The e-commerce space has become very competitive, with more new brands across the spectrum joining the race every day. On top of it, the decreasing brand loyalty among consumers has become a significant issue for the brands operating in this space. As a result, e-commerce companies must constantly devise new strategies to keep the shoppers interested in the brand and make the purchase. Coupons, discounts, and promotions are integral to a brand’s sale strategy. Whether the consumer continues to visit your store and shop depends on the kind of marketing strategies you have created. For example, a meticulously planned coupon marketing strategy will help companies acquire new customers to their fold and encourage existing customers to spend more.
To help our readers understand the growing popularity of coupon marketing and why it has become an indispensable part of the digital marketing ecosystem, we look at some top coupon marketing statistics. The numbers are mind-boggling, and it will be unwise for any marketer not to focus on getting this marketing technique right.
Global mobile coupon market to reach $14.8 trillion
According to stats provided by Market Research, the global mobile coupon market is projected to reach $14.8 trillion by 2027, recording a CAGR (compound annual growth rate) of 67.9 percent from 2020 to 2027. The same report said that the global mobile coupon market in 2020 was estimated at $393.1 billion, out of which the United States accounted for $120.4 billion.
Increases coupon code redemption through QR codes
According to a report by Juniper Research, it is estimated that almost 5.3 billion coupons will be redeemed via QR codes by the end of 2022, a significant jump from an estimated 1.3 billion coupons in 2017. In addition, the same report predicts that over 1 billion mobile devices will access coupons through QR codes by 2022.
24% more spending
A survey of 5000 online shoppers and 17 online retailers by the American Marketing Association showed that online users who used coupons while shopping, on average, spent 24 percent more than customers who did not use coupons. The same report also revealed that 81 percent of respondents used their mobile devices to make at least one purchase, while more than 50 percent of shoppers used physical coupons in addition to digital ones.
Improves brand loyalty
According to Vericast’s Deals & Coupons Report, 40 percent of online shoppers feel more favorable toward a brand that offers a coupon or a discount. Additionally, 40 percent of consumers feel more satisfied if they use a coupon while shopping, and 39 percent are likely to make a repeat purchase after using the coupon earlier. The same report said that while 30 percent of shoppers said they are more loyal to brands who offered them coupons, 26 percent revealed that they enjoy sharing the deal with their friends and family.
92% of shoppers looked for coupons before shopping
In 2020, a Statista report with 1200 participants found that 92 percent of shoppers search for coupons and offers before buying online. All the participants were from the United States, and a mere 8 percent of shoppers didn’t bother to look up coupons while shopping online. This statistic reveals the importance of coupons in the online shopping world and why organizations need to keep innovating to service consumers on this front.