You can create different type of promotions depending on what discount you'd like to grant your customers.
To open the new promotions landing page, go to Lists > Marketing > Promotions > New (Administrator).
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Item promotions – give percentage or currency amount discounts on items
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Fixed price item promotions – give items for a fixed discounted price
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Order promotions – give percentage or currency discounts at the order level
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Shipping promotions – give your customers free shipping on specific shipping methods
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Free gift promotions – give your customers a free gift that is automatically added to their order.