Digital coupons are a means to grab discounts and promotional offers issued by any online store to its existing customers or potential customers. You can use these coupons at the time of purchasing goods/services from any online store.
The usage of coupons has increased enormously in the last decade; which ultimately has led to a surge in the percentage of people that shop online. Globally, multi-billion e-coupons get redeemed in a year and this number is only increasing. The numbers are a clear indication of the fact that you need to acquaint yourself with the dynamics of coupons and discount offers.
Consumer Spending Habits
Coupons have a positive psychological impact on any customer and that is good news for any online store. It becomes quite easy for any online store to acquire new customer, with the help of a coupon. In fact, online stores fine-tune their discount offers according to their target market to get higher ROI.
Generation Z Shopping Habits: There is a whole new young generation, or as we call them Gen Z, that shops almost every product online and are in constant search of workable coupons. Research shows that almost 66% of shopping that Gen Z do happens online. This is a definite shift from offline shopping habit to online shopping habit, and one major reason for this shift is coupon codes and deals. You will find Gen Z shopping heavily on gaming online stores, tech stores, etc, when they have right coupon codes and deals. This generation does not bother about spending on comfortable commute options, etc.
Millennials Shopping Habits: The millennials are the real drivers of online sales and most of the brands and online store develop their sales strategies around millennials. Online stores concentrate on curating coupon codes and discount offers for millennials because millennials do focus on discounts, before actually making a purchase. In fact, millennials follow any online store just to keep a track of the coupon codes offers by that store. Statistics say that almost 66% of millennials would switch their brand loyalty, if they are offered a discount code of more than 30%, for some other store. You will find millennials spending on buying clothes, premium restaurants, comfortable commute options (Ola, Uber, etc).
Impact of coupons on customer acquisition & retention
There is no doubt in the fact that coupons help in customer acquisition; in fact, curators give a lot of thought on designing particular discount coupons for their target audience. For example, one of the most effective coupon types for the Singapore region is ‘20% off’ as compared to ‘$10 off’. Another interesting fact about coupon codes is that people do not get attracted to huge percentage discount offers and codes; this strategy actually leads to a decrease in sales.
Coupons not only help in acquiring new customers, but they even help in retaining the acquired customers. The percentage of repeat orders becomes huge, when a customer gets to use the coupon code and deal.
Right Way to Find Coupons
There are two ways to go about finding the right coupon code for all kinds of online purchasing. You can either scroll through several online stores to see if you get your hands onto a workable discount code, or you can get connected with several coupon aggregator websites that can help you with finding the right promo code for your purchases. One website that you can depend upon is CouponzGuru. This website is based out in India but also operates a website, CouponzGuru SG, specifically to cater to the needs of people based out in Singapore.
Strategies to design perfect coupon codes
Free trial period coupons: It is important to entice customer into buying some product from the store. For that, the customers can be offers promotion codes enabling free trial period. The customer will get the satisfaction of using a promo code and will be satisfied that he/she doesn’t have to invest money in trying some new store.
Digital Coupon codes with expiration date: Coupon codes that come with an expiration date make customers anxious to shop immediately, so that the coupon codes does not get wasted. This is the reason why every coupon code should come with an expiration date.
Partner with a popular brand: This is important for aggregator online stores that list other brands on their website. Partnering with new brands can give you an edge. When a customer gets a discount offer on known brands, they are automatically attracted to the aggregator online store.
Reward loyal members: It is important to curate specific coupon codes for loyal customer based so that they remain loyal and not stop shopping from the online store.
Digital coupon codes, vouchers and discount deals are the new ways of acquiring a new customer and retaining them, provided a coupon code is designed in the right way. Coupon codes and discount deals help in psychologically getting a customer excited about online shopping; any online store will succeed in getting a customer if they work their sales strategies around this ‘Mantra’.