Boost Customer Loyalty: Promotions and Discounts for Your Retail Success
Coupons, discounts, and promotions are an essential way for attracting and retaining customers. But promo offers don’t have to part of your holiday campaigns only. Give your customers the benefit of saving money and getting their desired items on a favourable price all year long with a variety of offers and discounts.
With the advanced functionalities in modern retail ERP and point of sale (POS) systems, retailers can satisfy their customers by selecting special promotions to suit their needs best.
"More than three in four consumers say they are willing to wait for a deal before making a purchase, according to Juniper Research."
Source: LS Retail
Customers are much more likely to purchase a product if there is a promotion included or if you pay special attention to their preferences and send them personal discount codes. How can you establish a successful promotion strategy so that you retain your customers, increase sales, and raise your brand awareness? Invest in a retail management system like LS Central that allows you to accomplish these goals seamlessly. With its flexibility, diverse built-in functionalities, visibility over actionable insights and integrated POS system, LS Central gives you a broad range of options for enhancing customer retention and loyalty.
And who doesn’t love discounts and promo campaigns? We can all agree that we are way more reluctant to make a purchase when there is a discount or sale offered to us. Here are some ideas for a successful promotion strategy that will ultimately lead to happy customers:
1. Flash sale promotions
Reduce the price of an item for a certain short period of time to create a sense of urgency. Flash sales stimulate customers to quickly make purchasing decisions and take advantage of the limited-time promotion. Flash sales are also an effective way to get the attention of new customers and in the long term, create effective strategies to retain them. With LS Central, it is easy to set up such discounts. The promotion can be a discount of the retail price or a fixed price. You just set the offer in the system, choose for which stores the promotion will apply, under what conditions and for what period. LS Central enables retailers to set various parameters and requirements to use this promo offer and run numerous promotions on different days. And what is of huge importance – LS Central lets you make all these settings in advance so that when the time for the promo offer comes, the system will automatically apply the reduced prices in accordance with what you have set.
2. Special discounts for loyal customers
Demonstrate your appreciation to customers who have consistently shown loyalty to your company. Loyalty programs are the ultimate way to retain customers by rewarding them with benefits and exclusive promo offers. With each purchase they make, they can gain loyal points that are later turned into promo codes, discounts, free item gifts, etc.
What is more, with a unified platform like LS Central, you can track buyers’ behaviour and shopping habits to offer discounts when certain criteria are met. For example, when a customer has gained a specific number of loyal points – let’s say 100 points – they reach the level of unlocking a 20% discount code for the newest collection. LS Central allows you to specify all these criteria: the number of points needed, the discount amount, the items the discount can be applied to - in this case only the items from the new clothing collection. You can create an unlimited number of discounts in LS Central, each with their separate criteria and requirements, different validations periods and retail categories.
3. Mix-and-match deals
Mix-and-match offers allow you to bundle products together with a special deal which is great for products that have limited selling period. In this way, customers buy more products and feel like they are getting what they want for an affordable price while you clear up items before their expiration date. The mix and match offers can be easily set up in LS Central – you choose which items you want to combine as a deal, for example “3 for the price of 2”, “Buy 1 and get 1 free”, “Buy 2 and get 10% off”, etc. The POS indicates when these items are bought together and automatically applies the discount. This is of huge convenience for employees as it eliminates the need for manual entry of this data each time.
4. Multibuy option of LS Central
Multibuys allow you to avoid deadstock by selling products in bulk on lower prices. Such volume discounts can help you sell more and reduce your inventory stock but also give your customers offers they benefit from. For example, when they buy three cans of tomatoes, the price for each can go down by €0.10, and so on… Just select the multibuy option in LS Central and apply the products for the automatic discount. You can also apply a variety of levels and discounts for each set quantity.
As your retail management system, LS Central enables you to set up diverse promotions, mix and match and multibuy offers, loyal members discounts. The all-in-one platform simplifies the process for users to set, modify, and execute diverse promotional campaigns, along with defining specific parameters for each. The flexibility LS Central provides gives you the freedom to try out different combinations for promotions and offers to see which ones will appeal to your customers the most.
Source: How to use promotions and discounts to achieve your retail sales goals (lsretail.com)
