1887 was the year that the first-ever coupon was distributed. The company behind the idea was Coca-Cola. Since then, coupons and promo codes have been a centerpiece in the retail sector. A study made recently shows that 1/9 individuals in the US alone received a free drink from Coca-Cola between the year that the first coupon distribution was made and 1913. (Image Source: Mashable)
Because of this bold move and many other marketing strategies, Coca-Cola is now the world’s top seller of carbonated drinks. They have prepared the groundwork for other businesses. Today, coupon marketing is no longer a marketing option but a necessity. Actually, 85% of shoppers are always looking for coupon offers online. The discount offers are expected to dictate the future of businesses.
Here are some of the top impacts that you should expect:
1. The Offers Will Be a Key Influencer of Customers’ Purchasing Decision
Coupons and promo codes promote competitiveness. In the long run, they influence the shopper’s buying decision. According to a survey by Nielson, the availability of coupons and promo codes is the top influencer of online purchases. Based on the survey, the trend is expected to continue and the percentage will improve. This expectation is backed by another study which shows that 78 of consumers only buy a product because of the coupon attached to it and not because they need the item.
2. Cart Abandonment Will No Longer Be a Cause for Concern
No customer goes shopping with the intention of abandoning their shopping cart. Likewise, no seller likes it when the buyers leave their carts without closing the purchase as this result to loss of revenue. Considering that 57% of shoppers leave their carts due to unfriendly costs, retailers see coupons to be a great way of reducing this percentage. In the near future, cart abandonment will be a forgotten idea as more retailers will invest in pop-up coupons and follow-up promo codes.
3. Digital Coupons Will Outscore Print Coupons by a Significant Margin
Even though paper coupons still have a role to play, their popularity is diminishing. This is according to another study by Nielsen. The study shows that 30% of consumers will be getting their coupons from online sites such as CouponCause and 11% will be retrieving them from mobile applications and newsletters.
4. Coupon Sharing Will Be a Key Trend Online
Currently, a good number of online retailers offer customers coupons that they can share online. More sellers are expected to embrace the idea with their key target area being social media. A majority of them will be targeting Facebook since it enjoys the most support online.
5. Mobile Couponing Will Take Its Rightful Spot
According to Juniper, about 1.5 billion shoppers will have used a coupon or a promo code by the end of 2019. Thereafter, the number is expected to improve. For this reason, RetailMeNot projects that over 87% of retailers will double their investment in coupon marketing.
If there’s a time that you can say that the future of coupon marketing is bright, it has to be now. Surprisingly, we haven’t seen the best that retailers have to offer. Wait till the above pointers materialize. Then, you’ll agree that the future of coupons and promo codes is really bright.