{"id":4955,"date":"2021-12-03T17:34:06","date_gmt":"2021-12-03T11:49:06","guid":{"rendered":"https:\/\/brandlock.io\/blog\/\/"},"modified":"2022-02-15T16:56:51","modified_gmt":"2022-02-15T11:11:51","slug":"customer-psychology-in-ecommerce-discounts","status":"publish","type":"post","link":"https:\/\/brandlock.io\/staging\/blog\/customer-psychology-in-ecommerce-discounts\/","title":{"rendered":"Customer Psychology in Ecommerce: Discounts"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Understanding <\/span><span style=\"font-weight: 400;\">customer psychology<\/span><span style=\"font-weight: 400;\"> is one of the key aspects for the success of any business. Tapping into the <\/span><span style=\"font-weight: 400;\">customer behavior<\/span><span style=\"font-weight: 400;\"> helps eCommerce merchants to convert more visitors into consumers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Online shopping swiftly increased in early 2020 and <\/span><a href=\"https:\/\/www.mckinsey.com\/business-functions\/marketing-and-sales\/our-insights\/the-great-consumer-shift-ten-charts-that-show-how-us-shopping-behavior-is-changing\"><span style=\"font-weight: 400;\">changed buying habits.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">~15-30% growth in customers who purchase online\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">79% of customers that have tried a different retailer\/store\/website intends to continue trying new options<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">30% of customers tried a new brand because of better value including better prices\/promotions\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gen Z and high earners are most prone to switching brands<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Consumers are switching brands at unprecedented rates in response to economic pressures, changing priorities, and seem to be more value-driven.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consumers are primarily concerned with getting their money\u2019s worth and selecting brands based on better prices and promotions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For eCommerce marketers, this highlights the need to adjust pricing and promotion tactics to adapt to shoppers changing behavior.\u00a0<\/span><\/p>\n<h2>Why are Discounts So Appealing?<\/h2>\n<p><span style=\"font-weight: 400;\">The importance of online shopping discounts has increased in the past couple of years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A survey conducted by Statista found that 60 percent of online shoppers in the United States stated that getting a discount while making online purchases is more important today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The majority of Americans tend to identify as \u201cdeal seekers\u201d; the price point is usually the most important purchase consideration followed by free shipping.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly all brands today use a <\/span><span style=\"font-weight: 400;\">discount strategy<\/span><span style=\"font-weight: 400;\"> to drive more traffic and sales. Using psychology-backed discounts and pricing tactics to fine-tune their approach will earn more sales, customer loyalty and control their margins.<\/span><\/p>\n<h2>The Psychology of Discounts<\/h2>\n<p><span style=\"font-weight: 400;\">The first-ever coupon was introduced to customers created by Coca-Cola in 1887. It was redeemable for a free sample of the year-old drink, which was sold for 5 cents.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Discounts inadvertently force customers to pay attention to what you are selling. It helps create value by filling the gap between the customer\u2019s perceived value of a product and your cost to provide it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to more sales, discounting also helps retailers to discourage their customers from <\/span><a href=\"https:\/\/brandlock.io\/staging\/blog\/three-key-and-effective-ways-to-reduce-shopping-cart-abandonment\/\"><span style=\"font-weight: 400;\">abandoning shopping carts.<\/span><\/a><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-large wp-image-4957\" src=\"https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/pexels-ann-h-3482442-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/pexels-ann-h-3482442-1024x683.jpg 1024w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/pexels-ann-h-3482442-300x200.jpg 300w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/pexels-ann-h-3482442-768x512.jpg 768w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/pexels-ann-h-3482442-1536x1024.jpg 1536w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/pexels-ann-h-3482442-2048x1365.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2>How Discounting Strategies Affect Consumer Behavior?<\/h2>\n<p><span style=\"font-weight: 400;\">Discounts are only a part of the purchase and other factors such as cost of goods sold, competitor prices, supply, and demand influence the purchase decision. But marketers can leverage different types of discounts to improve customer conversion.<\/span><\/p>\n<ul>\n<li>\n<h3>Flash sales<\/h3>\n<p>This tactic offers discounts or promotions for a limited time. It is based on shoppers\u2019 fear of missing out (FOMO) and creates a sense of urgency. This approach helps drive impulse buying.<\/p>\n<p>Deep-discount sales for a short duration are effective for driving more traffic, conversion rates, and revenue for achieving your short-term goals.<\/li>\n<li>\n<h3>Buy One, Get One (BOGO)<\/h3>\n<p>Behavioral economist Dan Ariely wrote about a study in his book, Predictably Irrational, about the irrational money decisions people make.<\/p>\n<p>In this study, People were offered two options &#8211; One was a $10 Amazon gift certificate for free, the other was a $20 gift card available for $7. More people chose the free $10 gift card even though the other option provided more value.<\/p>\n<p>BOGO promotions operate on the same premise and brands can use them creatively to offer multiple incentives. You can try Buy X and get Y quantity (Buy 2 get 1 at 50% or Buy 3 get 1 free).<\/p>\n<p>Test and track the performance of the different types of BOGO-related discount codes and repeat the most successful ones.<\/li>\n<li>\n<h3>First-time customer discounts<\/h3>\n<p>What can be a better way to make a better first impression than discount promotion?<\/p>\n<p>By offering new shoppers discounts, brands can make their potential customers stay on the website longer and increase the chances of conversion.<\/li>\n<li>\n<h3>Tiered discounts<\/h3>\n<p>This is a discount model in which products or services are sold within a particular price range. By reaching certain tiers, buyers get a different price. This option works well on big spenders and can improve the customer lifetime value.