2021 Coupon Case Study: 63 Coupon Statistics You Need to Know
Coupons have a direct impact on how consumers conduct their shopping. While coupons used to be associated with promotions that would be found in the Sunday paper, that’s not what we see today.
Today coupons are targeted and digital. And they have the power to influence a consumer in profound ways, from their purchase patterns to their brand loyalty.
Recent research has shown that ninety percent of customers use their coupons in the same way as they go through the purchasing process. For brands, this is good news.
This research tells brands that they can reach both new and existing customers in a specific way to influence their purchasing decisions. For all of the couponing statistics, you should know in 2021, check our list below.
Alternatively, check out our coupon statistics infographic below to learn how to use coupons to maximize your customers’ influence into making the purchases you want them to make.
General Coupon Statistics
Millions of Americans are using coupons, both digitally and in print, to maximize their savings on their purchases. The redemption of these coupons is consistently on the rise.
In recent years, researchers have noticed increasing popularity in the use of electronic coupons. It is estimated that in 2021, 31 billion electronic coupons will have been redeemed worldwide. This rise is considerable when it is compared to the 16 billion electronic coupons that were used in 2014.
According to research, more than 57.5% of internet users in the United States have redeemed a coupon or code digitally at least once. We can only assume that that number will continue to grow.
Now that we have looked at the statistics of digital coupons, it is clear that the online market is hot. If you haven’t jumped on board yet, now is a great time to get started.
Here are all of the facts that you want to know regarding promo codes and digital coupons. These facts will help you understand how to use digital coupons most effectively to benefit your company and your consumers.
- 90% of consumers use a form of coupons regularly (Valassis)
- By 2120, there will be around 1.05 billion people using coupons (Juniper Research)
- In 2019, there were $47 billion worth of digital coupons redeemed (Juniper Research)
- It is estimated that by 2022, the number of digital coupons redeemed will surpass $91 Billion (Juniper Research)
- The mobile coupon industry is anticipated to increase by 56.5% by the year 2025. (Orian Research)
- Consumers saved $3.1 billion with coupons for consumer-packaged goods coupons in 2019. (NCH Marketing Services)
- Consumers had hit $1.4 billion in savings using consumer-packaged goods coupons by mid-2021. (NCH Marketing Services)
- Since 2017, both digital and print coupons have risen YoY. (NCH Marketing Services)
- By 2019, it is anticipated that 31 billion electronic coupons will be redeemed worldwide. (Statista)
- This number shows an increase from 2014 to 93.75%. (Statista)
- By the year 2022, it is anticipated that digital coupon redemption will rise by 94. (Juniper Research)
- Mobile redemptions will account for about 80% of coupons redeemed by the year 2022. (Juniper Research)
- By 2022, there will be a 1.1 billion increase in Chatbot coupon volume. (Juniper Research)
- Couponing apps are being used by more than 25 million shoppers in America each month to enable people to save money. (source)
How Consumers Find and Use Coupons
More and more frequently, consumers are seeking out coupons throughout the mobile and digital worlds. Their ability to find deals directly impacts their purchasing decisions and how they view their overall shopping experiences.
- 32% of people would prefer to get their coupons directly on their smartphones than anywhere else. (Valassis)
- 93% of millennials access deals online using their mobile devices. (ReadyCloud)
- 55% of people are currently using both paper coupons and digital coupons. (Inmar)
- 53% of coupon users would like to see all coupons become digital. (Inmar)
- 63% of people say that they would use coupons more often if they were more readily available. (Inmar)
- 97% of people look for deals while they are shopping. (Hawk Incentives)
- 92% of people look for deals all the time, even when they are not currently shopping. (Hawk Incentives)
- 40% of people say they feel more intelligent when they find amazing deals. (Hawk Incentives)
- 86% of people who have household earnings of more than $200,000 a year or more report looking for discounts and deals. (Hawk Incentives)
- 87% of people with a household income of $20,000 to $39,000 say they look for deals and discounts while shopping. (Hawk Incentives)
- 85% of consumers with a household income of $100,000 to $149,000 say they actively look for deals and incentives when shopping. (Hawk Incentives)
- 53% of shoppers admitted they frequently spend two or more hours a week looking around for discounts and savings online and in person. (Valassis)
- 25% of moms admitted to spending four or more hours a week looking for deals and savings online and in person. (Valassis)
- 82% of consumers redeem coupons within two weeks of receiving them. (Inmar)
- 30% of consumers redeem a digital coupon within 24 hours of receiving it. (Inmar)
How Retailers Can Use Coupons
Retailers are increasing their offerings of coupons and deals to consumers to entice them to shop at their stores.
