[Compete, June 8, 2010]
Savvy consumers have long looked to coupons for additional savings, but a recent study shows that online coupons can have a significant impact on a retailer’s bottom line. According to a recent “Online Shopper Intelligence” survey conducted by Compete, one-third of online shoppers generally use coupon sites while shopping online. What does this mean for retailers? The following are some key findings.
Coupons can drive sales. 57% of shoppers who used a coupon code during checkout said that if they had not received the discount, they would not have competed the purchase.
Coupons have a high ROI. The small discount consumers receive incentivizes and encourages shoppers to spend more money.
Consumers who used a coupon on their last purchase spent an average of $216. That’s a 56.5% increase compared to the average $122 spent by consumers who did not use a coupon.
Coupons can increase good will with customers. Customer satisfaction was about 4% higher for consumers who used a coupon compared to those that did not.
Coupons can build customer loyalty. Consumers who use an online coupon are 5% more likely to buy from that retailer again.
Consumers today are shopping differently. They are taking full advantage of the tools available to research products before buying and comparison shop to make certain they are getting the best value. Overall, consumers saved about $5.98 million online in May, 2010. Still, online coupons offer much more than small discounts for consumers. Retailers who offer coupons are benefiting from higher valued purchases and increased brand loyalty.
Wondering who had the most online coupon response this past month?
According to coupon aggregator RetailMeNot, the following two companies had the most popular coupons in May, 2010.
- Hotels.com: $30 off a five-night booking
- IHOP: free entree with the purchase of two entrees and two beverages