Everything you need to know about coupons and more

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Discounts, All about Coupons, History of Coupons, Types of Coupons,  Marketing, Marketing strategies, discounts on shopping

Getting discounts on shopping is a basic human instinct and when you get an opportunity to save some bucks you have inner satisfaction. Today’s marketing gurus and especially digital marketers have made it a core strategy for boosting brand image and gaining enhanced traffic and conversions.Hence, coupons and discount deals galore. Although you will find coupons scattered throughout the web, platforms like ClothingRIC have the best ones gathered at one place.

 

In any case, here few crucial facts you need to know about coupons.

History of Coupons:

Coca Cola was among the pioneers of coupons. In 1887, it introduced a scheme of offering slips for complementary coke. The company provided 2 gallons of drink to pharmacies who provided names and addresses of consumers living near their stores. The company would then mail coupons to those consumers.The strategy was very successful as Coke became a very popular soft drink in every American state in just seven years. By the year 1913, around 8.5 million people had enjoyed a free drink.It developed rapidly from an insignificant tonic to a market-dominating drink.

During great depression in 1930-1940, coupons were collected keenly because due to widespread poverty, these became an integral part of food shopping. The first coupon company, the Nielson coupon clearinghouse was founded in 1957.This was the beginning of the coupon industry and by 1965 half of the American population was using coupons. In 1990, thanks to the internet, downloadable coupon codes and printable codes started gaining popularity.

Figures tell it all:

The coupon industry is now growing in leaps and bounds. Here are some fascinating statistics you need to know about coupons to understand their exceptional growth.

  • The estimated number of coupons to be redeemed in 2019 is 31 billion against 16 billion in 2014

  • The digital coupon users in 2019 will rise to 1.05 billion compared to 19.8 million in 2011 and 560 million in 2014.

  • 81% of consumers use coupon regularly.

  • The global mobile coupons industry is projected to grow by 56.5% by 2025.

  • Discountsand coupons rank as #1 tactic for driving customer loyalty as 61% customers claim they use them.

  • 9 out of 10 Americans say free shipping is their top incentive to shop online more.

Types of Coupons:

Among the things you need to know about coupons, their respective types are of great significance. Here are some common forms of coupons available in the market.

#1.Discount coupons:

 

Discount coupons provide an opportunity to customers at a reduced price (reduced from its retail price).For manufacturers and businesses it is a fine way to attract traffic. There are two basic types of discount coupons.

  1. % discount coupons:

The first one offers a discount in percentage terms like 35% value or 40% off your order. The above picture is of a discount coupon that offers a flat 50% on value and applies to all products in store. The coupon does not have any restrictions in its language meaning that it is valid storewide. This coupon also does not specify a minimum value which is mentioned on many discount coupons which allow discounts only if you purchase a minimum amount. The above-given voucher is flat and applicable for all amounts of orders.

  1. Dollar term discount coupons:

The second type of discount coupons offersa monetary discount in dollar terms. For instance, it may offer a flat offer like “$5 off each T-shirt “or with a restriction, like “$20 off on any purchase of $150 or more”. In the first case, the customer will obtain $ 5discount on any T-shirt available on discount. In the second case, unless he or she buys a minimum of 150 dollars he will not avail any discount.

#2.Coupon codes:

These are computer generated codes which customer has to enter the shopping box of a site (Alphanumeric or only numbers or alphabets).Many merchants offer coupon codes from an affiliate website or send one through email newsletters. Some retailers call them promotional codes. You must read a coupon code carefully because all the conditions of the coupon must be met to avail discount. Some coupons exclude a specific brand while some do not apply on sale items. You may find many dedicated coupon sites and search coupons of your interest there. In 2016 alone, 59% of American internet users redeemed a digital coupon.

Consumers who use coupon codes spend 37% more than other shoppers who do not use these. By 2021, experts predict that around 145.3 million US adult users will redeem online coupons;this figure was just 8 million in 2016.

#3.Printable Coupons:

You need to search the internet for printable coupons, get print at home and finally present these on stores to avail discounts. For those who have never printed a coupon, the printable coupon website will ask them to download coupon print software (it is required only once).

The printable coupons gained immense popularity in mid-1990s and became an online craze. These coupons are among the 5 most famous popular coupons as, 29% users use these coupons.

#4.Free-shipping Coupons:

Free shipping is a great tool for businesses to encourage customers to spend more.61% of the consumers describe free-shipping as a motivating factor to try a new brand. You enter code at placing online order and shipping cost is not included in thetotal. This is a very common promotion during Christmas seasons sale. Many retailers, however, offer free shipping all year round. There are many free shipping websites that offer variations in their free-shipping schemes. The Target, for instance, offers free shipping on orders of $25 and more. Unlike this there are stores, which offer free shipping on all orders like Zappos

#5.BOGO (Buy one get one free):

This is a coupon with a different style. It does exactly what its name suggests by offering a similar product for free if the customer purchases one. Instead of getting a 50% discount people tend to be attracted more towards a BOGO offer, whereas technically both are same. They, in fact consider it the best discount deal because of human psyche human to value something more if it is” free”.

Tips on getting most savings on coupons:

Many people despite collecting and organizing coupons do not save enough because they lack the art of smart couponing. They simply stockpile that is not actually required. I am presenting some useful tips that will help you to apply your couponing strategy intelligently and get some real saving.

  • Every coupon needs not to be clipped: Do not just clip every coupon you come across. Let pass on the coupon that is not enough of saving and wait for another one which offers a genuine and convincing saving.

  • Don’t get carried away with every deal:Deals galoreon stores websites and coupon sites. Always make a comparison and opt for the best discount deal.

  • Get even bigger saving by coupling coupons with sales: Try to couple your coupon with a sale. For instance, you have a coupon of 50 cents off on a pair of socks. If the socks price is $4.99 you will only save the 50 cents but if the pair is on sale at $2.99 you will be better off by saving an extra 50 cents.

  • Always organize your coupons: You can place in a binder and keep them according to expiry dates and product wise.

  • Take advantage of double coupon day: Many stores double the face value of a coupon on certain days. Shopping at these stores on such days will save you good bucks.

  • Stock perishable items that you frequently use: If you use a certain item more often, look for stores offering this on discount coupons. Get this item in substantial quantity or store or freeze as the case may be. Getting items in bulks which are on discount coupons result in a good saving.

Sources of Coupons:

Consumers have multiple avenues to get coupons. The following statistics reveal interesting facts about the customer’s selection of channels. The Sunday flyers top the list with 47% whereas the least in order are entertainment books with only 10% of consumers searching coupons through them. This shows that nothing can beatSunday newspapers with its flyers for great coupons as it contains the best discount deal you are so keen on.

The second and third most important channels for coupons is in-store with 43% and printed coupons on payment receipts with 41%.A fairly large chunk of consumers gets coupons in emails(37%) which shows that the email marketing campaign is a very successful strategy.

 

  

 

Conclusion:

So there you have it. This was everything you need to know about coupons and more. In the end, both businesses and consumers use this tool for their relative purposes. While manufacturers and retailers use it for improving brand image and boosting sales revenue, the consumers enjoy the underlying saving through the best discount deal for any product they shop. The trend is here to stay rather grow in leaps and bounds. It is therefore imperative for marketers and customers to act intelligently and thoughtfully in selecting type and channel of coupons to gain maximum benefits.

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