Creating and marketing a discount can be a fantastic way to draw in new and existing customers to your store.
Since the January 2021 update, Ricochet's discount system expanded to now offer an increasingly large array of discounts and functionality.
How Discounts Work
In Ricochet, there are 3 basic types of discounts you can create, each with its own function
Auto-Discounts: typically, these are created in consignment stores to reduce the price of an item after it has exceeded a specific number of days on the sales floor.
Manual Discounts: This is a one-off situation where you would discount an item or transaction one at a time at the POS.
Store-Wide Discounts: Discounts created in the 'Preferences' section that will trigger automatically when parameters are met or a coupon is applied.
In this article, we are going to specifically cover the updated Store-Wide Discounts and how you can use them in your store.
How to Create and Manage Your Store-Wide Discounts
Within Ricochet, navigate to the discounts dashboard at Preferences>Product>Discounts.
Here is where you will manage all of your discounts.
Immediately you will notice that discounts have an active state and a status.
When the Active toggle is turned on, that discount will apply if the parameters can be met.
Note that, just because a discount is Active, doesn't mean that it actually can be used at the store. It could be the case that you have set a limit on the times it could be used, or perhaps it is past its end date.
The primary function of the Active toggle is to allow you to quickly turn on and off discounts that you may frequently use from time to time. This makes it much easier than deleting or restoring an old discount.
You'll also see that discounts can be archived. This is a great function that allows you to hide discounts from your view if you don't plan on using it for a while. It's important that the discount's data and records be kept, so there is no way to permanently delete a discount. But archiving a discount effectively hides it from your view. An archived discount can also be reactivated it by clicking the "Edit Details" and selecting the "Restore" option at the bottom of the page.
Creating New Discounts:
- From the discounts dashboard, click the yellow "New Discount" button. This will take you to the discount creator.
- Fill in the various fields as you see fit. If you would like to see some examples of common discounts, visit our Creating Common Discounts help article.
- Name the discount. It's best to keep this short and succinct such as $20 off all jeans. This name appears at the POS and at the Web Store when checking out.
- Select a start and end date. You can always turn the discount on and off on your own, but this is a great way to create a timed discount or plan ahead and the discount will be active on a future start date.
- When does this discount apply: this is either automatic or with a coupon. For most storewide sales, you'll want it to trigger automatically.
- Where does this discount apply: If your store also uses the Ricochet Web Store, you can enable the discount to work both in-person at the POS and online. Or you can select one platform if you want to drive traffic online or in-store.
- Discount type: Select either a price or a percentage discount. This is straightforward depending on what type of discount you want to offer.
- Types of products involved: Here you can select the parameter for which to what types of products you want to discount. There are a variety of parameters you can use. Select the one most appropriate. Keep in mind that you can select multiple options once you pick a parameter. For example, if you select "Consignors" you can select as many consignors as you need.
- Minimum Requirements: Here you can create options for sales like "Spend $100 and get $10 off your purchase. Or you can set an item quantity minimum. This only applies to the parameter you choose. So an example of this would be, get 10% off when you buy three pairs of jeans.
- Limitations: This is a simple store-wide use. The times you would want to limit this is if you have a blowout sale or only a specific amount of items you would like to sell on a discount before it goes back to full price.
Frequently Asked Questions:
With the new discount system, what is the best way to transition all of my legacy discounts to the new style?
Most stores will want to start from scratch. While this sounds like a lot of tedious work, the new discount system allows you to have multiple options of a parameter as a discount. So if you have over 20 consignors, each with a 10% off discount, this really only needs to be one discount in the new system.
Is there a way to create a buy one get one (BOGO) discount?
Kind of. BOGOs are incredibly hard to manage automatically, especially with online transactions. It is still recommended to manually discount BOGOs at the POS. One way you can almost replicate this model is by setting a 50% discount and a minimum requirement of 2. That way, when a customer buys 2 items, they both automatically reduce to 50% off, effectively making one of them free.
Do discounts work with my online store?
Yes! All discounts can be applied at the POS or online. And this even includes sales from social websites like Facebook or Instagram.
Do store-wide discounts combine with my auto-discounts?
Yes. From a technical perspective, an auto discount is a simple price change. If a $100 item is 30 days old and 50% off. The system treats that item like a $50 item. So any discounts you apply to that item will be based on the $50 price-point.