Remember the days when you would go to the grocery store and the customer in front of you took about 45 minutes to check out due to their endless supply of coupons? Although that bit of nostalgia is a scarce occurrence today, coupons certainly have not gone by the wayside.
The availability and use of online coupons is a lucrative offering for those in e-commerce. According to data from Compete’s recent “Online Shopper Intelligence” survey, 35 million consumers visited a coupon site while shopping online in April 2010 – a trend that will more than likely continue to rise.
Coupons are beneficial for a number of reasons, even beyond the blatantly obvious dollar savings.
Coupons drive sales. About 57% of consumers using a coupon code during their last online purchase stated that they would not have made the purchase without the discount.
More money is spent by coupon users. Although the consumer is concerned with saving money, the notion of saving a few dollars typically prompts them to spend more. Average expenditures of those utilizing coupons is $216, while those not using coupons typically spend $122.
Coupons solidify customer loyalty. When making an online purchase with a coupon, customers are more likely to buy from the same retailer again, about 5% more likely than those who opted not to use coupons.
Customer satisfaction correlates to coupons. Consumers are always looking for a deal or perk from retailers, so when coupons are offered, they tend to be more satisfied in their shopping experience, about 4% more satisfied than those not using coupons.
So, not only are coupons great for the consumer, but the retailer as well. Both parties reap the rewards.
Now, if you will excuse me, I have to spend…errr, save some money shopping online.
