According to recent research, 90 percent of consumers use coupons somehow. Additionally, studies show that consumers are increasingly seeking out coupons while shopping online, and their presence directly influences their desire to purchase. 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. Coupons influence consumers’ purchasing decisions, but they can also 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 significantly affect 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. In addition, their research discovered that consumers say they’ve purchased a product from a brand they wouldn’t usually 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 usual because of a coupon, and more likely to buy a more expensive product or spend more overall because of a coupon.
Coupons Influence Customer Loyalty
Coupons influence where consumers shop and what they buy, but they can also increase customer loyalty. ReadyCloud found that 68 percent of consumers said digital coupons build brand awareness and generate loyalty. As such, coupons allow eCommerce brands to cultivate long-term customers, making them a strategy for both short-term revenue generation and long-term ROI.
How Brands Can Take Advantage of Coupons
So, how can eCommerce brands harness the power of the coupon? Wikibuy put together an infographic demonstrating how to drive purchases using coupons to answer this question. Check out their high-level tips below, or skip to the full infographic to learn 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. Research shows that most 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 convert them.
-
Focus on the right deals: Not all deals are the same, and consumers are often looking for specific ones. To attract buyers, focus on deals that consumers want, like LTOs, rebates, and free shipping.
