Tremendous Ways to Offer Discounts Without Affecting Your Pocket!

Tremendous Ways to Offer Discounts Without Affecting Your Pocket!

In the eCommerce industry, there is no doubt that discounts and offers always attract customers to visit online marketplaces and make their purchases. For sellers, it is always a great idea to offer attractive discounts on their products to generate maximum sales. Discounting has mostly been used as a tested weapon to encourage customers to break a deal. It’s not new but an effective strategy. But the problem is sometimes, these discounts and offers drastically affect the seller’s pockets.

The ultimate solution to this problem is to maintain a balance between offering discounts while saving your money. Frequent offers and discounts contain the risk of losing money. So it is essential to get along with such tactics that can not only help you attract more customers but also not affect your pocket. This blog is about resolving the dilemma behind eCommerce discount strategies. Most eCommerce sellers offer discounts to boost their sales without knowing that it is affecting their pockets, and they must look into this matter. However, if you also want to know how to offer customers discounts without losing money effectively, this is a must-read blog.


Five Effective Ways to Offer Discount Without Affecting Your Pocket

Before going any further, let’s quickly know why you should offer discounts to your customers. Well, most customers implement this tactic to generate more sales and acquire a solid customer base. Discounts attract their attention and encourage new customers to know more about you and your products. It can help you in attaining your first purchase as well. Discounts can also let your online business survive in this fiercely competitive industry.

Offer Discounts on BOGO Products

To save money and escape the risk of failure, you should offer discounts on combo products. You must have seen that most eCommerce sellers offer discounts on buy 1 get 1 product. This tactic can help your products to entice more customers and scale up your overall business as well. You can even offer special discounts on bulk purchasing as well. The goal should be to motivate your customers to come online and buy your products in the first place. This effective discounts strategy can help your products to sell in an effective way without affecting your budget. You can offer one high price item with one low-price item to attract more potential customers. However, before offering such discounts on several products, you need to double-check whether all the products are available or not. Here you may require inventory management software such as eVanik OWS to manage your inventory automatically.

Apply Bundle Pricing Strategies

Bundle pricing is also one of the remarkable ways to offer discounts without hurting your pocket. It is a strategy by which you can offer various specific products in one bundle and sell them at a specific price instead of implementing individual discounts on each item. Offering discounts on bundle products can also help increase your AOV (Average Order Value) by minimizing the per-unit price of one or more products within the bundle. As you know, the festive season is on the way, and marketplaces are already running various sales to attract customers. In this scenario, it can be an excellent way to implement bundle pricing strategies significantly during the festive season. For instance, if you are selling online beauty products, you can offer a bundle of skincare products, including moisturizers, facewash, and serum altogether. In such a way, you can upscale your sales without losing a penny.

Offer Discounts at the Checkout Process

To ensure each purchase is complete, this strategy can work tremendously. In this process, you need to offer some discount on shipping or on the product itself at the final checkout process. In this discount strategy, you can offer your seller a significant discount on their credit card, debit card, and even on UPI payments. Ideally, sellers offer discounts on the payment modes, not specifically on the products. This tactic can help you to attract your existing customers as well as your potential customers also. Another approach you can apply is to offer discounts on the minimum order amount. For example, you can offer your customer a Flat 20% discount on purchasing products on a specific price. Undoubtedly, this discount strategy can help you achieve multiple business goals by adding an enormous number of potential customers and encouraging them to repurchase.

Offer Flash Sale For a Limited Time

Such a type of discount inspires customers toward impulse buying. Limited period offers have the potential to create a hustle in the customers’ minds to make most of such offers within the time. You launch a new product during the flash sale and offer attractive discounts on them for a limited period. It can be 2 hours, 24 hours, and a maximum of 2 days. During the flash sale, you can consistently offer discounts on products with lower sales and no sales. It can also prove to be a compelling way of clearing out your stocks. If you have ever experienced a stock situation, you need to worry about it because such practice can let you sell unwanted items by generating potential revenue. On the other hand, to manage your inventories effectively, you get along with any available inventory management software. It can send inventory reports from various marketplaces and regulate your inventory effectively.

