How Coupon Marketing is Changing the eCommerce Industry?
Consumers expect more from their online buying experience as they have more options and better discounts. As a result, marketers are attempting to capture and hold the attention of these buyers in any manner possible.
Expecting new clients to take a chance on you or old customers to keep returning to you without a reason is no longer adequate. Why should they buy from you when they can get a better price somewhere else?
Coupons are one approach to keep customers interested. Coupons have grown increasingly important in eCommerce, where customers are looking for the greatest discounts possible. In fact, 60% of people say they enjoy receiving digital coupons. Still not sure that discounts are the way of the future for online shopping? We’ll go through why you should use coupons in your eCommerce business in the future in this article.
Savvy online shoppers know how to get the most out of their money by combining coupons with other offers and cash-back incentives. This could result in a less profitable sale for retailers. However, to fulfill the need of customers buying online and on mobile devices, marketers are growing their distribution of digital coupons (another 27% year over year, and likely to continue to grow). With marketing getting more competitive each day, different eCommerce businesses are turning towards coupons. You can easily find tons of coupons online, with websites such as supercouoonsurveys, making it easier for you to find and redeem coupons every day.
Defining Digital Coupons
Retailers use digital coupons to give discounts and promotions to present and potential customers. Digital coupons are most commonly used to entice customers to make a purchase on a retailer’s website by offering a percentage off, free delivery, or some other type of discount.
Difference between Digital and Physical Coupons
There are a few tiny distinctions between physical coupons and digital coupons, despite the fact that their goal is essentially the same.
Incorporating physical coupons into your marketing campaign is substantially more expensive. Printing, insertion, and distribution fees apply to physical coupons, but digital coupons can be sent via text, email, and automatically generated communications.
Digital coupons are simple to send, but they can get lost in the deluge of emails that most inboxes now get on a regular basis.
Digital Coupons are Here to Stay
The use of digital incentives by shops does not appear to be slowing down. We may anticipate a surge over the holiday shopping season, with additional incentives being offered on a case-by-case basis well into the new year.
1) 90% of Customers Redeem Coupons and Discounts
Consumers enjoy feeling as if they have gotten a good deal. Completing a transaction with a discount or incentive applied is a nice experience and reassuring (even if it isn’t as profitable for the consumer).
2) By 2022, digital coupon redemptions are expected to reach $90 billion
Today, a lot of effort is put into making coupon redemption easier and faster. Retailers must provide an outstanding user experience to their customers. It is crucial to your reputation and recognition as a trustworthy retailer.
This number should only continue to rise as more consumers become comfortable using their phones for mobile shopping transactions, thanks to developments in user interface design for mobile devices.
3) Coupon-enabled emails provide a 48 percent boost in revenue per email
This comes as no surprise: email has evolved into a powerful tool for delivering customized content in a timely manner. Marketing techniques that include even the most basic level of personalization, such as content or product recommendations based on previous browsing or purchase history, generally outperform more generic communications. If the recipient, offers, time, and product mix are all good, tying a coupon to such an offer could dramatically boost its effectiveness.
Coupons and eCommerce Industry
Consumers expect more from their online buying experience as they have more options and better discounts. As a result, marketers are attempting to capture and hold the attention of these buyers in any manner possible.
Consumers are Always Looking for a better deal
We’re not here to proclaim that brand loyalty is a thing of the past. However, it is fair to say that in the digital age, firms must work much harder to earn it. After all, the internet has conditioned today’s consumers to believe that no matter how good a deal they have, a better one is always just a few clicks away if they know where to seek.
Give them what they Actually Desire
Giving people what they want — discounts — is the key to eCommerce success. Coupons can also serve as a reminder to potential customers that the greatest offer is the one right in front of them. Don’t be surprised if customers spend a long time on the fence or, worse yet, filling a shopping basket on your competitor’s website if you don’t provide them what they want.
And make no doubt about that. Consumers today don’t just desire discounts; they want them! There were an estimated 560 million global mobile coupon users in 2014, which has increased to 1.05 billion in 2019. These figures demonstrate how desperate online customers are for coupons.
Reduce Cart Abandonment while Ensuring Brand Loyalty
In 2019, shopping cart abandonment remains a major issue, with over 76 percent of carts abandoned globally. Offering coupons to clients who are frequently on the fence about making a purchase ensures that they not only complete their transactions but also remain loyal to your company. Why would they give your competitors a chance when they know they’ll get the best deals on the best products with the best service from you?
