Coupons are offers or deals that allow customers to purchase any product at a reduced price. It is mainly issued by retailers or manufactures to add value to their products. Study shows that 81% of customers regularly use coupons one way or the other.
Coupons were originated back in 1886 by the Coca Cola Company. This coupon marketing strategy transformed Coca Cola into one of the biggest beverage companies today. Using this coupon strategy, many companies are coming up with innovative coupon marketing strategies to increase the current purchasing rate.
Customer behavior has evolved over the years. Similarly, the love for online digital coupons and promo codes has also significantly increased. This is because coupons are simple and easy to use. It is found that more than 25 million Americans use coupon apps every month to save money.
How do coupons attract customers?
Some of the coupon code latest trends and statistics 2020
What are digital coupons and coupon market?
Coupon code is one of the biggest marketing tools to increase revenue. Coupon statistics show that 80% of the buyers feel smart while using coupons. In this article, we will be discussing the digital coupon market size, online coupon stats, and types of coupon marketing.
TYPES OF COUPONS:
Coupons have become an important part of retail. They attract customers and persuade them into buying certain services or products. Each coupon offers different deals. It can include free shipping, a certain percentage off (20%) or buy one get one free deal.
There are three major types of coupons i.e. Digital Coupons, Paper Coupons, and Printable Coupons. These are further divided into several kinds of coupons.
Digital coupons like paper coupons can be found through newspapers or the internet. However, they are more popular as they can be utilized in online shopping. They are also called E-coupons. Digital coupons are of various types. They can be downloaded or scanned through mobile phones. One of the fastest growing online coupon types is coupon codes or promo codes.
- $31 billion promo codes redemption occurred in 2019 worldwide.
- Online coupon stats show that 60% of customers love receiving online coupons.
- 05 billion people are estimated to use mobile coupons globally.
- 67% of people shop through digital coupons.
Printable coupons are a set of digital coupons that can be printed through the internet. They are available for a certain time and there is a limit on how many coupons a person can print.
- 58% of customers use printable coupons than last year.
- 271 billion printable coupons were distributed.
Paper coupons are not preferred by many people. However, it is still available at most stores. Paper coupons allow customers to save more money. It can be collected from Sunday papers or magazines.
- 77% of people shop through paper coupons.
- 84% of customers say coupon usage influences their shopping decision.
- 30% of people reported an increase in their coupon usage from the previous year.
Coupons play an important role in engaging customers. Customers use coupons to save money. Coupon insights revealed that 90% of customers use coupons one way or the other. Coupon industry is rapidly growing and more people are opting for online coupons and discount deals. These deals help customers to buy products at an affordable and reduced price.
- Coupon statistics show that the digital coupon will set up to 56.5% by 2025.
- 48% of the people are more likely to shop earlier to avail of an offer.
- According to coupon code statistics 2020, 37% of the people revealed that they spend relatively more money during coupon usage.
AMERICANS USE COUPONS – COUPON CODE STATISTICS 2020:
- According to online coupon stats, Americans have redeemed 126.8 million online coupons in 2016.
- This value is predicted to grow to 145.3 million users by 2021.
- 52% of internet users are known to use digital coupons in the US.
- According to coupon statistics, 50% of Americans prefer to get coupons through the mail.
COUPON CODE LATEST TRENDS AND STATISTICS 2020:
Coupons influence customers’ purchasing decisions and shopping behavior. Although variation is seen based on gender and age, coupons have taken the shopping experience to a whole new level.
Customer Use Coupon Based On Age:
- According to coupon statistics, 89% of baby boomers use coupons.
- 90% of Generation X redeemed coupons.
- The latest stats of promo codes indicated that 94% of millennials use promo codes.
- 86% of millennials say that discounts and free shipping influence their shopping decision.
Demographic Facts about Coupon Usage:
- 96% of students are more likely to purchase from the same brand twice if they offer student discounts.
- Online coupon stats revealed that 78.4% of students are known to check for discounts or sales during online shopping.
- 78% of college-educated individuals are more likely to use coupons as compared to non-college educated individuals.
- Coupon code statistics 2020 indicated that 92% of people are likely to look for deals even when they are not actively purchasing.
- 53% of the individuals revealed that they spend more than two hours looking for deals and vouchers.
- 82% of the shoppers are known to redeemed coupons within a week or less.
- 30% of the customers are more likely to redeemed digital coupons within 24 hours.
- 41% of the customers are more likely to buy a product if they have exclusive coupons.
- 38% of consumers revealed that they buy stuff they don’t need if they have coupons.
- Coupon code statistics 2020 stated that customers that use coupons spend 24% more than normal buyers.
- 28% of buyers are more likely to purchase a more expensive item than intended using a coupon.
