Ideas for Your 2022 Digital Coupon Strategy
The 2020 pandemic has changed the way we live, and shop, forever. According to the U.S. Department of Commerce, consumers spent $791.70 billion online in 2020 – up a whopping 32.4% from the previous year. QR codes quickly went from a Gen Z, tech-savvy way to link to websites – to the only way to view a restaurant’s menu. Now is the time to improve your digital coupon strategy!
Over 95% of Millennials said they used digital coupons in 2020 and 86% of Millennials reported that they could be persuaded to try a new brand if they offered a discount. And if that isn’t enough to convince you that digital coupons are a must-have for your eCommerce business – digital coupon sales are projected to surpass $90 billion by 2022 – up from $47 billion in 2017.
The need to purchase items online versus in stores has had a lasting effect on how people shop, and more than ever – buyers are looking for deals online.
What is digital coupon marketing?
A digital coupon is a redeemable offer that enables buyers to save money when shopping online. These coupons usually come with a set of conditions which can include an expiration date and minimum purchase. Digital coupons are not only used to reduce the price of a product, other promotions can include a free item with purchase, or free shipping.
Promotional codes are utilized by eCommerce businesses both large and small because they give buyers an extra incentive to make a purchase – which can be the difference between making a sale and or a visitor buying from a competitor.
The stats don’t lie, buyers love digital coupons. In fact, recent studies have found that online shoppers who use coupon codes spend 24% more than shoppers who don’t.
Read on to learn simple ways you can improve your digital coupon strategy in 2022!
Get Your Team on Board
Start with having a clear goal for your business in mind. This will keep your team motivated and working together. Ask your top managers and salespeople alike for ideas about promotions you can run to excite customers and increase sales.
Make sure you keep your brand’s message and values in mind when aligning your team to the new strategy. Consider your ideal customer avatar – what motivates them? What are their pain points? What coupon strategy would most speak to them and their needs?
What Will Your Offer Be?
Next, you’ll need to decide what your offer will be, which means your team will need to do a bit of research. Study previous year’s sales patterns, recent trends, and what your competitors are offering. Which discount best works for your brand? If you have an overstock of certain items, possibly consider “free with purchase” or “buy one get one” for those specific items.
Some additional ways to incentivize visitors to make a purchase with a coupon code include offers for Free Shipping or a Free Item with Purchase. More creative ways to promote sales with digital coupons include referral awards that can be claimed with a personalized code, or a special code to enter the user into a giveaway!
Many large companies will issues personal codes to be used as part of a partnership or referral program. This allows your most loyal customers to become brand ambassadors – and to spread the good news about your eCommerce store! From giving the referring customer 10% off their next purchase, or developing a point system for free items, the options are countless.
Where Will You Promote Your Offer?
So now that you’ve settled on the best offer or offers for your business, where will you share your exciting new offer?
If you are sending your most loyal buyers an exclusive offer for 40% off their purchase around the holidays, consider sending something more personal via email or physical mail. This makes an impression on the customers and lets them know that you recognize and appreciate their loyalty.
By contrast, if you are hoping to attract new buyers and grow your email list – consider a “20% OFF your first order for signing up for our newsletter” approach. This is a very common offer that most top-grossing brands implement. It works well for new customers because they are incentivized to join your list, so you can market to them later, and they will also claim an immediate discount on their initial purchase!
Also, consider a combination of coupon offers at once and announcing them in various ways. You can send an email to your list as well as make an announcement across your social media pages to cast the widest net possible! A multi-front approach is a great way to gain new followers and grab the attention of new customers because they will want to see what the excitement is about and are more likely to click on your social posts and head over to your website.
Get Started Today!
Want to learn more about eCommerce marketing? Click here to view a previous article. Ready to start using digital coupons to grow your eCommerce business in 2022? Start your eCommerce website today for FREE with WP EasyCart!