Working with Discounts
on Magento
Well, you might have been trying targeted promotions, full page caching, and more, but these processes come as costly to get the increase the sales. Read here as we walk you through increasing the Average Order Value (AOV) by working with B2C marketing strategies and strategies about working with Buy X and Get Y discounts on Magento.
What Is Average Order Value?
Average Order Value, also known as Average Shopping Cart or Size is the average amount that each customer spends while making a purchase on your website. It is one of the efficient ways to increase the business because-
- It lets you increase the revenues from your current customer base instead of paying for additional traffic.
- AOV correlates with both your margin and profit. Your profit increases as the orders go up in number due to the decrease in shipping (free shipping), and other expenses.
But what ‘features’ in Magento helps you increase the Average Order Value?
Buy X and Get Y Free Discounts Approach
Giving “Buy X and Get Y” discounts approach is one of the best ways to increase the Average Order Values for the products that can be sold in high quantities. However, to implement this discount method, here are the Shopping Cart Rules that you need to follow:
- Browse through the Shopping Cart Price Rules in your Magento e-commerce store admin interface.
Source: Magenable
- Create the new rule in the Rule Information Tab, and from the actions tab, select Buy X and Get Y free from the list.
- Now, in Discount Amount, enter how many items you are giving for free.
- In the Discount Qty, add how many X items should be added to receive free Y item.
- In the Conditions tab, define the additional conditions, when the Buy X and Get Y rule will actually apply.
Source: Magenable
- Now, set the labels, and then save the rule.
Remember, when you apply this Buy X and Get Y free Magento, it may require a certain amount of time while it propagates in your store.
Type of Coupons Available In B2C Commerce
Although “Buy X and Get Y” discounts approach works best for increasing the Average Order Value, but here are some coupon codes that will help encourage repeat purchases.
- Refer and Earn Coupons: Encourage customers to refer friends and reward them with coupon codes.
- Coupons on First Purchase: Offer discounts to new customers on their first order.
- Give Them Percentage Off: Provide percentage discounts such as 10% off on next purchase.
- Coupons for a Day: Run daily deals for selected products.
- Use a Miss You Coupon: Send offers to inactive customers to bring them back.
Can B2B and B2C Adopt Marketing Strategies From Each Other?
Whether it is a B2B marketer or B2C, both are keeping pace with the customers and are trying to cater to the customer’s changing habits.
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Celeste Giampietro, VP of Marketing, PebblePost
B2C marketing strategies focus on emotional engagement with the audience, which B2B marketers can also adopt.
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Jon Carlson, Director of Marketing, ViralGains
B2B marketers can learn gamification and engagement strategies from B2C marketing.
Things to Consider While Integrating and Implementing B2C Strategies in E-Commerce
Marketing strategies aimed at increasing AOV can be complex. Here are three important considerations:
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Your Every Marketing Strategy Should Exhibit Brand’s Vision
Your strategy should clearly reflect your brand’s mission and values.
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Give The Marketing Tools To Your B2B Customers
Empower B2B partners with marketing tools to reach end customers effectively.
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You Must Have A Social Media Engagement Before You Launch A Marketing Strategy
Build strong social media engagement before executing campaigns.
Popular Promotion Activities by B2C Marketers
- Offer Free Shipping
- Give Quantity Discounts
- Apply BOGO offer
- Use Reminder Emails
- Add A Free Offer With Purchase
Role of i95Dev
i95Dev helps customize coupon strategies and promotional offers for Magento-based eCommerce stores.
Conclusion
Combine Buy X and Get Y promotions with other B2C marketing strategies to increase your Average Order Value.
