Running a promotion is more than reducing prices; it's an opportunity to build customer trust, drive profitable growth, and increase sales. IKEA is a great example of how to grow trust with every promotion.
Running a promotion is often misunderstood as merely reducing prices and trying to sell slow-moving inventory. However, this is a lazy way of running a promotion. In fact, you can even increase prices and still run a promotion. There's a lot more to running a promotion than just selling cheaply. A promotion is an opportunity to not only sell a product but also build customer trust driving long term profitable growth in a business.
IKEA is also using the sales copy to convey the reason why the price is reduced. It says, "We lower prices where we can." This is a great way to position IKEA as a brand that is always looking to do the best by its customers, which includes reducing their costs and passing the savings to their customers.
Instead of simply stating that they have discounted a product, IKEA is communicating their benevolence and integrity by implying that they are passing on cost benefits to their customers. They are also demonstrating competence by positioning themselves as capable of offering high-quality products at the best possible prices in the minds of their customers. Additionally, by saying "We lower prices where we can," they are conveying predictability and encouraging customers to anticipate price drops. This reframing of the product as the result of IKEA's brilliance in cost reduction, rather than as a slow-moving item, further reinforces their competence and predictability.
All of these measures help increase both conversions and customer lifetime value. They also provide IKEA with the pricing power to launch a product at a higher price and then reduce it if it does not sell well, preventing dead stock.
Its great to know about this amazing tactic by IKEA, but how can a Shopify store benefit from this ? Well, you can implement such high trust promotions on a Shopify Store in minutes using the Konigle Bulk Price Editor Tool. Here's how :
Link Instagram to Shopify with the Instagram sales channel in Shopify. Follow the easy steps to install and configure the app. Check the T&C and submit it for review to connect your Instagram account.read
Link Facebook to Shopify with the Sales Channel in Shopify. Log in to admin dashboard, go to Sales Channels, search for 'Facebook' in Shopify app store, install the app and follow the setup process.read
Use Konigle's Bulk Product Editor to quickly bulk edit tags to products, blog posts and other content on Shopify. Easily organize and categorize by assigning descriptive words or phrases to products, filtering and searching to make it easy for customers.read