When most people think of the term “couponing” they are reminded of the popular reality TV series where coupon-savvy shoppers use their prowess to reduce grocery bills down to unbelievable margins using cut-out paper coupons. But in this digital age, coupons aren’t just a way to save money at the grocery store anymore.
Rather, digital coupons are a proven e-commerce conversion model, one that reduces cart abandonment, improves brand awareness, supercharges email marketing and helps online shoppers close the deal more often than not. Combined these with a Shopify CRM that you can see on ReadyCloud, and you’ll have a solid formula for improving customer loyalty and retention across the board.
Take a look at these digital coupon statistics for more clarity.
Digital Coupon Statistics for 2019
- Around 8 million digital coupons were redeemed in 2016, with estimates finding that number will climb to 145 million by 2021.
- 57% of online shoppers in the U.S. have redeemed a digital coupon.
- 68% of shoppers say that digital coupons help improve brand awareness and loyalty.
- 25 million Americans currently use couponing apps and services to save money with online purchases.
- In 2017, an estimated $3.1 billion in savings was realized by consumers thanks to digital coupons.
- 97% of consumers are looking for the best deals and savings when shopping online.
- Digital coupon adoption rates are steady, at around 26%, since 2014.
- This year, experts say consumers will redeem 31 billion digital coupons.
Average Ecommerce Conversion Rate
On average, the global e-commerce conversion rates range from 1%-3%, according to a report by Econsultancy. For 2018, the median conversion rate on e-commerce was an average of 1.4%.
To improve your conversion rate, experts suggest that you perform conversion rate optimization. This includes A/B testing your landing pages and the layout of them to increase quality score. It also means considering adding options like digital coupons and special offers.
With more than 45% of device users pegged to redeem a digital coupon this year, and with 25 million American consumers relying on couponing apps and services to save money on their online purchases, it’s a sure bet that offering a redeemable coupon is a the easiest way to get your conversion rates to improve beyond the median 1.4% average.
How Coupons Help Marketing Teams
Stronger conversions go hand-in-hand with efficient marketing methods. But how are digital coupons helping marketing teams notch more wins with each campaign?
Here’s a quick look at the connection between digital coupons and marketing:
- 48% of U.S. companies online are currently using coupons to market their products and services.
- 60% of online shoppers are happy to receive digital coupons and special offers.
- 77% of customers spend between $10-$50 when they redeem a digital coupon.
- 59% of online customers say digital and mobile coupons are the most exciting way to advertise a product or service.
- 62% of smartphone users will redeem a digital coupon in the future.
With these facts in mind, adding a digital coupon to your marketing method is a no-brainer. They’re proven to spend increases, conversion enhancers and loyalty boosters. What’s not to love about them?
Improving Email Marketing
One of the most efficient tried and true methods of reaching your target base are still via email marketing. But what’s the connection between email marketing, digital coupons and average e-commerce conversion rates?
Let’s first look at these facts about email marketing:
- 33% of emails are opened by recipients.
- 44% of recipients have made a purchase over the past year.
- About half of any given email list contains active users.
Now that we have those numbers, how can digital coupons improve this remarketing method? Digital coupons improve email open rates by 14%, while increasing click-throughs by 34% and transaction completion rates by 27%. That’s how.
The Final Scoop
So, there you have it, not only are digital coupons embraced by almost 70% of consumers, but they are seen in a positive light, with consumers wanting to receive the special offers in them.
What’s more, they’re proven to increase spend, awareness and loyalty, while also supercharging other marketing methods like social ads, PPC, SEO, promo-codes and even email marketing. Add them to your marketing arsenal.