Four Effective Methods That Retailers Will Use to Connect to Customers with Coupons in 2014
Thanks to the increasing popularity of mobile devices and online shopping, the world of couponing has drastically changed in more ways than the average consumer or critic would like to admit. The US economic recession forced millions of consumers to pay closer attention to how they were spending their money and to search for effective ways to spend less of it in the future.
Coupons have always been proven tool to save savvy customers a substantial amount of money each year, but there are five key ways in which retailers will be using coupons to reach and connect to even more customers now.
An Exponential Increase in Digital Revenue
One of the most noticeable changes and market trends that will directly affect coupons in 2014 is the exponential increase of digital revenue and mobile consumers in general. In recent years, the overall convenience and efficiency of online shopping has built a solid foundation for mobile consumers and eCommerce.
One study shows that the average annual increase of the number of people who use mobile coupons will exceed 53 million in 2014, according to Business Insider, in order to correspond with this increasing demand. Consumers who are not yet comfortable or familiar with online coupons can potentially miss out on quite a few opportunities for savings in the year ahead.
More Customers Will Return to Physical Stores
With the increasing popularity and prevalence of online shopping and eCommerce overall, it may seem as if more potential customers would continue moving towards the Internet and away from traditional, brick-and-mortar stores. Contrary to popular belief, however, the exact opposite will take place in 2014. One study has confirmed that effective marketing strategies focusing on online discounts and coupon codes will drive many consumers towards brick-and-mortar locations instead of away from them.
This is primarily because there will be an influx of coupons and codes specifically designed to drive customers into the store either to take advantage of the savings or to have full access to the physical inventory of their favorite stores when using their newly acquired coupons.
Improved Relationships between Consumers and Companies
Another advantage that will become evident through coupon trends in 2014 is that companies and firms will be able to use these savings tools to establish bonds and relationships with their customers and clients. Keep in mind that a lot of information can be derived simply through the mobile device used by the average consumer, especially when those devices are used to finalize sales and make online payments. Studies have confirmed that companies will use these savings tools as analytical techniques in order to fully understand the consumer data that they acquire each time these coupons are redeemed. Since the average annual redemption rates for online coupons is more than 260 percent, according to Statistic Brain, this presents a massive opportunity for the average company to gather a substantial amount of information from each customer.
Increased Usage of Coupon Apps and Programs
Establishing a connection with the customers will go far beyond traditional, in-store sales and improve relationships that gather more consumer data. More retailers and companies will find an efficient way of developing and distributing coupons by relying on applications and websites that have been specifically designed to handle the distribution for them. One study conducted by the NPD Group, a consumer market research firm, showed that more than 25 million Americans use these applications every month and that number is only expected to increase along with the number of mobile devices sold within the US throughout 2014.