Offer Discounts to New Customers

Offering discounts to new customers can help you attain new and potential customers. You must have seen several offers for first-time customers on various marketplaces. Most sellers implement such tactics to intensify their customer base. In this process, you can offer the actual price of the product by representing it as a discounted price. On the other hand, you can offer them a welcome gift by making their first purchase. This procedure can save you a lot of money and add more value to your business. Understand the fact that customers always want to get some special offer before trying a new product. It provides them the satisfaction that they are getting a product at the lowest price, so it doesn’t matter whether the product is good or not. If they experience that they have bought a good product at a discounted price, they can become your loyal customer.

Hence, these excellent ways of offering discounts can do wonders for your eCommerce business without hurting your pocket. Such discount offers can let your business thrive and add an enormous number of customers to your business.

Conclusion

Undoubtedly, in such specific ways, you can not only drive maximum sales but also attain more and more customers for your online business. Although, whatever the ways you select to offer discounts to your customers, do analyze what works better for your business. It is not required that what works for your competitors can also work for you as well. By initiating various discounts, offers, and promotions, you can experience which tactic is doing well for your business. There is one more factor that you need to take care of; whatever the discounts tactic you are implementing, you need to execute the order fulfillment process as quickly as possible. In this regard, an eCommerce order management software can help you efficiently. Several software such as eVanik OWS, can automate the entire order fulfillment process and help you make your customer happier than ever.

Dropshipping Concept of eCommerce, and How Does it Work!

Dropshipping Concept of eCommerce, and How Does it Work!

In the eCommerce industry, there are various aspects of establishing your business robustly. Order fulfillment is one of the most essential aspects of establishing a rewarding eCommerce business. Hence, you need to emphasize more on this factor. In this particular blog, we will talk about dropshipping. It’s a unique way to run an online business that can help you get started with less investment and implement hassle-free order fulfillment.

If we talk about it more precisely, dropshipping can let you skip the heavy inventory requirements of running an online store, and instead, it lets you outsource inventory management and order fulfillment to third-party suppliers or manufacturers.

To fulfill the orders of your valuable customers, you can use drop shipping if you are an individual seller. It is one of the most popular concepts for initiating the shipping process in eCommerce. If you have started your business initially, you can apply this concept in terms of fulfilling the orders of your customers. The following points can help you understand dropshipping and how it works. 

Definition of Dropshipping for Online Sellers!

For the eCommerce industry dropshipping is one of the most trending and popular shipping concepts sellers use to fulfill their customers’ orders. You can say that it is the procedure of the order fulfillment method where eCommerce sellers can outsource procuring, storing, and delivering products that their customers ordered.

Once a customer places an order you need to simply forward that order to the manufacturing unit as an eCommerce seller. Once you place the order, it becomes the responsibility of third parties to manage the product and prepare it for delivery. You can take advantage of drop shipping if you do not want to invest much in your online business. 

While implementing dropshipping into your business, you need to buy products from any third-party vendors and they will directly ship them to the customers’ addresses. Dropshipping doesn’t require inventory management because you do not need to buy products in bulk.

It may be a new concept in India, but foreign countries such as Canada, Australia, and California have been using this for a long time. You can go for this if you are new to this business and do not want to take any risk of failure.

Apart from this, if you want to make it a successful affair, you can take the help of an order management system for eCommerce, such as eVanik OWS. It can help you in many ways to establish your online business effectively by automating your back-office operations.

How Does Dropshipping Concept Work for eCommerce Businesses?

There are three significant aspects of dropshipping concept: order placement, order confirmation, and delivery. Let’s find out the details of this spectacular eCommerce business model.

Order Placement

This process begins when a customer orders through any eCommerce platform. For example, suppose a customer orders a handbag from any eCommerce marketplace such as Amazon, Myntra, Flipkart, etc. First of all, you have to ensure the availability of the product listed on the platform. Once the order gets placed, you need to forward the order request to the manufacturer or supplier who has stored the products.

