If you run a wholesale business, you’re likely wondering how to encourage your customers to purchase more of your stuff. Well, we’ve got some great news for you: there are plenty of strategies you can use to incentivize increased sales. Today, we’ll discuss one of the most effective among them: the wholesale discount code.
Simply put, a wholesale discount code is a unique code that, when given to your retail customers, lets them buy products from your store at a reduced price. You can set this code up to apply to specific products or entire orders – the choice is yours.
Here’s the thing: discount coupons are extremely effective in motivating people to buy more products. And when offered on top of wholesale pricing, they can convince customers to make additional purchases, allowing you to enjoy a boost in profits.
So, how do you implement a wholesale discount code? Keep reading to find out!
The Value Of A Wholesale Discount Code To Your Business
Before we show you how to give your customers a wholesale discount code, let’s explore some of the ways this type of special offer can help your business.
1. It can boost sales
According to statistics, 35% of shoppers are more likely to purchase new products if there are coupons or discounts involved. Similarly, 88% of a 2020 survey’s respondents took advantage of coupons when purchasing products.
Why discounts are so effective at boosting sales has psychological roots. For one thing, they trigger the Fear of Missing Out (FOMO), especially if the discount is only available for a limited time.
In short, offering retailers and outlets discounts can give them the motivation they need to place larger orders. Moreover, it can even incentivize repeat purchases. After all, when your customers know that they can always enjoy a discount on their orders, they’re more likely to continue buying from you.
As a result, your sales volume can grow exponentially, resulting in increased revenue.
For example, let’s say you set a minimum order quantity of 15 caps before customers can avail of wholesale pricing. If you offer a wholesale discount code to every customer who orders an additional 5 caps (for a total of 20 caps), you encourage them to make those extra orders.
2. It can create brand loyalty
Rewarding a customer with a wholesale discount code can boost their loyalty toward you.
After all, giving an exclusive discount to a retailer or outlet shows them that you value their business and that you’re willing to invest in the relationship. And as a customer’s attitude toward you grows increasingly positive, the greater the likelihood that they’ll want to continue working with you.
For example, let’s say a customer has been doing business with you for two years. You could send them a special wholesale discount code celebrating the second anniversary of your working relationship. This way, you not only provide them with a gift of lowered prices but also prove to them that they’re important to you. This makes said customer happy, and as we all know, a happy customer is a loyal one.
3. It can attract new customers and retain existing ones
As discussed above, discounts can convince people to buy your products and also make them happy. The more they do business with you and the happier they are, the more likely they’ll talk positively about you with others.
This word-of-mouth advertising is an inexpensive yet effective way to spread awareness about your brand. As a result, more and more retailers and outlets will become interested in doing business with you, including those who might not have considered working with you otherwise.
In addition, discounts can help you retain your existing customers. For example, if a customer knows that you give away an annual wholesale discount code to every patron, you incentivize them to stay loyal to your store. This not only ensures that you have a steady source of income but also discourages clients from leaving you to work with your competitors.
How To Implement A Wholesale Discount Code (In 5 Simple Steps)
Creating and giving away a wholesale discount code is a cinch. All you need is the WooCommerce e-commerce platform, a versatile WooCommerce extension known as Advanced Coupons Premium, and its equally powerful sister extension, Wholesale Prices Premium.
For this tutorial, we’re going to assume you’ve already installed and activated WooCommerce, Advanced Coupons Premium, and Wholesale Prices Premium.
We’re also going to assume you already know how to use Wholesale Prices to create user roles. If not, please check out the following articles:
With that in mind, let’s get started!
Step 1: Enable coupon codes
Your wholesale discount code will be useless if you don’t give your store the capacity to give away coupons.
Therefore, your first order of business is to go to your WordPress dashboard and head to WooCommerce > Settings > General. Then, scroll down to the Enable coupons options and click its first checkbox as shown below.
You’re now ready to create a wholesale discount code!
Step 2: Create a coupon
In your WordPress dashboard, navigate to Coupons > Add New. This creates a coupon for you.
Advanced Coupons offers you plenty of ways to create any type of coupon you wish. All you need to do is modify the settings in the Coupon data box.
For example, in the General tab, you can pick the type of discount you want your customers to enjoy, including a fixed discount, a percentage discount, or a Buy X Get X (BOGO) Deal. You can also determine the discount amount. In the above image, the coupon awards its users a 20% discount.
On the other hand, the Usage Limits tab allows you to set limits to each customer’s use of coupons. For instance, you can create a coupon that a customer can use every month.
Thus, if you want to give customers a yearly reward for patronizing your store, you can set the Reset usage count option to “every year.”
The Role Restrictions tab is particularly important to wholesalers, as it lets you choose which types of customers will receive your coupons. For example, if you want to give your wholesale discount code to wholesale customers only, select Wholesale Customer in the User Roles drop-down menu as illustrated below.
Step 3: Set the required order quantity
Now, it’s time to set coupon rules that will task a customer with buying a specific number of items before they can receive your wholesale discount code.
Head to the Cart Conditions box, which is usually below the Coupon data box. Then, in the If box, click the drop-down menu, select Product Quantities Exist In Cart, and click the Add button.
Next, click Add Product. Under Product, enter the item that you wish to apply the wholesale discount code to, and select the Condition “MORE THAN.” Then, set the Quantity to the number of products that you want your customer to purchase before they can avail of the coupon code. Lastly, click the Add button to the right.
In the example above, a customer has to purchase 20 caps to receive a wholesale discount code.
Step 4: Create or generate a coupon code
This fourth step doesn’t have to be your final step; in fact, it can be the very first thing you do after going to Coupons > Add New.
At the top of the page, typically above the Coupon data box, is a coupon code entry field, as you can see in the following image:
In this field, you can type the wholesale discount code that customers will use to take advantage of reduced prices. We gave ours the wholesale discount code “BESTCOUPONEVAH23,” as you can see above.
If you’re having trouble coming up with your own code, you can always click the Generate coupon code button and have the system create a random code for you. However, we recommend creating your own unique code. Make sure it’s catchy, comprehensible, and relevant to the type of products you’re applying the discount.
For example, if you’re discounting school supplies, your coupon code could be “BACK2SCHOOL” or “SCHOOLPACK.”
For more coupon code ideas, check out our article “49 Creative & Clever Coupon Code Names That Will Make Your Customers Smile.”
Step 5: Publish your code
Finally, once you’ve picked a great code for your discount, go to the Publish box and click the Publish button to activate the coupon.
And you’re all done!
For more information on coupon codes, we highly recommend reading the following guides:
- A Complete Guide To WooCommerce Coupon Code Creation
- A Complete Guide To Discount Rules For WooCommerce (Updated 2023)
- WooCommerce Coupon Management
Offering a wholesale discount code to a customer can benefit your store in major ways.
Specifically, discount codes can:
And here are the five steps you should take to create a wholesale discount code:
- Enable coupon codes
- Create a coupon
- Set the required order quantity
- Create or generate a coupon code
- Publish your code
Do you have any questions about how a wholesale discount code can boost your business performance? If so, please don’t hesitate to reach out to us in the comments section!