• Sunday , 10 December 2017

State of digital coupons in 2017? Growth & innovation

digital coupons use growingWho said coupons are dead? Koupon Media released its annual State of the Industry 2017 report showing strong growth and innovations in the coupon industry including:

  • US coupon users reached 104 million, up 11%
  • cross-channel promotions increase success
  • online ads increase coupon adoption by 200%
  • small format retailers using coupons grew faster than large retail
  • smart cars offer potential growth for digital coupons.

Cheryl Black, CEO of You Technology, highlighted research showing 42% growth in coupon redemption in 2016 and up to 101% when personalized offers are made to consumers. New research shows 60% of consumers are looking for sales and digital coupons and more than 50% will use mobile apps to shop in-store. Target’s new mobile app may offer payments as well as the way for shoppers to use digital coupons.

A new study found “geo-fencing” or GPS location data was 19% more accurate in predicting consumer behavior. Swarthmore researchers found that coupons for produce can boost purchase of healthy fruits and vegetables. Professor Brad Love (UCL Psychology) said a new research  model shows that consumers who recently switched brands are twice as likely to use coupons to also try other new brands. Brad Carter of Access Development updated his Ultimate Collection of coupon marketing statistics – a valuable reference for marketing professionals.

Digital Offers for Retailers: The Key to Personalization Success

https://pointofsale.com/2017012716416/Point-of-Sale-News/Digital-Offers-The-Key-to-Personalization-Success.htmlToday’s consumers respond to personalized engagement with the retailers they love and trust, but building strong relationships doesn’t happen overnight.

Retailers navigate a maze of platforms in order to digitally engage with their shoppers – from beacons to digital wallets, intelligent shopping carts to social media. But no platform has proven more effective at converting online engagements into in-store purchases and engagement than digital offers – consistently promoted – on retailer websites, mobile apps, and emails.

This is because of the best-in-class technology driving digital offers, as well as strong point-of-sale integrations that enable true personalization and flexibility for retailers. Based on our proprietary data, there has been a 42 percent increase in coupon redemption over the past year alone. Additionally, retailers that personalize offers for its shoppers see a tremendous increase in conversion rates – a 101-percent increase in the offer redemption rate above non-targeted offers. Prioritizing investment into digital offer platforms for both retailers and brands is critical to driving increased sales and top-of-mind brand awareness with shoppers. Via pointofsale.com

Online grocery sales to surge, grabbing 20 percent of market by 2025

http://www.cnbc.com/2017/01/30/online-grocery-sales-set-surge-grabbing-20-percent-of-market-by-2025.htmlAround a quarter of American households currently buy some groceries online, up from 19 percent in 2014, and more than 70 percent will engage with online food shopping within 10 years, according to “The Digitally Engaged Food Shopper” report. It also found that of those who will buy digitally, 60 percent expect to spend about a quarter of their food dollars online in 10 years.

The report also found millennial shoppers surveyed were more willing to buy groceries online in the future than other consumer groups. It also pointed out that roughly 3 in 5 grocery shoppers today are looking for sales or coupons on their mobile devices before entering the store and that just over half will use mobile apps to shop at the store.

“Grocery shopping will reach digital maturity and saturation faster than other industries that went online before, such as publishing or banking,” said the report. “Younger, newer and more engaged digital shoppers adopt digital technologies more quickly, and will hasten the expansion of digital grocery shopping further.” Via cnbc.com

Will Target Shoppers Embrace A New Mobile Payment App?

http://www.retailtouchpoints.com/features/news-briefs/will-target-shoppers-embrace-a-new-mobile-payment-appTaking a page from its competitors Walmart and Kohl’s, Target will introduce a mobile payment app this year, according to Reuters. The mobile payment space is already highly competitive, with both individual retailers and power players Google, Apple and Samsung all vying for consumer and retailer acceptance.

Earlier in the decade, all three retailers had supported the Merchant Customer Exchange’s now-defunct CurrentC payment app, but they have since gone their own ways.

Target didn’t provide details on a projected launch date or specifics about how the app would work, but CIO and Chief Digital Officer Michael McNamara told Recode that it would make sense for Target to provide shoppers with a means to both pay and use digital coupons in a single step. Via retailtouchpoints.com

Mobile Marketing 2.0: It’s Not Just Where You Are but Whom You’re Near

GPS proximity and couponsCompanies love knowing where potential customers are hanging out at any given moment. By “geo-fencing” or using GPS data, companies can target customers based on their exact location and send promotional messages directly to their phones.

Location data can also help to discover customers’ personal preferences. Research now shows that consumers are more likely to respond similarly to a mobile marketing offer or coupon if they have recently been in the same physical place.

A new study found that location data is a better predictor—up to 19% more accurate—of consumer behavior than information about demographics (age, income, education) and psychographics (values, lifestyle, and personality). Via newswise.com

Swarthmore Economists Discover That Coupons for Produce Can Boost Healthy Food Purchases

coupons for vegetables increased sales“We were exploring the idea of whether specifying it as a coupon for fruits and vegetables would put the coupon in a sort of psychological account for produce,” adds Ellen Magenheim, professor of economics.

The magnitude of the result surprised Bronchetti, Magenheim, and their co-author, David Huffman, former assistant professor of economics at Swarthmore. As highlighted by National Public Radio, giving shoppers the coupon for produce led them to spend more total dollars on fresh fruits and vegetables. But giving them the coupon for use on any food in the store did not significantly impact their produce purchases.

“We did find a rather large difference between the coupons in terms of their impact on the amount of produce people bought,” says Bronchetti. “It was essentially the full three dollars, and I don’t think either one of us expected to see that much mental accounting [in the minds of shoppers] going on.” Via newswise.com

New model predicts when people are willing to try new things

https://phys.org/news/2017-01-people.htmlThe team analysed anonymous purchase data from over 280,000 shoppers who regularly bought products in six categories: beers, breads, coffees, toilet papers, washing detergents and yogurts. Individual shoppers were represented only by anonymous dataset numbers with no personal or identifiable information.

“We developed a model to predict when somebody is ready to try a new product, such as switching from one brand to another,” says Professor Brad Love (UCL Psychology), senior author of the study. “Our model shows that the more people purchase a product, the more likely they are to continue to do so, until they reset the cycle by exploring a new product.

To test our theory in the real world, we sent coupons to thousands of people and used the model to predict who would use them. The model worked – people who had recently switched brands were twice as likely to use the coupons to try a new product.” Via phys.org

Coupon Statistics: The Ultimate Collection

http://blog.accessdevelopment.com/ultimate-collection-coupon-statisticsFor many, coupons have strange connotations. They’re something moms cut out, or they’re only used by poor folks or the elderly.

In reality, the opposites of these are true – coupons are incredibly popular among affluent folks and millennials (not to mention every other demographic), and they don’t even have to be printed out anymore, so keep your scissors in the junk drawer.

As these statistics reveal, the coupon is still a driving force in commerce that connects people (and their wallets) to brands. Via blog.accessdevelopment.com

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