Benefits for your business
Increase Brand Awareness
Coupons generate increased brand awareness and widen the market reach of a retailer, increasing sales and expanding the customer base.
Reach New Audiences
By offering valuable coupons, brands and retailers reach new audiences, new shoppers and new market segments that were unavailable before.
Increase Customer Loyalty
Deals, special offers and coupons attract savvy customers towards a particular store, ensuring they purchase time and time again from the same brand.
Decrease Shopping Cart Abandonment
71% of shoppers abandon their shopping cart right at checkout, making it a complicated problem for retailers. With an average value of 109.50 dollars for every abandoned cart, decreasing the percentage of lost orders is a constant concern. Coupons convince customers to finalise their shopping with the lure of lower prices, closing the purchase loop.
Higher Customer Revenue
Two for one, 50$ for three pieces, 30% off when you buy the second item. Coupons offer the customer a chance to purchase another item at a significantly discounted price, increasing the revenue per customer for retailers.
Share it, use it, save (money)! Digital coupons have a significant advantage in their shareability, allowing them to be easily shared and seen by millions of people with a simple click of a button. And the wider the reach, the higher the sales for a retailer.
Up-sell & Cross-sell a More Profitable Product
Retailers benefit from coupons by encouraging customers to either a higher priced product (up-sell) or a similar, related product (cross-sell). By encouraging customers with advantageous coupons, retailers benefit from an added incentive that generates them overall sales growth, increased sales growth on a particular product line and higher profits.
Taken as an example, a coupon offering 10 USD discount can be used on more expensive items rather than cheaper products, the profit generated from the sale offsetting the financial loss from the discount.
Increase Website Traffic
Coupons, with good timing and considerable discount, increases brand awareness and greatly increases website traffic, particularly if a coupon "goes viral".
Minimize Advertising Costs
A coupon is an advertising medium in itself, by advertising both the product offered and the brand or retailer that is offering the discount in the first place. Coupons reach wide audiences simply because of their discount power, minimising advertising costs that can be used to develop newer products.
Influence Purchase Decision
86% of customers mentioned that coupon affects buying decision. And that comes as no surprise, given the lure of a lower price because of an offered coupon code. With proper timing, coupons can decisively influence purchasing decision.
Purchase Volume Increases
More savings, more money to spend. With more available disposable income for shoppers, coupons encourage more spending, boosting sales for retailers.
Increase Customer Satisfaction
A happy customer is the good customer. A loyal, happy customer is a perfect customer. With lower prices offered by coupons, shoppers are encouraged to pick a particular brand, stay loyal to it and get their desired products for less than they would have paid in other stores.
Test Different Promotions
Retailers are always concerned with sales growth and maximising profit - coupons offer the chance to solve both. Testing different promotions with coupons offers valuable insights into which products increase sales, and which of them work out in the long run, maximising profits.
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