- 39% of customers are most likely to purchase from a brand that offers coupons, they otherwise wouldn’t have.
Customer Loyalty and Coupon Statistics:
- 68% of customers use promo codes and discounts, generating loyalty.
- 50% of the customers say that they are more likely to visit a shop if it has coupons and vouchers.
- 36% of customers revealed that getting exclusive coupons makes them feel special.
- 68% of shoppers indicated that digital coupons help shape brand awareness.
Millennials Coupon Preference:
The above table shows the top 5 categories most millennials seek coupons and deals in. Coupons help them stay in budget all year and purchase these items at a low price. Millennials are known to use coupons to get groceries the most, followed by cosmetics, and clothing.
EVOLUTION OF COUPON CODE:
|1887||Coca-cola gave out its first coupon|
|1930||Coupons become a major part of food shopping|
|1950||First official coupon redemption company was established called Nielson Coupon Clearing House|
|1970||Coupon clippings were added in Newspaper and Magazines|
|1990||The debut of Printable coupons and Coupon codes|
|2000||Digitalization of coupons ( coupons are available in phones)|
|2006||Twitter made Couponing social|
|2008||Groupon turn coupons into daily deals|
|2011||The popularity of coupons increased immensely through reality shows|
|2020||Auto apply coupons (browser extension to find best coupons)|
THE TIMEFRAME OF A YEAR IN WHICH COUPONS ARE USED MAXIMUM:
Although coupon usage runs all year long, there are specific months in which its sales and usage increase significantly. Since December is the month of Charismas and New Years’, a lot of people shop for presents and new gifts. That’s why customers are known to avail coupons and vouchers to get stuff at reasonable and low cost.
This is followed by Valentine’s Day in February in which couples buy several presents for their loved ones. Most companies offer special offers and exclusive coupons to ensure affordable and budget-friendly purchases. Many people also avail discounts and sale on Halloween in October as they have to purchase costumes and a lot of candies.
Although not many people buy presents or clothes for thanksgiving and ester, there is an increased coupon sale in these two holiday months. People shop for low-cost stuff. Many brands also offer free shipping in these months. This encourages people to shop more.
- 87% of customers look for deals and coupons when shopping for holiday gifts.
- 95% of retailers revealed that more sales are generated through coupons and promo in holiday seasons than the rest of the year.
- 51% of customers say they shop at stores that offer coupons and discount deals during the holiday season.
- 54% of e-commerce buyers expect to receive discount deals via email during the holiday season.
WHY COUPONS MARKETING STRATEGY IS IMPORTANT:
Coupons are widely used throughout the world. It has been estimated that in 2020, $142 million people are utilizing coupons. The coupon market is huge and is constantly expanding. Companies and brands are looking for new ways to use coupons as a promotional tool to earn revenue.
Studies show that 2.3 in 5 companies offer coupons to customers. This is because coupons have a high redemption rate. According to juniper research, digital coupon redemption is set to be $91 billion by 2022. Coupons are also known to influence customers’ purchasing behavior. Furthermore, they attract new customers while managing previous ones.
- According to coupon statistics, 36% of customers will more likely shop elsewhere if the discount or coupon is not available.
- 47% of customers prefer free shopping over the money-saving of products.
- 94% of American women are least likely to shop clothing items without discount.
COUPON DISTRIBUTION MEDIUMS:
There are several mediums through which coupons are distributed. In the earlier years, coupons were collected from newspapers, magazines, or stores in paper form. Although this method is still preferred by many, the coupon market has evolved and new channels are also available. This may include social media, mobile phones, SMS, E-mails, and discounted apps, etc.
Coupon code statistics 2020 indicates that 44% of customers prefer deals from newspaper clippings. 77% of customers shop through paper coupons.
Online coupon stats revealed that 81% of customers like to receive coupons and promos via email. Emails with coupons increased revenue by 48%.
Coupons send via SMS has 6 to 8 time higher engagement rate than via email marketing. Study shows that 75% of customers agree to receive SMS from brands.
Online coupon stats show that 79% of Facebook users like a page or brand to receive discounts or coupon codes. 54% of customers use coupons found on social media.
FUTURE OF COUPONS:
Coupons are the future of e-commerce and consumer marketing. Study shows that 60% of people love getting coupons as they make purchasing convenient and cheap. Customers get amazing deals at a reasonable price. This, in return, increases the sales and revenue of the company. However, more and more people now prefer online digital coupons.
New and better channels are created to distribute coupons. One such is QR code scanning and ChatBots. This makes dealing with coupons much easier. Coupon market is also creating specialized software that would serve as a coupon platform enabling customers to form their desirable deals and offers.