- 48% of companies in the United States rely on mobile coupons for their marketing. (ReadyCloud)
- The overall distribution of digital coupons increased by 27% in 2017. (NCH Marketing Services)
- The digital distribution increase has contributed to a 47% increase in the redemption of paperless coupon redemption. (NCH Marketing Services)
- 35% of retailers in the United States believe that they have an effective strategy to manage their promotions and prices in paper and online. (Precima)
- 50% of retailers in the United States state that consumers’ increased price sensitivity is a challenge. These businesses worry about how customers view their prices. (Precima)
- 48% of retailers in the United States feel that competitors’ aggressive pricing strategies are their most considerable pricing challenge. (Precima)
How Coupons Can Affect the Purchase Journey
Coupons can affect many aspects of the shopper’s experience. From where they shop to what they buy and how much they spend.
When emails include a coupon, they are 14% more likely to be opened. Additionally, these emails have a 34% higher unique click rate and a 27% higher transaction rate than emails that do not include a promo code or coupon. (ReadyCloud)
- 83% of shoppers admit that coupons have the power to change their shopping choices. (Inmar)
- When emails include a coupon, they produce 48% more revenue for each email. (ReadyCloud)
- 89% of shoppers say that price is the top factor that impacts their purchasing choices. (Hawk Incentives)
- 48% of shoppers say that a coupon can lead them to purchase sooner than they intended to. (Kelton)
- 41% of shoppers say they are likely to go out of their way to find a product if they have an offer for it. (Kelton)
- 38% of shoppers admit they are likely to purchase something they don’t need if they have a coupon for it. (Kelton)
- 37% of people said that having a coupon leads them to purchase more items than they usually would. (Kelton)
- 28% of shoppers say they are more likely to buy a more expensive product than they intended to when they have a coupon. (Kelton)
- 25% of shoppers say they frequently spend more than usual when they have a coupon. (Kelton)
- 39% of consumers admit that they have purchased from a brand they usually wouldn’t because they had a coupon for that brand. (Inmar)
- 94% of consumers will take advantage of a brand’s exclusive offer if the offer is not generally provided to the public. (Kelton)
- 58% of people who use an exclusive offer are more likely to continue to purchase that brand. (Kelton)
- People who use coupons spend an average of 24% more than shoppers without coupons. (Deal Nerd)
- 60% of people list accessing the lowest process possible as the most important thing to them when they are shopping online. (Radial)
- 68% of those people report that they will not shop online if they do not have a coupon code. (Deal Nerd)
Coupons and the Impact on Customer Loyalty
Coupons are useful for bringing more than just a short-term revenue stream. Coupons bring both brand awareness and customer loyalty, leading to long term ROI.
- 68% of shoppers report an increase in brand awareness because of digital coupons. (ReadyCloud)
- 68% of consumers say they are more loyal to brands with coupons. (ReadyCloud)
- 50% of consumers report that they are more likely to go to a store if they have received a promo code of digital coupon from them, even if it’s out of the way. (ReadyCloud)
- 76% of shoppers report that discount offers that are personalized to them based on their shopping history are essential to them. (LoyaltyOne)
- Around 50% of millennials find limited-time offers are more enticing, and they spend time looking out for offers that don’t last long. (Coca-Cola)
- 82% of shoppers feel that having access to exclusive offers increases the frequency they shop with a particular brand. (Kelton)
- 91% of consumers admit that they would share their exclusive offers with family and friends. (Kelton)
- 86% of Millennials feel that discounts and promos are essential influencers on their purchases. (Lab42)
- 76% of Gen Z’ers feel that discounts and promos are influential to their purchases. (Lab42)
- 54% of shoppers think that receiving an exclusive offer from a company or brand makes them feel rewarded and appreciated. (Kelton)
- 47% of shoppers feel excited when they receive an exclusive offer from a store or a brand. (Kelton)
- 36% of shoppers feel special when they receive an exclusive offer from a store or brand. (Kelton)
Coupons are quickly becoming a vital part of the process of purchasing. Consumers are increasingly using coupons, and it is predicted to continue increasing in the coming years as consumers express their desire to see more offers from specific brands and companies.