<\/p>\n<p>Tiered discounts can also be used along with first-time customer discounts. For example, first-time customers get a discount on their first purchase, but only if they spend $100 more.<\/p>\n<p>Another approach is to automatically offer a gift at the checkout upon meeting a certain spending threshold.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Discounts allow your brand to add a layer of excitement and urgency that encourages customers to take action favorably.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-large wp-image-4958\" src=\"https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/artem-beliaikin-kTd2PvtqE_o-unsplash-1024x683.jpg\" alt=\"person holding red and white discount label on clothes hangar in a retail store\" width=\"1024\" height=\"683\" srcset=\"https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/artem-beliaikin-kTd2PvtqE_o-unsplash-1024x683.jpg 1024w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/artem-beliaikin-kTd2PvtqE_o-unsplash-300x200.jpg 300w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/artem-beliaikin-kTd2PvtqE_o-unsplash-768x512.jpg 768w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/artem-beliaikin-kTd2PvtqE_o-unsplash-1536x1024.jpg 1536w, https:\/\/brandlock.io\/staging\/wp-content\/uploads\/2021\/12\/artem-beliaikin-kTd2PvtqE_o-unsplash-2048x1365.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2>The Dark Side of Discounting<\/h2>\n<p><span style=\"font-weight: 400;\">Ecommerce merchants know that discount pricing is a useful way for acquiring new customers, earning repeat customers, and increasing customer engagement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While discounts have the potential to motivate shoppers to buy, mishandling discounts or downplaying the disadvantages of discounts can be detrimental to the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Disadvantages of excessively discounting includes:<\/span><\/p>\n<ul>\n<li><strong>Dilutes brand perception:<\/strong> Offering discounts regularly can lower the brand\u2019s reputation. Customers start associating discounts with lower quality and reliability of products.Repetitive discounts can lead your customers to believe that the regular prices are inflated in comparison to the discounts offered.<\/li>\n<li><strong>Excessive discounts reduce profitability:<\/strong> By implementing open-ended discount pricing to increase sales, you may undercut your margins and condition your shoppers to wait for discounts<\/li>\n<li><strong>Codes can\u2019t be controlled:<\/strong> Although online retailers can choose to offer discount codes on select products for a set period, its distribution can\u2019t always be controlled.Coupon and cashback extensions are popular among shoppers to get the best discount code. The problem is these extensions scrape the codes from websites and make them available to users, whether they have earned them or not.This uncontrolled and unauthorized usage eats into the company\u2019s revenue and reduces profit margins.<\/li>\n<\/ul>\n<h2>Use 1:1 Real-time Messaging to Combat the Dark Side<\/h2>\n<p><span style=\"font-weight: 400;\">The best way to apply <\/span><span style=\"font-weight: 400;\">discounting strategy<\/span><span style=\"font-weight: 400;\"> is to understand<\/span><span style=\"font-weight: 400;\"> shopper behavior<\/span><span style=\"font-weight: 400;\"> in real-time and offer 1:1 messaging. By offering the right discount at the right time increases the chances of conversions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, 1:1 real-time messaging can motivate shoppers who plan to abandon their shopping carts and sway back to complete the purchase before they leave your website.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is an optimal window when customers are more receptive to messages before they leave your website.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By understanding <\/span><span style=\"font-weight: 400;\">shopper behavior<\/span><span style=\"font-weight: 400;\"> and offering 1:1 messaging in real-time, online merchants can increase the probability of converting shoppers into buyers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BrandLock\u2019s <\/span><a href=\"https:\/\/brandlock.io\/staging\/engage\"><span style=\"font-weight: 400;\">1:1 messaging solution<\/span><\/a><span style=\"font-weight: 400;\"> identifies opportunities for conversions and matches the optimum message with the shoppers leading to more conversions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our partner, <\/span><a href=\"https:\/\/brandlock.io\/staging\/case-studies\/fila\/\"><span style=\"font-weight: 400;\">FILA<\/span><\/a><span style=\"font-weight: 400;\">, saw significant gains within weeks of implementing our solution.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The solution helps brands control the discount needed to drive conversions and prevents over usage caused by coupon extensions and other bad actors.<\/span><\/p>\n<h2>Conclusion<\/h2>\n<p><span style=\"font-weight: 400;\">Discounting strategies<\/span><span style=\"font-weight: 400;\"> are essential to compete with rival stores and manage customer expectations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By understanding <\/span><span style=\"font-weight: 400;\">customer behavior <\/span><span style=\"font-weight: 400;\">to decide which discounts work best for you, BrandLock\u2019s 1:1 real-time messaging solution ensures you get more revenue from existing traffic and protect your margins.<\/span><\/p>\n\n    <div class=\"xs_social_share_widget xs_share_url after_content \t\tmain_content  wslu-style-1 wslu-share-box-shaped wslu-fill-colored wslu-none wslu-share-horizontal wslu-theme-font-no wslu-main_content\">\n\n\t\t\n        <ul>\n\t\t\t        <\/ul>\n    <\/div> \n","protected":false},"excerpt":{"rendered":"<p>Understanding customer psychology is one of the key aspects for the success of any business. Tapping into the customer behavior helps eCommerce merchants to convert more visitors into consumers. Online shopping swiftly increased in early 2020 and changed buying habits.\u00a0 ~15-30% growth in customers who purchase online\u00a0 79% of customers<\/p>\n","protected":false},"author":7,"featured_media":4956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-4955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ecommerce"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Customer Psychology in Ecommerce: Discounts - Brandlock<\/title>\n<meta name=\"description\" content=\"The importance of online discounts has increased in the recent past. 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