted millions to order food on Zomato. The strategy, helped boost their revenue to Rs 844 crore in 2021.
Welcome coupons present first-time customers with a reason to try your product or service. You are encouraging users to buy something new and get it at a discount. Zomato’s offer tempted people to buy four additional orders on their platform just to avail 50% discount. These coupons don’t just capture the attention of new customers, but also increase the probability of your sales.
Establishing an unforgettable first impression with new users helps you develop brand loyalty.
Reliance Trends launched a promotion called “Buy 2000 and get 1000 off with discount coupons”. The idea behind this was to allure people to come back to their store again.
The power of discount coupons is irresistible. When you offer discount coupons, it provides an immediate gratification for people and inspire them to purchase for a higher price amount just to avail the discounts. Reliance saw an incredible rise in footfall as people started to pair up with friends and family the next time, they visited stores. These discount coupons are your perfect enticer tool.
The prime day sale is here! Unlock great prime coupons!
Prime membership is a perk offered by Amazon to give members exclusive deals, and early access to sales. You could offer something similar. Target a specific group of people with special discounts, free shipping or just a free sample of your product.
A study by Accenture found that about 91% of customers tend to shop from brands offering personalised discount coupons.
How Ginesys can Help Companies Optimize their revenue through coupon marketing
A retail company can drive significant revenue through a coupon marketing program. However, to use it effectively, the marketing manager implementing the campaign must understand the mechanics of coupon usage. If a retailer does not have a proper system to create and monitor coupon redemptions, it will be difficult for retailers to optimize their revenue.
The Ginesys EaseMyRetail platform integrates with coupon engines from various 3rd party service providers to address this challenge. We help you create attractive, creative, and easy to use redeem coupons. We have automated the entire voucher redemption process to increase your customer loyalty and slash your marketing costs significantly.
Accelerate your marketing through Ginesys -Coupon Growth Engine!