According to recent research, 90 percent of consumers use coupons in some way. Additionally, studies show that consumers are increasingly seeking out coupons while shopping online and their presence directly influences their desire to purchase. In fact, more than half of consumers (68 percent) report that they won’t shop online without a coupon code.
For eCommerce brands, incorporating coupons into their business strategy is a must. Not only do coupons influence consumers purchasing decisions, they also have the ability to drive customer loyalty and increase brand awareness. Read on to learn more about why you should consider coupons as a marketing and business strategy.
Coupons Influence the Purchase Journey
Coupons have a major effect on consumers’ purchasing journey, including what brand they buy from and how much they spend. According to research from technology company Inmar, 83 percent of consumers say that coupons change their shopping behavior. Their research discovered the consumers say they’ve purchased a product from a brand they wouldn’t normally have due to a coupon.
Further research has shown that consumers report being more likely to make a purchase sooner due to a coupon; more likely to purchase more items than normal because of a coupon, and more likely to buy a more expensive product or just spend more overall because of a coupon.
Coupons Influence Customer Loyalty
Not only do coupons influence where consumers shop and what they buy, they also have the ability to increase customer loyalty. Research from ReadyCloud found that 68 percent of consumers said digital coupons build brand awareness and generate loyalty. As such, coupons provide eCommerce brands with the opportunity to cultivate long-term customers, making them a strategy for both short-term revenue generation and long-term ROI.
How Brands Can Advantage of Coupons
So, how can eCommerce brands harness the power of the coupon? To answer this question, Wikibuy put together an infographic demonstrating how to drive purchases using coupons. Check out their high-level tips below, or skip to the full infographic to learn all about how to use coupons to influence sales.
Use targeted distribution: To drive home sales, take a look at the different mediums your customers operate on and distribute coupons that way. Research shows that the majority of consumers want coupons to be digital; additionally, consumers will follow brands on social media to receive promo deals.
Leverage customer insights: Consumers have shown that they prefer relevant offers based on their purchase and search history. Leverage your customer knowledge to provide coupons that are targeted to your audience.
Grab attention: Use specific strategies, like real-time promos, shareable deals, and exclusive offers to grab consumer attention and make them convert.
Focus on the right deals: Not all deals are the same, and consumers are often on the lookout for specific ones. Focus on deals that consumers want, like LTOs, rebates, and free shipping, to attract buyers.