What is discount pricing?ĭiscount pricing is a strategy of applying discounts via sales, coupons, codes, or bundles to products in order to increase sales. We’ve put together this guide to help you determine how to offer the right type of discount to the right customers at the right time, including top-performing discount strategies you can start using today.
But using the wrong type of discount can have adverse consequences, including lowered profits and a devalued brand The right type of discount can maximize sales, prevent shoppers from abandoning their carts, and entice first-time buyers to try a brand. Meanwhile, Shopify’s Future of Commerce report found that 52% of consumers are significantly influenced to hit Buy when they’re offered personalized discounts. According to one 2021 survey, 60% of US shoppers say that online discounts have become more important since the onset of the pandemic.
Receiving discounts releases oxytocin, in turn making shoppers happier-and less likely to abandon their carts.īy 2017, 97% percent of retailers cited discounting as their top pricing strategy, and within the last two years, shoppers’ expectations of receiving a discount has only increased. More than a century later, you can still see the psychology behind that very first discount at work online. Coca-Cola was the first brand to hook consumers with discounts when it released the very first coupon in 1887, redeemable for a free glass of Coke.
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