There are numerous ways to entice shoppers and nudge them to visit your e-commerce store and make purchases. It’s even better if they make multiple purchases. But there are many problems faced by e-commerce businesses. Majority of shoppers abandon their carts for a variety of different reasons, but the most common reason is pricing of a certain product.
Shoppers might love your products but the high price would hold them back from making purchases. Sure, many e-commerce stores offer coupon codes, incentives like free delivery, etc. but sometimes they are not enough to encourage shoppers. Hence, Price Drop Alert is a great tactic for these issues.
Price Drop Alerts are notifications sent to customers highlighting a certain drop in price of a specific product. The said product can be an item in their wish list or an item in their abandoned cart. The main motive of Price Drop Alerts is to encourage buyers to make purchases.
Allow us to show you the benefits of sending Price Drop Alert Notifications to your subscribers.
Increasing Customer Base
There are always shoppers who are new to your business and are hesitant to buy from you. You cannot always offer discounts because it might affect your success rate. That’s why you can try offering a Price Drop on certain products. The notification will entice shoppers and encourage them to sign up on your e-commerce website, resulting in you getting their contact information and generating more leads.
As a Cart Abandonment solution
Cart abandonment is one of the major problems faced by e-commerce stores. You can use the Price Drop strategy to convert Abandoned Carts into sales. For example, you can notify your customers by saying, “ABC product in your cart has dropped its price from $35 to $30 - Tap to buy now”. This will create an urgency amongst the buyers and will encourage them to complete their purchases.
Boosting New Arrivals
When New Arrivals hit the shelf, every shopper rushes to explore them. However, some shoppers might be hesitant to try your new products. To nudge them into making purchases of new arrivals, you can drop the price of products for a certain amount of time. It’ll create a great psychological technique. For example, hesitant customers would buy new products if the price is low so that they'll lose a small amount of money even if they don’t like them. And if they like new products, they’ll definitely buy them without the price drop alert, ensuring a long-lasting relationship with your store.
Re-engagement of Customers
Buyers would mostly re-visit your website if they see a Price Drop Alert notification from you. You could collect more data and analytics when they visit your website again and explore. You can also turn them to potential customers using Price Drop Alert tactic.
How to set a Price Drop Alert campaign
Before you start sending Price Drop Alert notifications to your subscribers, make sure you have everything planned beforehand and are aware of the outcome as well as the success rate.
Prices are one of the most important factors determining your brand image, amount of sales and your success rate. If your prices are too high, fewer shoppers will buy from your store, if your prices are too low, shoppers would hesitate to buy from your shop. Therefore, you must select an ideal pricing for your product and give shoppers an adequate amount of price drop on products.
Decide the time period of your campaign. You cannot go offering Price Drop on products all the time, it will affect your success rate and sales. Therefore, decide the ideal amount of time you’ll be offering this. You can offer Price Drop on different products for a specific time. For example, Product A might have a price drop for 2 hours while Product B will have a price drop for 6 hours. It must depend on the product's availability as well as its popularity.
Last but not least, you need to choose an ideal platform to start your Price Drop Alert campaign. Your notifications should reach the maximum target audience and should entice them enough to check your e-commerce website.
Hence, WhatsApp might be the best platform for your business as a marketing tool. Being the most popular messaging app, WhatsApp allows users to send unlimited messages with various multimedia sharing. With the official WhatsApp Business API, you can create WhatsApp Templates and send Price Drop Alerts to your subscribers.
Sending Price Drop Alerts through WhatsApp
Allow us to guide you on how you can convert conversations to sales using WhatsApp for Price Drop Alert campaign.
On Favourite Products
Since you must have data of your customers, offer a price drop on their favourite products/ recently viewed products to encourage them to buy them.
Let your customers know exactly how much discount they are getting on certain products. Send them alert messages with clear images and enticing WhatsApp Message to urge them to make purchases.
It might have happened that a shopper liked your product but did not buy it due to its price. Hence, offer a price drop on their liked products to make sure they make purchases. Doing this will increase your customer base.
Major reason shoppers abandon their cart is because of price. They sometimes add products to their cart and do not proceed with the checkout process because they hope for a price drop. Therefore, you can offer a Price Drop on certain products to recover Abandoned Carts.
Shoppers tend to wish list their favourite products to buy them later when they are at low prices. You can use this to your advantage and offer a little price drop on the products of a customer’s wish list.
Launching Fresh New Products in the market might attract more customers, but they will still hesitate to buy new products because they won’t be familiar with it and would want to find a perfect match for themselves. Hence, to give the new launch a little boost, offer Price Drop for a limited time to create a FOMO (Fear Of Missing Out).
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Q1. What happens if the price reduces after I buy?
Ans: As long as your purchase was made within a certain period of time, which is frequently 14 days, the shop will frequently reimburse the difference between what you paid and the sale price. You can be given store credit if they are unable or unwilling to refund you in your original payment method.
Q2. Price Alert: What is it?
Ans: Price notifications act as prompts from an investor for a certain price tick.
Q3. How do you find the lowest price on an item?
Ans: 8 Ways to Get the Absolute Best Price Online1. Use price-tracking apps.2. Use price-tracking sites.3. Comparison shop.4. If you see a product's price drop after purchase, take a screenshot.5. Clear your cookies before shopping.6. Try the abandoned cart strategy.7. Check your site's settings.8. Check all options on a retailer's site.
Check out our readymade Price Drop Alert WhatsApp Chat Templates.