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Types of Discount
2873 Views April 04, 2021
1) Bundle Product Discount
A bundled product is a package of two or more stand-alone products sold together at a discounted price. In most cases, these products are complementary units sold together to increase consumer interest and sales.
I) Instead of buying just one pencil during a single purchase, Your customer can be given an option to buy a pencil, eraser, and sharpener as a bundle, making them purchase more than one product thereby increasing your average order value. Ans customer will save if we purchase these products together.
II) Instead of buying one Top, Your customer can be given an option to buy Top + Bottom + Shoose together and get a discount and maintains style.
III) Instead of buying just a Pot, Your customer can be given an option to buy a Pot + Plant + Table stand together which is commonly purchased by your customers.
2) Volume Discount
Volume discount refers to the usage of discounted prices to purchase a particular good in a large quantity at one go. When a customer purchases a product in multiple units or a large enough quantity at once, the seller rewards the buyer by selling at a reduced price for goods purchased.
I) For a bulk purchase of Product X, a 5% discount is applied to the tier of 50-100 units. As the tier changes to 101-150 units sold, a larger discount is applied, say 10%.
II) For a bulk purchase of Product Y, $2 OFF on 50-100 units. If you purchase more like 101-150 units, $5 OFF on your product Y.
3) Wholesale/General Discount
Wholesaling is the act of buying goods in bulk from a manufacturer at a discounted price and selling to a retailer for a higher price, for them to repackage and in turn resell in smaller quantities at an even higher price to consumers. It’s a B2B business strategy where businesses will buy some goods from the manufacturer at a lower price and sell the goods to the retailer at a high price.
1) T-shirt’s normal price is $10. The wholesaler can buy it at $8 cost but the minimum quantity will be 50.
2) As a normal customer, You can purchase a plastic pot at a $20 price. But if you are a wholesaler you can purchase it at $15 with a minimum quantity of 100.
4) BOGO Discount
One of the biggest marketing ideas in recent years has been the concept of Buy One Get One. This can come in a variety of offers from buying one get one free to buy one get one 50% off. But no matter the variety, they all do one thing very well—they drive sales.
1) Vanilla cake price is $15 and Baked Flourless Cake is $25. In BOGO discount if a user purchases both the cake together then the user has to pay only $25(Maximum price from both these products) and Vanilla cake(Another product) is totally free for him/her.
2) The jean’s price is $20. Customers can purchase two pairs of jeans at the same price of $20. One pair of jeans is totally free in cost of the product price.
5) Cart conditional Discount
Apply direct discount on cart total if selected products or Collections are in/out of the cart. Merchants can set the discount with a fixed price OFF or % OFF based on the product in the cart or not in the cart. A general discount is applied on the cart subtotal based on condition.
1) $2 OFF on cart if X product is in the cart.
2) 5% OFF on subtotal is Y collection product is in cart.
3) $30 off on cart subtotal if the X product is not in the cart.