7 Popular Types of Promotions Available in The Indian Market
According to The Economic Times, expenditure on sales promotion by various marketing companies in India was Rs. 80,678 crore in 2019, and it’s estimated to grow at a robust pace in the coming years. In an attempt to boost sales, companies offer various promotions like price offs, extra products, discounts, coupons, and many more. Read on to know more about the different types of promotions available in the Indian market.
Price promotions are a major category of sales promotions where firms reduce the selling price of their product or service in an attempt to entice customers to buy. These types of promotions are very popular in India, especially at the end of season sale. For example, Amazon’s Fashion Wardrobe Sale, which takes place between 19th and 25th June every year, offers up to 80% off on fashion products + 10% extra off on SBI cards.
Festival season accounts for almost 70% of retail sales in the country. During this period, fashion products and electronic items are available at great prices on all the major ecommerce sites, and users also get an extra cashback of 10%.
A free offer is a free product or service that a company offers in order to get more business. Buying two units and getting one extra unit for free has always been a very popular promotion method for Indian marketers. Shoppers Stop in India often sell shirts under the banner “buy two get one free”. In case of oral care products, Colgate often offers 1 item free with the purchase of two products.
A flash sale is an offer that lasts for a limited period of time, and is a great way to create a sense of urgency for the customer to buy. Many ecommerce sites now adopt this strategy to sell more products and get rid of the surplus stock. Most successful flash sales don’t last very long and 50% of the purchase occurs during the first hour of the first sale. During the Big10 Flash Sale by Myntra, shoppers can get up to 85% discount on fashion products and electronic items.
Casino promotions in India
It seems that the ecommerce industry in India has taken some inspiration from the iGaming sector, which offers a variety of bonuses and promotions to attract players and provide a marvelous gaming experience. Among the most common types of online casino promotions is the welcome offer, where players get a bonus for registering a new account. Players can learn more about these casino promotions at Casino Bonus India, and there are various other online resources that can help you with the same.
A coupon is a promotional tool in the form of an electronic graph that can be redeemed for a discount when purchasing products. Coupons are generally issued by the manufacturers and may be distributed through direct email, social media or other marketing means. A coupon usually features a specific saving amount or other special offers to persuade consumers to purchase products. Today, there are various sites in India which offer coupons featuring best deals and discounts.
Manufacturers of consumer durables like refrigerators and stereos are often committed to buy back at a specific point in the future. This promotion strategy is based on the idea that consumers are likely to come back and purchase while the manufacturer’s product is still fresh in their mind. Nowadays many manufacturers also agree to buy back a particular product even of a competitor.
30% extra free, i.e., extra fill without any charge. This is very popular in India in the cosmetics segment, where consumers are often motivated through extra filling without any extra charge.