Coupons are a popular way to increase sales and customer loyalty. They make people feel smart and proud, as nearly half of U. S. consumers surveyed said they use coupons as a symbol of their intelligent shopping skills.
Digital coupons are discounts and promotions offered by retailers to current or potential customers, often sent via text message or an application. Honey is the most popular coupon search browser extension, with 60% of digital coupon users surveyed indicating their preference for the service. Coupons are an attractive way to increase volume and sales, but they should be used strategically and budgeted accordingly. While most consumers enjoy receiving free coupons, most reviews show that approximately 50% are actually redeemed. Wealthy shoppers are more likely to use coupons, and millennials are more likely to use them than baby boomers.
Even when shopping in a physical store, 93% of millennials have admitted that they use their smartphones to compare prices and search for digital coupons. Coupons alone won't create the value of your brand, but delivering a far superior experience with a smart coupon strategy and a quality product can. They can be used to purchase a product manufactured by that company in a store that sells those products and accepts coupons. And while there is no real substitute for offering quality products and fair prices, coupons do a great job supporting those efforts when competition heats up or consumer expectations dictate it. To maximize the effectiveness of coupons, plan well and budget accordingly. Digital coupons should be used strategically to increase customer loyalty and conversion rates.
Consumers should be encouraged to look for coupons online, as this increases cart abandonment if they can't find it. And retailers should be aware of loopholes in their grocery store coupon policies.
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