Types of Promotion & Rewards Programs for Online Business | B2Sell

Types of Promotion & Rewards Programs you can use in your Online Business

The onset of the worldwide pandemic sent the eCommerce industry into a swirl. The industry has grown over fourfold in the last three years. This holds for high competition within eCommerce stores that have to compete with eCommerce giants like Amazon and Etsy. This is where the promotional and rewards programme has its ground.

Till recent times, promotions and rewards were done using promotional/ membership cards of different shops that add up points for each purchase and give out a lump sum offer once the points are accumulated to a limit. But having several membership cards started becoming a hassle. The same scheme was later even implemented into air miles which eventually allowed and attracted more people to frequently consider airway travel rather than hitting the road for short distance travelling (Well you might not opt to travel via road for far destinations unless you have immense time at your hands to do that, you are gonna use aeroplane). With the increasing competition, such loyalty programmes have been overlooked by various offers available online with special discounts and giveaways.

Before diving into understanding the types of Promotions and reward programmes you can implement in your business, let us look into why should you implement one for your own business. In simple terms, Customer Retention. Yes, you heard that right. Apart from the upside of attracting newer customers the major goal of such promotional and reward programmes is to retain customers while inviting them to buy more products. This scheme works under the simple concept that retaining current customers is way easier and economical than getting newer users.

Now let us dive into points that make a better customer loyalty programme.

• Prepare inviting content for both new customers and existing customers offering them long term advantages of buying from your online store. Some examples can be Free shipping on orders and priority delivery.
• Look into the trending rewards programs available on the eCommerce market that is suitable for your online store. This can range from providing free shipping of products, early access to discounted product offers on extended warranties or receiving cashback on each purchase. These are a few rewards activities that customers nowadays have an eye on.
• Just providing discounts does not mean you are upping your game. Along with the promotional activities, it is inevitable to improve the quality and value of the service or product that you are offering the customers.

  

• Offer reward programmes based on different tiers. The reward management program can organize the customers into different tiers based on their shopping habits allowing them special perks accustomed for each tier. This will not only attract newer customers but will also provide better engagement of customers (who would like to miss out on the points they have already achieved so far and enjoy and newer benefits on shopping again)
• Similar to the above-mentioned point, you can also channel your promotional activities into different parts of the eCommerce website. For example, you can offer customers who signup for your newsletter an extra discount on purchases. Similarly, adding referral programs that provide perks for both the existing customer and the newbie will also work as a game-changer for your business.
• Adding more spice to the game, why not provide merchandise that is branded, special coupons for each brand, or even autographed merchandise by celebrities and influencers (I enjoy getting books autographed by the author and hence always stay up to pre-ordering them online).
• Introducing occasional loyalty programs such as getting points or rewards by playing some games, spin wheels, scratch cards, etc all help in retaining more customers onboard.
• Above all, sharing a good rapport with the customers is the gateway to their hearts. Regular feedback, reviews and surveys help in recognizing areas of improvement for your business/ products or services thus creating a better relationship with the customers.

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