The Roman philosopher Cicero once said, “Cannot people realize how large an income is thrift?” Many people do know that, which is why saving money is so appealing, hence the ongoing popularity of coupons. But have mobile coupons really caught on yet, particularly when compared to paper?
A Definitive Survey on Mobile Coupons
CodeBroker just released its 2018 Mobile Coupon Consumer Research Report polling 1,204 Americans with a fairly even spread between generations and a 55%-45% ratio of female consumers.
The results are very insightful. Those surveyed indicated a growing preference for the use of mobile coupons (47%) over using paper coupons (53%). It’s clear that mobile coupons are almost at parity with paper coupons and that this trend will only continue upwards for mobile platforms.
Digital coupons delivered by mobile devices offer multiple channels for consumers to access – from SMS to email, social media, websites, wallets, and apps. When asked how quickly they would be likely to use a coupon received via text message, 25% of respondents replied they would redeem it within three days, while 60% said they would do so within a week.
Mobile coupons delivered via text message can help retailers to solve two key business challenges: namely creating urgency and creating short-term surges in store traffic which translates to more revenue.
Welcome coupons were also found to create high incentives for new subscriber sign up and usage. When asked whether they would be more likely to join a brand’s marketing list if they received an instant coupon, 68% of respondents replied yes.
A surprising result were the kinds of ads most likely to generate a response to a coupon offer. In-store signage was the clear favorite at 56%, followed by an online ad (23%) or a Facebook ad (12%). Traditional media for coupon ads fared poorly, with TV ads being favored by only 7% of respondents and less than 1% favoring radio enticements.
The survey found that on-demand coupons clearly work, with 78% of respondents stating that they would redeem a coupon that they requested in response to an advertisement (i.e., as an out-of-store advert).
To deliver single-use coupons, retailers must have the ability to generate a “smart” single-use mobile coupon with a security model that ensures:
The customer always receives the same mobile coupon regardless of the number of times the coupon is requested and the number of channels she chooses to receive the coupon.
Once the mobile coupon is redeemed, it expires simultaneously and is marked as redeemed across all distribution channels to prevent a consumer from re-presenting it.
That it is very difficult for a consumer to obtain a second copy of the coupon unless specifically allowed by the retailer.
More Evidence of Mobile Coupon Growth
It is worth remembering that coupon users are well-known for planning before redeeming – 85% of respondents stated that they try and find coupons prior to visiting a targeted retailer.
America’s coupon culture is set to prevail for many years to come. A 2016 study by RetailMeNot surveyed 10,843 consumers and concluded that coupons continue to reign supreme – they remain a shopper’s primary savings method.
Tellingly, the survey found that more consumers are searching for coupons via mobile platforms than in print, with mobile being the favored platform used to search coupons. Already by 2016 mobile coupons were gaining traction, with 43% of consumers using mobile devices when seeking out coupons, compared to 36% who seek out print coupons.
Five Key Takeaways
To recap, the top five key findings of the 2018 Mobile Coupon survey include:
Mobile influence is growing. Mobile coupons are almost on par with paper coupons and gaining.
Creates Urgency: Mobile coupons sent via text message are redeemed within days.
Grow marketing lists: Welcome coupons do provide a great incentive to drive list sign-ups.
Consumer Power: On-demand coupons can drive higher redemption rates and purchases.
Limited = Better: Single-use coupons are significantly more desirable to consumers.
Mobile coupons may even compel a positive buying attitude. Consumers overwhelmingly want to store and redeem mobile coupons from their phones (69%) rather than download and print the coupon (31%).
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