Research has revealed the importance of discount codes to retailers
My Voucher Codes’ success story is enough to prove that voucher codes are mainstream currency. After identifying the lucrative US coupon sites and realizing that there was no UK equivalent, he launched the business using a £300 website. Eight years later, the company was sold for more than £60m.
While I believe that good management is a key factor in this company’s success, it is also true that businesses that are able to profit from the mood of the people can perform well during a recession.
The financial pain of many is decreasing. However, our love for voucher codes isn’t diminishing. While their use used to be a secret operation, we are now louder and more proud about our discounts.
For today’s voucher codes head on over to Voucherful.co.uk.
Consumer research undertaken amongst 2,000 UK adults (via ICM research) for digital marketing agency,
Browser Media reports that four in five UK adults have applied at least one coupon within the last year. Some ‘addicts’ claim to have used 50+. While women are more likely than men to use discount codes and vouchers (18 per annum vs. 15, respectively), men think they are more knowledgeable than women when it is comes to finding good deals online (44% vs. 40%).
Recalling the theme of our openness and willingness to use these codes, 41% said that voucher codes are now more socially acceptable.
The Browser Media blog has more information on the statistical findings. However, for retailers who are considering adopting a strategy with voucher codes, this is some food for thought.
28% of respondents say they will always compare prices online. Retailers need to make sure they have a consistent pricing strategy to ensure that customers are aware of what to expect when they shop using different channels.
13% of respondents said that they don’t like checkouts that allow them to apply the coupon code at the end. However, consumers feel more confident if the discount can be clearly seen on the product/shopping pages before checkout.
A mere 11 percent of people are more likely than the rest to use a discount code that is memorable. This means that they will remember it and be more likely to use it.
If you offer a discount code box, your customers will abandon their checkouts as they search for a code. You may see more sales and a higher value depending on what type of offers are made.
There are no shortcuts when it comes creating discount voucher strategies. Regular testing and measurement will help you evaluate the success of offers and make informed decisions. It is evident that coupon codes will be around for the long-term and online retailers need to consider whether this type of merchandising is profitable.