The surge of coupons and discount vouchers may have cluttered the inbox or spammed social media profiles of consumers, but how useful and lucrative are they for them? Let’s dive into the ocean of retail outlets and e-commerce sites that offer you countless discounts and numerous vouchers.
Improving Consumer Experience
Coupons that are distributed over the internet are useful for consumers as they allow the organizations to improve the shopper experience at the store as well at the website. The shelving strategies and product suggestion mechanisms work more effectively when consumers utilize these coupons and avail discounts.
Data Collection Instrument
Coupons are often distributed online and materialized physically in retail outlets. This allows the businesses to track the customer through every stage of purchase cycle. The consumer behavior is closely monitored and the data is secured for future marketing strategies.
We can not simply ignore the monetary benefits that consumers reap from these discounts, the hustle and bustle of Black Friday and Cyber Monday is an undeniable truth of the shopping season that jolts the entire world at the end of the year. On the other hand, businesses also get the opportunity to get rid of their excessive stock which has a storage cost as well as risk of discontinuance.
Providing Diverse Solutions
By attaining coupons, consumers might try and test brands that they were always reluctant to do so in the past. The tested brands will provide consumers with a wide array of new choices. If the tested brand turns out to be a good option, the producer gains a loyal customer whereas a bad experience will save other shoppers from wasting their money on the brand through negative reviews. The benefits are countless, and the seekers are also uncountable.
Greater Brand Awareness
The consumer purchase cycle is not a linear process, it is intertwined with several loops of complexities concerning the buyer’s behavior. With the inculcation of concepts like Search Online Purchase Offline (SOPO), the process has become more complicated for the businesses. Albeit, the same process has been advantageous for consumers, as they benefit from the presence of myriads of product reviews that influence their decision making.
Consumers are no more naïve, their accessibility to product discussion forums and social networking sites compels them to research thoroughly before investing their resources into something. The coupons force the consumer to research about a brand and its peculiarities, thus benefiting the organization in the form of brand awareness, and at the same time, equipping consumers with the tools of making informed shopping decisions.
Tools of Remarketing
Coupons are not only effective tools of attracting new consumers, but they also enable organizations to plan their remarketing strategies. To attract an existing customer who has been dormant, dispatching a discount voucher would lure the customer into making another purchase. This point of interaction will further strengthen the bond of brand loyalty and brand affinity.
Redefined Propositions of Targeting and Positioning
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