Discount based on store currency: How to create them effortlessly!

Introduction

Discounts are a powerful tool in the world of retail. They can attract customers, boost sales, and increase brand loyalty. However, creating discounts based on store currency is an often-overlooked strategy that can be highly effective, especially for businesses operating in multiple countries or regions. In this article, we will walk you through the process of creating discounts based on store currency, ensuring that you provide fair and enticing deals to your customers worldwide.

There are several reasons why you would want to give a discount based on store currency. Maybe you want to encourage the customers to purchase in your main currency so that you do not have to do any conversions. Maybe you have a limited currency band – that is, you do not have some currency options available to your shop e.g. you do not have EUR options but USD and CFA options.

You can encourage your customers to use the shop currency option you have enabled by offering incentives in the form of discounts for them when they make payments using your preferred currency.

Advantages of discount based on store currency

In today’s highly competitive retail landscape, businesses are constantly exploring innovative strategies to attract and retain customers. One such strategy gaining popularity is offering discounts based on store currency. This approach involves rewarding customers with special discounts or benefits when they use a store’s unique currency, often in the form of loyalty points or digital tokens. Below are some advantages of this approach and why it is becoming increasingly popular among both businesses and consumers.

1. Enhanced Customer Loyalty

Discounts based on store currency can significantly boost customer loyalty. When customers earn loyalty points or tokens for their purchases, they are more likely to return to the same store to redeem those rewards. This frequent engagement helps build a strong and lasting relationship between the customer and the brand, increasing the likelihood of repeat business.

2. Increased Customer Engagement

Discount on store currency can encourage customers to engage more actively with a business. Customers are motivated to participate in loyalty programs, make additional purchases, and interact with the brand through various channels to earn and redeem their rewards. This heightened engagement not only benefits the customer but also provides valuable data and feedback to the business for improving products and services.

3. Tailored Marketing and Personalization

Stores that implement discount based on store currency have the opportunity to gather data on customer preferences, buying habits, and shopping behaviors. This data can be used to create personalized offers and recommendations, making the shopping experience more relevant and enjoyable for the customer. Personalization can lead to higher conversion rates and increased sales.

4. Cost-Effective Marketing

Discount based on store currency can be a cost-effective marketing tool. Compared to traditional advertising and promotional campaigns, loyalty programs often have lower acquisition costs. Businesses can target their existing customer base, reducing the need for expensive acquisition efforts. Moreover, loyal customers tend to promote the brand through word-of-mouth, effectively becoming brand advocates.

5. Competitive Advantage

In a crowded marketplace, businesses need a competitive edge. Offering discounts based on store currency can set a business apart from its competitors. Customers are more likely to choose a store that provides them with tangible benefits through loyalty programs, rather than a store that does not offer such perks.

6. Better Inventory Management

Loyalty programs allow businesses to gain insights into which products are popular among their customer base. This information can help with inventory management and product assortment. Businesses can stock the items that are most likely to be purchased by loyal customers, reducing inventory costs and minimizing wastage.

7. Improved Cash Flow

Store currencies often come with an upfront investment by the customer, whether it’s in the form of prepaid cards, deposits, or initial purchases. This can provide a cash flow boost to the business, as the money is collected in advance and can be used for operational expenses or investments.

Using our Conditional Discounts for WooCommerce plugin in your WooCommerce shop can help you create a discount based on store currency easily and without stress.

Steps to set up the discount based on store currency

Sample discount to create: Give 25% discount to customers who order using the USD dollar currency, starting today and ending on Sunday.

1. Go to Discounts > New Discount.
   
2. Add the title “25 percentage for USD currency”.
3. In “Discount Settings”, add start date as today, add End date as Sunday date.
4. Leave Rules relationship as AND
5. Click the “Add Rule” button, and change the value in the first dropdown to “If Shop currency”.
   The other fields will change to fit the selected rule.
6. Leave the second field as IN, and change the last field to reflect the USD currency.
7. Set the ACTION to be “Percentage off product price”
8. Add the value “25” to the “Percentage/Fixed Amount” field.
9. Select the product list that will benefit from this discount. If you don’t know how to create a product list, read here.
10. Click the PUBLISH button.

Conclusion

Discounts based on store currency offer numerous advantages for businesses seeking to strengthen customer relationships, boost sales, and gain a competitive edge in the market.

By incentivizing customer loyalty and engagement, providing personalized experiences, and optimizing marketing efforts, businesses can create a win-win situation where customers benefit from discounts and rewards, and businesses benefit from increased sales and brand loyalty.

In an era of fierce competition, store currency-based discounts have emerged as a powerful tool for retailers looking to thrive in the digital age.

By understanding how these programs work and being mindful of their terms and conditions, consumers can make the most of discounts based on store currency and enhance their shopping experience. At the same time, retailers build strong, lasting relationships with their customers.

If you have any questions concerning the discount based on store currency strategy or setup, leave us a message via our chat box or in the comment section.