Ditch the discount codes. Drive profitable growth with CashBack.
Over the past few years, Black Friday and Cyber Monday trends have prominently shifted. Shoppers are swapping out lining up at big box stores on Thanksgiving night for logging online to score the best deals. A change in shopping habits requires a change in shopper experience, and brands have adjusted their strategies to accommodate the massive move to online shopping–however–there’s an overlooked strategy stuck in the past: discount codes. Let’s break down how the switch to sitewide CashBack will boost sales and retention this Cyber Week.
Sitewide CashBack is a promotion added to every shopper’s cart that visits your site. For a shopper to redeem this promotion, they simply enter your URL and the CashBack will be waiting in their cart.
Gain 30% in revenue
One of the worst parts about discount codes is you lose money from the jump–a shopper applies pre-purchase and reaps the benefits immediately. With CashBack shoppers see their CashBack eligibility throughout the purchase journey and may redeem it post-purchase in a method they choose: cash or store credit.
If savings is a large contributor for a shopper’s purchase, they’ll claim the CashBack offer. If they love the brand or are value oriented, they will redeem as a site credit (which is most often listed a greater amount than the cash redemption). However, if savings isn’t a detractor to purchase, the shopper won’t claim it–meaning more revenue for you. Between shoppers who simply do not redeem and those who redeem as site credit (which is reconversion to your store), CashBack deflects 52% of discounts compared to coupon codes.
Eliminate discount-related CS tickets
You know it. You hate it. The dreaded “I forgot to include my discount code” email. It eats up your CS team’s time–locating the order, refunding, responding. You know the drill. On such a high traffic day, you need your front line available. Sitewide CashBack instantly applies to the shopper’s cart, so you can kiss those tickets goodbye.
No codes to test and no coupon code leakage
It’s the biggest shopping weekend of the year. Opportunity is high, and margin for error is low. Eliminate friction by eliminating discount codes–it’s that simple. Sitewide CashBack provides a single source of truth, erasing the opportunity for a discount code mishap or leak to occur:
Save yourself time and the headache by taking a few short minutes to create your sitewide URL and you’ll be set for the big day.
Retain an additional 35% of customers for 2023
You’ve captured your shoppers’ attention with the flashy discount code…now what? It’s tough to bounce back when you’re coming off such a big sale. You’ve started a conditional relationship based solely on how much you’re willing to give away for free. Through the lens of shoppers, you’re only as good as your latest discount. Brands who switch to CashBack see 35% of shoppers who redeem the promotion select a gift card back to their store. As consumers are pinching pennies to recover from the buzz of the holiday season, you’ll be top of mind. Win customers early for 2023 by giving them a tangible reason to return.
Succulents Box, a direct to consumer plant brand has almost entirely ditched their discounts and switched to sitewide CashBack, reducing their discounts by 90%. Additionally, 65% of their shoppers who redeem their sitewide CashBack choose a gift card back to their store, resulting in higher retention rates and revenue for the brand. Founder and CEO, Duc Nguyen says that giving shoppers a choice in their CashBack incentive “has translated to more purchases, more engagement, and better margin across the board.” They’ve scaled CashBack onto other sites they own and run.
a. All Products: All products on your site are included in the promotion
b. Specific Products: The products you search and choose are included in the promotion
c. All but the following products: The products you search and choose are excluded from the promotion
A sitewide CashBack promotion means a low lift in marketing strategy for you. Since it’s applied automatically when the shopper visits your site, all you have to do is promote this offer in your current marketing strategy–whether it be emails, SMS, ads, or social media. We take care of the rest from there so you can focus on all of your other BFCM to-dos.
Interested in integrating CashBack into your BFCM strategy? Let’s chat.