What are coupons? We have all heard of the word and we’ve seen multiple retailers flaunt their newest coupon deals and offers. Here we take you through everything related to coupons with our crash course on why you should start considering couponing.
What are coupons? How are they beneficial to customers?
- Common consensus agrees, a coupon is a ticket or document that can be redeemed for a discount for a financial discount or rebate when purchasing when purchasing a product.
- Customarily, coupons, are issued by manufacturers of consumer-packaged goods or by retailers, to be used retail stores as a part of sales promotions.
- Coupons are beneficial to price-sensitive buyers as the sales of products that are of value or are sought out for in the market can be provided to a larger demographic. This allows customers who usually would have not opted to purchase a good or product to consider the options of purchase. By giving the power to the customer to make their own decision, you allow the customer to feel like the choice they have made was their decision. This allows the customer to view their purchase in a better light and increases the possibility of them making similar purchases in the future.
- By providing coupons to your customers you may increase your sales thereby allowing your revenue to gain momentum. This can also increase the price ceiling for your goods and services.
- The reason why coupons might be beneficial to customers is due to the time crunch or expiration date that these coupons have. They give customers a certain duration between which they are to decide whether they would like to opt for a discounted price. Providing this expiration date provides a sense of urgency to the customer in order to make quick decisions. Evading the possibility of procrastination towards their purchase.
- One of the foremost benefits of coupons is that they allow you to purchase items you may have not considered before. For example, you always wanted to purchase a pair of speakers for your home theatre. You’ve always desired to have one of your own but felt that they were too expensive, or the price of the product did not reflect its value and therefore never saw the need to buy one for yourself. Suddenly you are given a Souq coupon code for 50% off on the price of a decent pair of speakers that you feel will suit all your needs. What would you do? Here is where the likelihood of your purchase increases.
Image Source: Soopeewee
- You may have previously not considered the option of buying yourself those speakers but now with the added benefit of a 50% off on the actual price of the speakers you realize that this purchase might be suitable for you. The price of the product is decreased, and you are now attracted to the product that you now see in a better light. Buying the product at a discount rate of 50% may not come your way every day. And you feel a sense of luck that you have managed to get the product for half of its price. Will you change your opinion of the speakers? Chances are yes. The brand has now encouraged you to purchase their item, and on your purchase not only do you enjoy your product and agree that it was of value for the amount that you have paid, you are now aware of a new competitor in the market. This is an advantage for the brand as well as they now have an increased group of new customers they can provide their goods and services to. This allows them to increase the customers that come back to their store to purchase their products.
- This encourages them to build a stronger market base for the introduction of new products thereby increasing their profit and profit margin. Coupons drive traffic to a store, that then encourage consumers to purchase non-discounted products. And is seen as a common marketing strategy for food and retail stores.
Image Source: ScoopWhoop
- It introduces new products to customers as well as adds customers to the store allowing this to be a strategy that benefits both the consumer and the provider in the long run. Consumers are now aware of new offers through email or social media, and in turn keep both the consumers and brand aware of the change in needs and the increasing dynamic of the present market.
- Coupons also encourage consumers who are less inclined to shop to consider revising their spending habits and allow themselves to increase their spending budget. This allows stores to increase their inventory in turn increasing their sales. Using techniques to remind customers that they may have not purchased an item in a while, customers are now encouraged to browse through the newest offers and discounts creating a cycle of supply and demand that benefits both the spectrums of the chain.
- Certain business strategies benefit both the consumer and the brand allowing for a fine balance in supply and demand. This allows for a sales equilibrium by providing consumers the products they desire at reasonable prices as well as allowing companies to clear their inventory for newer and better products and services.
Head down to CouponCodesME.com and avail these benefits. It’s simple – find a coupon that’s relevant to you, use the code on the retailer’s website, and voila! Avail discounts and offers from your preferred brands and save!
Article Credits- Muskan Sukarchakia