Discounts are a great way to acknowledge certain times of the year such as Cyber Monday. On your product page you will see a tab marked "discounts." Click the tab and find the box on the right side that says "new discount."
The next screen has places to fill out the details of your discount such as amount off and how long the promotion will last. You can create your own unique coupon code or click the "Get Code!" button to have one auto-generated for you. Codes must be 8-20 characters long.
Next you should see a confirmation that your discount has been created
After you have created a discount, you can see it in your discounts tab. Options to edit and delete are on the right side.