Providing Personalized Solutions for Customers
How do you give something as fundamentally impersonal as internet purchasing a personal touch? Customers cherish their customer experience, and just because they’re buying from you online rather than in a physical store doesn’t imply they don’t care about it.
In fact, in an era where customers may leave your website far more quickly and easily than they might leave a physical store, attracting clients with a positive customer experience is more crucial than ever in the digital age.
Customers do not want to be treated as if they are just another order number. As a consumer, they must feel recognized and respected. They’ll feel cheated if their loyalty isn’t rewarded after they’ve given it to your business in a competitive market. The good news is that coupons can provide clients with the personalized experience they desire.
Tailor-Made for You
You can provide customized offers and discounts targeted to your client’s needs by collecting data on their previous purchases and browsing behavior. It also enables you to be present for them and be in the right place at the right moment.
Customers value personalization, and statistics show that they will reward you for it. When a customer’s experience is personalized, they spend 48% more. Personalized offerings increase the likelihood that customers will not only give you their business but also that they will return.
Time is Money and so Doest the Customer
After a customer abandons their shopping cart, send them an email with a coupon code half an hour later. And then again after a 24-hour period. You might also suggest things that are related to their most recent buy.
Or perhaps you’d like to surprise them with a birthday surprise in their inbox? Perhaps you’d rather commemorate their first purchase from you with a one-of-a-kind gift made particularly for them. Personalized coupons that are well-timed and meaningful can make a significant difference in the lives of customers.
Consumers are the Best Brand Ambassadors
Consumers will never put their faith in your word over the word of other consumers. Don’t take anything too seriously. They have no faith in your competition, too.
That is why influencer marketing is such a crucial component of any digital marketing strategy. Influencers are, after all, just high-profile consumers. Consumers, particularly younger ones, are concerned with what they say. Indeed, 84 percent of respondents put their trust in internet evaluations just as much as they do in friends.
Concentrate on the Regions that are Difficult to Reach
The benefit of utilizing influencers to sell your business is that they may assist you in reaching audiences that are difficult to reach through traditional marketing approaches such as PPC or Google Ads. Consumers trust influencers’ opinions, so if their favorite influencers say nothing but good things about you, they’ll be more likely to buy from you – especially if a discount code is supplied.
Companies can’t afford to have their Promotional Codes Misused
Without the right procedures, even the most meticulously planned coupon campaign might contain a danger. Promo codes can be leaked and thus be used inappropriately. And this can eat into your profit margins disproportionately, canceling out the campaign’s benefits.
In short, companies cannot afford for promo codes to be misused. If your promo code campaign’s sole objective is to create brand recognition, a code leak might not be such a bad thing. Even so, it’s a good idea to do everything you can to reduce your risk.
A unique promo code generator is a necessary investment if you want to create brand loyalty and make your loyal consumers feel cherished by offering them exclusive incentives.
The software that generates these one-of-a-kind single-use codes can be linked to your CRM to automate the creation of as many as you require. That is, however, only the top of the iceberg! Brands may also employ advanced analytics to track the performance of their coupons, and then use the information gathered to guarantee that coupon campaigns are continually improving and delivering value to customers, whether they are loyal and familiar or brand new.
This is the future of eCommerce, and manually creating unique promo codes is no longer an option. As a result, you, like any forward-thinking company, must invest in the correct software to help you launch your company into the future of eCommerce.
Make sure your Brand is Future-proofed by using Coupons Correctly
Is your company doing all of these things? Your company is ready for the future if it offers unique codes, personalizes them for optimum impact, targets cart abandonment, and uses influencers to drive new customers (all while delivering quality).
You’ll not only attract new clients, but you’ll also be able to convert them into brand ambassadors who will help you reach even more people. Coupons are the future of online shopping. However, like with anything, how you deliver makes all the difference. You must stay current with marketing trends in order to keep clients interested in your business.
This implies that making your coupons appealing is more vital than ever. Change up how you present them. Don’t settle for the same old “10% off everything” promotions that your competitors are offering. Use gamification in your offers, such as mystery discounts and declining discounts, to reward customers for clicking on a link quickly. Or how about pop-ups with “blink and you’ll miss them” deals for quick-thinking shoppers? If you use coupons correctly, you can future-proof your business by keeping your clients engaged.
