Online shoppers rely on discounts and coupons to save money. But these deals can be deceiving if you don’t do your research.
Often, retailers will change prices regularly to match demand.
Conduct a Price Comparison
When shoppers buy something online, they often compare total costs across multiple sites to find the best deal. Whether to ensure they’re getting the best price or to see if there are any hidden fees, customers will research their options before making a final decision.
That’s why retailers need to know how much their competitors are charging for similar products. Otherwise, they’re missing out on potential sales opportunities. To keep track of competitors’ prices, they can use competitor pricing tools like the ones provided by Pinterest.
These tools let you see what your rivals are selling for the same product, giving you an idea of the best price point to offer your customers. Additionally, it’s important to consider the shipping time and costs when comparing prices. Shoppers will likely buy from you if they feel your product is competitively priced and will arrive quickly. Keeping up with your competitors’ prices can help you maximize the profits of your eCommerce business. A recent study found that 82% of consumers are positively influenced by retailer price transparency.
Check for Coupon Codes
You should always check the coupon code box in your cart or during checkout when shopping for online products. It may be labeled as “promo code,” “discount code,” or “offer code.” Those boxes are a window of opportunity to save big bucks on your purchase.
Many online stores also offer a variety of coupons, including a Wayfair promo code, through their email and social media channels. These coupons can include discounts, free shipping, or other rewards. You can find the best coupons for your specific needs by scouring coupon websites and installing apps like Honey.
You can also find deals through sites that track prices and discounts for different retailers. These are helpful tools because online retailers change prices hourly to match demand. This makes it challenging to know if an item is a deal. With these sites, you can compare prices in real-time and see if another retailer offers better. This is a key step in avoiding fake deals.
Compare Shipping Costs
The cost of shipping can be a major deterrent for online shoppers. Users are more likely to hesitate when shipping costs constitute a larger percentage of the product price.
For this reason, it is important to include a detailed breakdown of your shipping costs at the point of purchase. This will allow the user to decide based on the total cost.
This can be accomplished through several ways, including offering free shipping (though this will eat into your profit margins) or requiring a minimum spend to qualify for a lower rate. Another option is to use dimensional weight pricing, which considers the actual package size rather than just the weight.
Many shipping carriers offer a calculator to plug in your specific information to see exact prices. You can also find calculators through shipping integrations on popular e-commerce platforms like Shopify.
Check for Return Policies
Most online shoppers will not buy an item if they have to pay return shipping costs, which can offset discounts. To avoid paying for return shipping, compare the total charges in various online stores before purchasing.
Providing a hassle-free returns policy is a critical component of your eCommerce business. Customers want to be able to change their minds without having to deal with a long email chain or a frustrating phone call. Penske found that companies that invest in improving their reverse logistics processes can see a 12% increase in customer satisfaction.
Be transparent about your eCommerce returns policy, noting any time limits and whether or not you’ll charge for return shipping. Customers also want to know if you’ll refund them as a credit or exchange and whether they can track their return status. If your eCommerce returns process is difficult or time-consuming, customers may lose faith in your brand and shop elsewhere. You can also improve your returns experience by allowing customers to return items in-store.
Check for Customer Reviews
Savvy shoppers have always looked for the best price, but nowadays, they also look at reviews. In fact, according to PowerReviews, over nine out of ten customers read customer reviews before buying a product.
Reviewers can tell buyers a lot about the products they recommend, including their fit, function, and quality. In addition, they can also provide social proof and convince on-the-fence buyers to make the purchase.
However, consumers must be aware of the fake reviews that sometimes pop up on online marketplaces. According to PCMag, you can use several tools—including third-party websites and browser extensions—to spot fake reviews.
One of the most important things businesses know is that their reputation is on the line with every review. If a review is erroneous or negative, customers expect to see a response from the business—and they want that response fast. It’s, therefore, imperative for companies to ensure they are constantly monitoring and updating their reviews. This will help them to avoid a reputation disaster.
