Coupons make people happy, and that’s an empirical fact. A study from a professor of neuroeconomics at Claremont Graduate University found that receiving a simple 10-dollar coupon raised customers’ oxytocin levels (a hormone directly related to happiness) 38 percent. That number isn’t typically raised that high, even by a kiss.
It’s plain and simple: consumers want your coupons. But what’s the best way to give them access? In 2013, 66 million digital coupons were redeemed. The most popular searched coupons were groceries at a 53 percent share of the market, so when it comes to making your customers happy, improving your bottom-line and expanding your online presence, digital is clearly the way to go.
Good for them. Good for you.
We’ve established that coupons are good for the customer, but what about the business? In addition to bringing in new shoppers and creating brand loyalty, Internet coupons are simply cost effective. Compared to printing and distributing physical copies, a simple email or social media post could bring in even more customers at a fraction of the cost: 96 percent of consumers get their coupons online, and online coupon use nearly doubled from 2010 to 2013. Internet coupons can have a noticeable effect on conversion rates for your website too. According to Upstart Business Journal, local business websites see their conversion rates improve three to four times just by making online coupons available on their sites.
Expanding digital presence.
Online coupons can create the opportunity to grow your online presence too. If you’re converting even a small amount of online coupon users, you can feel confident they will bring their friends online with them: 28 percent of consumers are likely to share the deals they find on social media and 40 percent share email deals via email to their friends, according to coupon website VoucherCloud. Incorporating your coupons with emailing and social media campaigns can expand your reach and search numbers too, because 71 percent of consumers say they search for a coupon after hearing about it on social media.
These numbers make it crystal clear: Online coupons are not the way of the future; they are the way of the present.