Everyone loves a good deal – after all, it’s only human to get excited by deals and discounts. Coupons are the perfect means to this end. Seeing the popularity of online coupons and their success, retailers like The Home Depot and Wayfair provide coupon incentives for customers.
But how do coupons determine they way people buy online?
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According to a recent Valassis study, seven in ten shoppers are influenced by discounts they receive while they shop. Moreover, 80 percent surveyed said they’ve purchased from brand they otherwise would not have, because of a coupon.
For businesses, planned discounts can also be better than everyday low prices. Planned discounts bring in higher revenues, and more unique clients, than the latter. Additionally, businesses can better forecast and plan for expenses, while having much better control of inventory.
Online coupons are most effective if they meet the following criteria:
Relevance
The relevance of a coupon is of vital importance. In the digital space, it is easy to track a user’s shopping habit and tailor the coupon offers they receive based on this data.
Needs of the customers
There is some level of participation from the customers themselves, there is a higher degree of success. A business that gives its users what they want guarantees loyalty. An effective way to do this is to set up a survey, where several different coupons are offered. Customers can then choose the deal they like best, in exchange for their feedback. This will help marketers to better understand individual consumer needs.
But, how do customers find and redeem these coupons online?
- Through email: Businesses that send emails to prospective clients with coupons tend to have a higher engagement with their users than those that do not.
- Through company websites: According to the National Retail Federation (NRF) 73 percent of women who use coupons print them from websites. This shows that redeeming coupons from the web is becoming more mainstream.
- Online search: Online search has become popular in sourcing coupons. The NRF found that two in five women say they’ve started an online search for a product because of a coupon.
By taking customer needs into account, coupons can shape the way people shop online. Retailers should consider how online coupons can benefit marketing strategies, and provide the most relevant deals to customers.
Rilind Elezaj is an experienced Digital Marketing Specialist. Rilind possesses a strong entrepreneurial mindset and has devoted his career to enhancing the sphere of digital marketing. Check out his blog here.
