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.
Shareability
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.
Launch of new products
Launching new products is often a gamble for merchants and retailers. In order to encourage shoppers to purchase a newly released product, coupons and special rebates are offered, easing the impact on consumers. With the shopper swayed into purchasing the new product, the retailer ensures a successful launch and sales growth.
Reduce Excess Stock
Old collections have to go. They take up physical space in the warehouse, and they no longer have space on the front page of a website either now that the new collection arrived. Coupons help stock clear-outs and reduce any excess stock that retailers have to free up space. Not to mention boosting sales.
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.
Sell Products Faster
The faster coupons are offered, the faster the products are sold. In a world of shareability and Facebook likes, retweets and pins, offering coupons (especially if they go viral) is a solid way of selling products faster.
Grow Market Share
Coupons lead to sales. Sales leads to profit. And bigger sales means a bigger market share.
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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