Do you remember, there were times when consumers used to cut the clipping of coupons from the Sunday newspaper to get some money waived off or receive a discount on a product from the store!
Well, such scenarios are way into the past now.
The internet has drastically evolved the eCommerce business. The retail industry is all on the web to reach out to their potential customers and increase their sales.
The landscape of shopping has been accelerated with the evolution of coupons.
Finding coupons has now become a digital game. It’s a highly-competitive race and considered to be a secret weapon for digital marketers everywhere around the globe.
So, how’s the coupon marketing evolving in 2020?
The availability of the internet and the ease of creating user-friendly interfaces on the web has increased the coupons market. They have become omnipresent.
Coupons have also evolved into deals for various websites.
You can easily find countless websites based on presenting coupon codes for shopping purposes online. However, various businesses have begun sharing coupon details on their official sites. It’s because of the success of coupon codes online.
Coupon codes have raised the sale of online shopping in unimagined ways.
Some thrifty shoppers are bound to search for a discount first and only then make a purchasing decision.
The bottom line is that businesses are preparing to cater to this expanding demographic of casual and extreme couponers.
As per the recent study, 8 million people in the United States redeemed digital coupons in 2016, and that number is expected to grow to over 145 million by 2021.
Globally, there were an estimated 31 billion digital coupons that were redeemed in 2019. That’s a whopping number.
So, do you still have any doubt about 2020 being a big year for digital coupons?
How can marketers make use of this rapidly growing coupon market?
The world is witnessing a massive surge in online shoppers. People are literally going crazy about online shopping, and the businesses are receiving an increase in the number of orders. Not just the businesses, but the logistics business is also booming with the same trend.
Now, any smart shopper will always search for the best deal or a coupon code that can help them avail or redeem a discount on the product or service.
Yes, the consumers are now savvy, and they are becoming digital nerds with the coupon culture to shopping online.
In such a scenario, brands must understand the profiles of their target audience to make the most of it.
When developing a successful coupon marketing strategy, the businesses can increase the conversion rates, define their audience’s spending habits, understand the time of most significant traffic to fir coupon timing, and also keep an eye on their birthdays or anniversaries to come up with a special discount.
To gain the most, businesses must place customers in appropriate segments in their coupon system.
One of the best practice when it comes to coupon marketing is to offer coupon vouchers before the cart is filled at checkout, and in a follow-up email for abandoned carts.
Digital coupons can be entirely meaningful for undecided shoppers, as they can act as the deciding factor for them to make the purchase.