When it comes to acquiring new subscribers, discounts are the most common, easiest way to lower the barrier for entry into a subscription. But have you considered them for increasing loyalty and retention?
You may be familiar with the ‘subscribe and save’ subscription model, which lets you offer standard products as subscriptions at a reduced price. This is a great way to lure customers to set up recurring subscriptions by saving them money on the products they know they always need. Here’s an example:
Vegamour offers a 15% discounted price on their best-selling Gro Hair Serum if customers subscribe. Now customers can receive the product they need every month at a discounted rate, without ever having to think about reordering.
While the ‘subscribe and save’ model is a convenient way to provide customers with a discount, there are many other ways you can customize and offer discounts. These discounts are in addition to ‘subscribe & save’ and play a role in increasing customer loyalty and building relationships with your customers.
Here are five ways Recharge merchants use discounts:
1. Event and seasonal discounts
While Black Friday and Cyber Monday are the biggest holidays in the ecommerce world (especially for the accountants) – there are many opportunities throughout the year to offer discounts. Take a look at the calendar and plan ahead for holidays, seasons and product launches you know will be big days or periods for your business. Consider pairing these events with a dollar amount discount code and encourage customers to save!
For example, if your company sells school supplies, you might consider offering a $15 discount code in August to help those back to school shoppers save while they stock up on your pens and pencils.
Remember, you can configure discounts on specific products or collections and set a start and end date for your discount code through Recharge.
2. First time shopper discounts
We’ve all been there… the big decision: to buy or not to buy. And then a discount code pops up on your screen for 10% off. From experience, you know a small incentive like this can be the deciding factor in making a purchase.
On Recharge you can limit the discount to just new subscribers to ensure this type of discount is only going to your first time buyers.
3. Free shipping
Offering free shipping is a great way to reward loyal customers. Make sure you remember, on Recharge the shipping discount code will always discount the entire shipping cost (i.e. Free Shipping). It cannot be applied to specific products or collections.
4. Volume discounts
Incentivize your customers to spend more with you by offering discounts that are based on volume. For example, you could offer 15% off all orders over $100. On Recharge, you can set minimum purchase requirements in your discount settings.
5. Customer specific discounts
Consider offering discounts for your customers on their birthday or anniversary of being a customer of yours. Be sure to restrict a discount code application to one time per customer email in your discount settings.
Are you ready to get started with discounts? Visit our step-by-step guide to setting up discounts on Recharge.