 

Order Confirmation

In this process, once the order gets finalized and purchased by the customer, you need to send a confirmation email to the customer’s email id. This should include the shipping and tracking details of the order. On the other hand, you also have to inform the manufacturer about the ordered product. However, it seems like a regular order process. Still, the only difference is that sellers work as a bridge between the customer and the manufacturer in the dropshipping concept. 

Order Delivery

The delivery process in dropshipping is relatively easy as well. The entire process of delivery is just like standard shipping. The order gets packed from the warehouse of the manufacturers after the order confirmation is received from the seller’s end and delivered to the customer.

One thing as a seller you need to take care of in this whole process is ensuring the order is delivered to your customers on time. Delay delivery can ruin your image at the marketplaces and disappoint your customers as well. 

Best Ways to Select Products for Dropshipping

If you are going to implicate dropshipping in the online business, you need to make sure that you have chosen a beneficial product to sell. However, with the constant study of market trends and customers’ demand, you can make a strategy or plan to finalize a product category you want to sell on marketplaces.

Here we have mentioned some of the magnificent steps to help you select dropshipping products to sell on multiple eComm platforms. 

  • Make a list of Best Selling Product 

First of all, you need to understand that if you are an individual seller and handle your business individually through the dropshipping concept, you need to select a product to sell that can provide you with a good outcome. For that, you need to analyze several marketplaces, observe the latest trend, and make a list of their top-selling products. It will help you to identify what products you should sell or not. 

  • Get the Product Selling Ideas From Social Media

To get on board and select what product you should sell that can help you generate decent revenue, you can take the help of social media websites as well. You can check out the shopping pages on Facebook and Instagram and analyze their top-selling products. Social media can also help you understand customer behavior toward specific products. Based on that, you can choose a top-selling product and sell it on various eCommerce platforms. 

  • Examine the Local Market

The beauty of the Indian eCommerce market is that you already have immense opportunities to sell various products from diversified traditions and heritage. You can see Indian culture in several products sold in the markets. Local markets of each city and district offer a range of handmade products. These products even get supplied to foreign countries; you can study those products and decide to sell those on marketplaces. 

Pros and Cons of Dropshipping

Pros

  • The most tenacious pros of dropshipping are it doesn’t require a massive investment. This business model is budget-friendly, and anyone can get aboard initially at multiple eCommerce channels. 
  • It is an effortless eCommerce business model that helps in establishing your online store in the first place. It minimizes the risk of failure by providing you with real-time order fulfillment updates.
  • Dropshipping eradicates the requirement of managing inventories. Eventually, it diminishes the chance of money loss and can add more value to your business. 
  • This eCommerce model is location friendly; you don’t require to be present at any specific location. You can simply run your business from anywhere just by keeping in touch with manufacturers and customers. 

Cons

  • Though the dropshipping concept doesn’t require a hefty investment, the return on investment rate is comparatively less. The process of revenue generation can be slower for dropshippers. 
  • You can not be able to customize the products as per the requirement of your customers. It can dissatisfy your customers, and you may lose your grip on your customer base. 
  • In the dropshipping model, you won’t be able to keep a check on inventories that change every day. It can keep you in denial, and sometimes your customers may face a stock-out situation. 
  • You may face the shipping complexities of working with multiple manufacturers and distributors. In this situation, you can get blamed for their faults if the order doesn’t get delivered to your customers on the promised time. 

Conclusion 

Thus, now you get to understand what dropshipping is and how it works. You can become a successful online seller by adopting the drop shipping concept. Once you finalize what product you want to sell, you have to look out for the manufacturers or distributors who can dropship the products on your behalf. It will help if you reach out to the manufacturers to look at those products.

A short supply chain is always a better option to make most of the eCommerce business. It also has its advantages and disadvantages, but the point is who doesn’t have it. Risks are always there, but you must identify them and eliminate them wisely. However, to ease your hustle, you can take advantage of the software of online sellers such as eVanik OWS.