Coupons can drive more than just sales for a brand. Coupons have proven to generate loyalty, increase brand awareness, and influence consumers’ overall purchasing decisions.
To see more about how you can use coupons as a method to drive loyalty from your customers, and influence their purchases, take a look at the full infographic below.
As mobile coupons become more and more popular, it is easy to visualize how they will continue to grow in the next few years. Based on the increase in focus on mobile marketing we have seen in recent years, it only makes sense.
Currently, statistics on digital coupons show that the number of redeeming coupon codes on their mobile phones will continue to rise significantly as digital coupons become more popular among shoppers.
Coupons and Promotional Codes FAQ
A string of numerals and alphabets used by online stores to promote the buyer to purchase things from their website are known as promotional codes. These promo codes are linked to promotional marketing’s entire strategy to offer a discount on the whole order or every product.
1) Working of promo codes
The promo codes’ discounts to the customers can be a certain amount of dollars or percentage with free gift-wrapping or shipping. It gives another reason for the customer to buy their products.
As per Microsoft, a combination of letters and numbers makes a promotional, discount, or coupon code that is used for particular reasons, including a marketing campaign for holidays, etc.
2) Reasons for the effectiveness of promotional codes
The customers get an incentive to buy from the business that issues promotional codes to benefit both the business and customers. The online store earns revenue, whereas the customer receives the desired products at a lower price.
The best thing about these promotional codes is their significant results with repeating as well as new customers. According to research, the overall experience of shopping can be influenced by these incentives.
According to the director of the Center for Neuroeconomics Studies at the Graduate University of Claremont, Paul J. Zak, it can be more enjoyable to get a coupon than getting a gift physically.
The study has revealed that the happiness hormone oxytocin level increases when someone receives a promotional code. It can be an elegant thought to include these codes in your business plan of monetizing your blogs due to this reaction on the minds of your probable readers.
3) Using promotional codes to track efforts of marketing
According to Inc. Magazine, you can effectively track all the marketing platforms by using promotional codes to know, which generates conversions or traffic effectively.
By using a few promo codes on an advertisement or a marketing campaign, business owners can track their marketing efforts. They need not create discounts for each ad as different codes can offer the same discount. You must have a new code.
For instance, a business can code with a slight difference like Sale TW, Sale PT, or Sale FB, etc. So, all the platforms, including Twitter, Pinterest, and Facebook, can have unique promo codes.
It can be helpful to add individual letters and numbers to an ad advertised on social media or an email so that customers can see them so that he can follow the promotion instead of clicking-through it instantly.
You can still know and examine the ROI of a marketing campaign through a platform as the customer informs about his location or sees the ad, just by entering the modified promo code.
4) Ways to use promo codes
A store can know that all the promotional conditions are met before confirmation as a customer enters the code while checking out. For instance, if a promo code offers a 20% discount on shopping of $200 or more, then it will not work unless it meets the minimum requirement.
To exclude certain products or brands, you can modify your requirements.
5) Use of several codes
You can allow your customers to use one or several promo codes at a time, depending upon your website.
You should ensure the profitability of the transaction for you by using any combination of codes while deciding about the number of codes you can allow your customers to use
6) Different types of promo codes
Normally three types of promo codes are used by owners of the store, including:
Private codes: These codes are used to attract people of a certain group. Usually, new shoppers are used to providing a unique opportunity to their loyal customers to shop from them as they can bring new consumers to their store.
Public codes: These promo codes and be seen and used by anyone. They can attract all types of customers, new and old, to visit the store.
Restricted codes: These codes are focused to be used only once by a particular user. You can use this type of promo code to thank the customer to buy from your site or apologize to him for his order’s delayed supply.
Mostly all three promo codes can be used by your online store. It will help you provide various types of reasons to connect your customers to purchase from your site.