Coupons, discounts, sale, offers, flash sales, and other such terms echo almost everywhere. How these thoughtful yet straightforward strategies most of the times emerge winners for their merchants are an exciting thing to note. These are not a new phenomenon, though. The coupons have been here for a long time and continue to add value to the promotional efforts of the businesses and their users. It can be surprising for you to know that the journey of the coupons has been intriguing and complicated too. What had made its appearance in payment books or printed newspapers is now transformed into intuitive online coupons. In this article, you are going to have a brief look at its past, present, and future.
The evolution of discount vouchers
It can be a revelation for you that coupons are not new things. Their existence and usage go long back in time. It was 1887 when coupon made their first entry in this world, thanks to Coca Cola. People could use their vouchers at dispensaries to get a glass of Coke for free. This promotional strategy worked so well for the product that within one year of its launch, it captured the market like fire. Families started going to local drug stores to have a taste of the free supply. Vendors also felt motivated to adopt this as they also witnessed an increase in customer footfalls.
From 1894 to 1913, the manufacturing company served 8.5 million American people, of whom, at least one in nine were those who redeemed their coupon. Coca Cola soon became a household name and one of the leading carbonated drink sellers in the world.
From there on, coupons started flooding the market because of their popularity with the people. When during 1930s America was coping with the scariest stock market crashes and economic slowdown, food vouchers became an integral part of shopping. The era of food coupons continued for a considerable period without many transformations until things started happening online.
Nevertheless, coupons are still going strong as per the demands. In online retail shopping, these can often play a critical role in registering conversions. Those who want to benefit from this retail marketing strategy need to learn about contemporary shopping trends, and past customer behaviors to design coupons in such a way that they can drive profits.
The emergence of online vouchers
When the internet age started, online coupons made their place among printed peers. Customers also accepted these wholeheartedly. One substantial change that occurred now was that these coupons gained more extensive application. Not just food coupons, but you can now get vouchers for many things for your daily and seasonal shopping. Advertisers also grabbed an opportunity and started using them as display ads for sending new customers to the targeted website. What made these coupon ads stand out from the rest was their ability to satisfy customer needs.
The value-addition proposition of online coupons opened new avenues for business opportunities in the form of coupon websites. These dedicated offers and deals platforms became a rage with shopping enthusiasts who could unlock amazing offers for an array of their favorite brands in one place. The popularity of digital coupons further expanded with the adoption of mobile devices. According to some market reports, the demand for online vouchers among mobile device users is more than 50%.
Research shows that brand loyalty is more than double among coupon users than those who don’t use. That explains why merchants have been inclining towards this marketing activity. While some may still not fully agree, some figures suggest a shopper is more likely to shop from a place where he or she can use coupons. Couponing has become a widely adopted discount tool among retailers in the present times. If you want to milk it, then you would also need to come up with apt offers to boost profits through customer loyalty.
The role of coupons in the future
One of the marketing studies shows that about 25% of customers search for online vouchers. It is an indication of its potential. However, to stay relevant and make more sense to people, retailers need to devise innovative and extremely utility-driven coupon or discount ideas. A few stores have taken their first step in this direction. Some retailers offer cards that you can use for your occasional shopping purposes during sales, clear your bill, and boost your credit score. However, to benefit from this type of card system, users also need to be careful with their shopping. Experts believe that this type of credit system can be challenging to accept for some people and good for some others. It mostly depends on the choice and situation. One of the fitting examples, in this case, can be Fingerhut. Should You Be Shopping with Them?
What you think of them can help you in determining your strategies. If you are an online shopper too, you must have realized that coupons can be deal makers and deal breakers depending on their offerings. Think of the last time when you shopped something for the first time from a particular vendor without using vouchers. Whether it’s a new or seasoned shopper, buying without offers, discounts, and bargains can look intimidating as well as disheartening. Even a small amount of relief in the total cart value can bring a big smile on the face. You must also have experienced this yourself as a shopper.
Additionally, if you are aware of the recent Shopper Behavior Study, it says that overall, 60% of shoppers used both printed and online coupons. Of this, 28% of users adopted paper coupons, while 13% online vouchers. According to a research, this trend is going to continue – 42% of the people admitted to using online coupons when they buy their groceries, and 37% of participants shop with coupon inserts that come with their weekend newspaper.
Couponing can be a robust promotional tool for anyone as it can influence shopping behavior of the people to a great extent. It can make shoppers buy more or buy without postponing their plans.
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