E-commerce portals are redefining the retail business like never before. Buy and sell online is always popular, Most people have successfully made the transition from buying things from physical stores to making purchases online. E-commerce portals have started springing up at astounding regularity, with each one offering something better than the other. It is a competitive market, and to make sure that your business stays at the front foot, creating a Daily Deal site is a good option. Daily Deals invoke immediate interest and make the products more attractive to customers, thereby increasing product penetration and sales revenue.
Why Daily Deals Are Attractive?
Daily Deals create what can be termed a unique scenario for both the businesses and customers. Businesses get to showcase one of their products for the length of a one-day, associate a great offer with it and put it in the spotlight. Customers get to buy a new product every day at offer price. This is a classic win-win situation for both parties, as customers get good value whenever the product they want or need is featured in a Daily Deal, and businesses can generate extra revenue through the sale of the products and also attract scores of new customers.
For your e-commerce business, therefore, the Daily Deals feature opens up an entirely new horizon in profitability and customer satisfaction. These are some benefits which you can reap by running a Daily Deals site.
Boost customer base – The most important business benefit that you can get from running a Daily Deal site is creating mileage and penetration when you’re starting off. E-commerce websites at the time of inception have to make a lot of ground to attract new customers, win their trust and build a reputation which facilitates conversion. It is a competitive market and customers will always have a lot of other options.
So, when you are starting out, running a Daily Deals site is the best way to instantly attract an attention and gather a starting pool of customers within a short span of time. Offering Daily Deals will ensure that at least a small number of curious people will check out your website to decide whether the deal is good. Even if a small percentage of these convert to actual sales, this leads to word of mouth promotion and starts of the reputation building process.
[dropcap]1[/dropcap]Build trust – The only way for people to understand and appreciate the quality of your products and services is when they actually try them. If a customer is looking for a particular product or service, and a new e-commerce business is offering that, there still is an element of doubt which the customer can rationally have, which can be the deciding factor about whether a purchase is going to be made or not.
However, if that same product or service is featured as a Daily Deal, the customer has a lot less to lose and is more compelled to try it out. This way you can gather your first customers who can vouch for the quality and reliability of your products and services. These are the customers who will keep returning to your website and bring more customers through their reviews.
[dropcap]2[/dropcap]Cost-effective – Inventory costs can reach great proportions if product turnover for a particular product suddenly slows down. If your business has a good quality product that has stopped selling for some reason, instead of spending a lot of revenue to keep it on hold in your inventory, you can save costs and make profit at the same time by putting the product on sale as a Daily Deal. It will increase your turnover and free up resources and inventory space for stocking new products.
[dropcap]3[/dropcap]Higher sales chancesof recommended products– Daily deals also allow you to sell other products by suggestion. Once a customer purchases a Daily Deal product and dissatisfied with it, your business can come up with a list of other recommended products for the customer which will receive much more consideration than usual.
[dropcap]4[/dropcap]Create loyalty – This unique proposition also helps foster enhanced sense of loyalty. A great way to build customer loyalty is to offer loyalty incentives in addition to Daily Deals for returning customers. If a customer, who has already purchased one of your Daily Deal products, comes back for another purchase, you can offer him extra discounts or other special offers to make sure that the customer stays loyal to your shopping portal.
[dropcap]5[/dropcap]Administer backend – Backend administration isn’t a walk in the park for many. It requires a lot of efforts and time. Unless you’ve sound techniques to control the front-end displays with backend functionality, you’ll be in trouble. So, buy admin-friendly script that offers feasible backend administration options.
[dropcap]6[/dropcap]Escalating sales with variety – Offer varieties of deals belonging to different categories to make your customer stay afloat. No one likes similar deals for a long time and adding a little bit of variety can really double your chances of winning customers and improving sales.
Editor note: Contributor Melvin Rajiv enjoys writing about technology topics for the web where he can share his knowledge and interest with others. Follow via Author: Melvin Rajiv on Google+, Twitter and Facebook. He has also started write for Deals Software