Most e-commerce business owners have one simple goal: to maximize sales and rake in as much profit as possible. Given the abundance of present opportunities in today’s digitally-driven business landscape, more sellers have been scrambling to grow their performance and scale their operations, especially when it comes to conversion rates.
As the average consumer continues to grow even more particular about convenience and increased standards for satisfaction, it’s becoming even more clear that landing a conversion is no easy task. Lazada sellers, in particular, have been experiencing greater levels of difficulty with landing conversions as the average number of competitors they have to go against continues to grow.
The challenge of landing conversions as a Lazada seller
With more than 300 million SKUs on Lazada alone, the products that a seller has will have at least a few dozen alternatives to go against. It’s an e-commerce feat that explains the difficulty sellers have on the platform. Given the fact that there is a wide range of options to choose from for any type of product, conversions have become much more elusive today.
Fortunately, what separates Lazada sellers that get conversions from the rest is the presence of a comprehensive strategy. One of the most effective solutions you might consider is much simpler than you might expect: vouchers.
The basics of vouchers on Lazada
To the uninitiated, handing out vouchers may seem like a significant decrease in potential realized profit. When this powerful tool is used correctly, however, it can draw any consumer’s attention towards a product, service, or business.
Modern consumers are always after-sales, promotional offers, or other reasons to buy a product that they want to try. With the use of a voucher, especially on a massive e-commerce platform like Lazada, any product will be able to gain a significant amount of attention over its alternatives without the need to spend a fortune on advertising or media buying. Aside from greatly benefiting buyers, Lazada vouchers have also been shown to be immensely beneficial for sellers because they give consumers even more reason to view their products in a more desirable light.
What can vouchers be used for on Lazada?
There are five core functions or purposes that Lazada sellers can tap into when using vouchers to increase their conversion rates. These are the following:
- Enhancing customer acquisition efforts
- Increasing levels of brand awareness through word-of-mouth (WOM) marketing and cross-promotional advertising efforts on various social media platforms
- Heightening levels of visibility through an appearance on Lazada’s vouchers page
- Encouraging basket building through the power of perceived value and price reductions
- Providing more reasons for customers to repurchase even after they’ve checked out
It’s clear that the power of vouchers can be game-changing. Unfortunately, many sellers don’t know how to use vouchers properly and end up missing out on their benefits.
A quick guide to creating Lazada vouchers that boost your conversions
It can be quite easy for your conversion-boosting efforts to go to waste if you don’t have the fundamentals down. If you want to give your Lazada store’s conversion rates a much-needed boost for the rest of 2020 and beyond, here’s a quick step-by-step guide to creating effective vouchers:
Step #1: Choose the type of voucher that you’d like to work with
Assuming that you’re taking the self-funded route, there are two types of vouchers that you can choose from, namely:
Collectible vouchers: The main premise of using collectible vouchers is that they’re convenient for buyers. Users can store them in their voucher wallets and use them when they’re ready. Instead of having to burden your customers with the need to remember voucher codes, they can simply pull out a collectible voucher code at the checkout page.
Voucher codes: If you’re looking to bump up the urgency to visit your online store and purchase from it, then it’s wise to go for voucher codes. Voucher codes are most effective when they’re presented as a limited time offer that will be sent via emails to customers. If they want to seize the opportunity to score a bargain, they’ll have to act fast!
Although voucher codes can be useful, Lazada experts nowadays suggest sticking to collectible vouchers because they can provide the same benefits of using voucher codes with an even more convenient experience. This is the type of voucher we’ll be focusing on in this guide.
Step #2: Create your voucher
When it comes to creating a voucher, Lazada has laid out a fairly simple framework that even the most inexperienced sellers can easily follow. Let’s look at the steps that you’ll need to undertake when creating collectible vouchers:
First off, you’ll need to make your way over to the promotion tab on the website and click the “seller voucher” option. Once you’ve found the seller voucher option and clicked it, you can now select one of three voucher options:
- Regular collectible vouchers: Collectible vouchers are a common type that will be shown on the product description page, voucher channel, and your own store.
- Store follower collectible vouchers: As opposed to the other types of vouchers, this voucher is much more applicable for gaining store followers since they convince users to follow your page.
- Offline collectible vouchers: This particular type of voucher can only be shared via chat or used offline, making them more applicable for vouchers that are intended to provide a refund or an apology.
Step #3: Choose your voucher setting
As soon as you’ve selected the type of collectible voucher that you’d like to use for your conversion farming efforts, you’ll need to lock in the type of voucher setting by choosing between the two provided options:
- Money value voucher: Instead of using percentages to determine the overall value saved, you can set a fixed amount to be reduced from any product that a consumer chooses (for example: $5, $10, and $20-off vouchers).
- Percentage value voucher: As opposed to the mechanics of a money value voucher, percentage value vouchers provide a certain control on your ROI for smaller-ticket items by calculating a deduction based on a provided percentage (for example: 15 or 30 percent off vouchers).
Step #4: Select where your voucher applies
Now that everything’s been laid out in terms of your voucher type, voucher option, and voucher setting, all you’ll need to do is determine whether or not the promotional material will apply to everything in your shop or only for certain SKUs.
With the use of a strategically created and promoted voucher, you can further improve the performance of your Lazada store by increasing its sales and overall conversion rates. If you’re a Lazada seller looking to gain even greater results from your store with the use of vouchers or any other strategy, get in touch with Split Dragon today!