E-commerce retailers should offer digital coupons.
A new survey reveals digital coupons can help retailers collect a wide range of customer data.
According to the Capterra 2022 Coupon Preferences Survey, the vast majority (85%) of surveyed consumers are willing to share personal data in exchange for a discount. Eighty-six percent of respondents are more likely to try shopping with a new company if they have a coupon.
Most respondents say they’re willing to give up their email address (85%), gender (70%), and name (60%) in exchange for a discount. Beyond quantitative data, many consumers are also willing to provide qualitative information, as 85% of respondents say they’re open to providing a review to receive a coupon.
However, some types of discounts are more popular than others. The percent-off coupon is both the most used (93%) and most popular (62%) among survey respondents. This is followed by free shipping and loyalty rewards, which are used by 90% and 68% of consumers, respectively.
Nine in 10 (91%) respondents say they search for a digital coupon before making a purchase online on at least some occasions—and they go to a variety of places to find them. Most respondents find out about discounts from coupon websites (68%) and then company emails (61%).
Survey results indicate that younger respondents are more likely to find coupons on social media and online communities, while other coupon distribution channels are used similarly across generations.
Beyond attracting new customers, the survey shows that loyalty programs are a popular way for businesses to foster customer retention. In fact, 83% of respondents say they are more devoted to companies that offer loyalty programs than to those that don’t.
Three-quarters of respondents say they would definitely (20%) or probably (56%) stop making purchases from a company if it discontinued coupons they had become accustomed to using. Captera advises that retailers should vary the type of coupons they offer, as well as the cadence with which they provide them.
“Consumers are highly motivated to provide information in exchange for a discount, and this can help businesses supercharge their first-party data strategy,” said Zach Capers, senior analyst at Capterra. “By leveraging these valuable customer insights, businesses can improve brand awareness, strengthen their reputation, and personalize future marketing campaigns.”
Struggling consumers seek to reduce spending According to the latest Consumer Trends Tracker (CTT) survey from customer data science company Dunnhumby, everyday low prices are also important to attracting customers. The top three customer behaviors among respondents are comparing prices online before and while shopping (37%) followed by buying in bulk (35%), tied with shopping at different stores to find the best value (35%).
In addition, low base prices are also important across all incomes, even among affluent shoppers. Seventy-five percent of all respondents, including 73% of respondents from households with incomes above $100,000, said that low base prices are important.