A coupon is a voucher that entitles the holder to get a price discount on a particular product. The use of coupons has become an intrinsic part of contemporary shopping culture across the globe; but the coupon growth story is uneven across world markets. While the US has a thriving digital coupon market, spurred by the growth of mobile, a market like India is still in its infancy if we compare it to the US coupon market. But, India is witnessing monumental growth in online retail, courtesy the third largest internet population in the world; this scenario is just right for a coupon revolution.
Waking up to Coupon Use
According to a Deloitte study, by 2030 India is expected to surpass both the US and China in terms of aggregated consumer spend, which is all set to reach US$13 trillion; Indian consumers will be spending more and more money over the next two decades. Many of these consumers will be cost conscious and will seek value while buying products and coupons are best placed to deliver more bang for the buck.
Its high time consumers, especially in India, woke up to the benefits of using coupons while purchasing products. There are generally two types of coupons available for shopper benefit – Paid and Free, but for the purposes of this article we are going to focus on free coupons.
Before taking a look at the various reasons why people need to start making coupons an integral part of their shopping forays, it will be a good idea to take a look at how coupons work.
This image illustrates their working best:
The use of coupons, free or otherwise, is a win-win situation for everybody. From the shoppers’ perspective, these coupons offer an amazing range of discounted shopping opportunities allowing them to save money while buying products/services.
So, let’s take a closer look at the many different ways these coupons improve your shopping experience.
You Become a Savant Shopper
The difference between a delightful and terrible shopping experience is lack of awareness. We judge the nature of our shopping experience on two important parameters, namely price of the product and its associated value. For many, getting a good deal is tantamount to a great shopping experience and if you’re able to get this deal, you can categorically be called a wise shopper. Well, coupons help you come out looking a wiser shopper than “you actually might be”.
Improve your Lifestyle
If you’ve been avoiding making a trip to a fine dining restaurant that’s earning rave reviews, because it will stretch your monthly budget to breaking point, a coupon can just make this visit possible. This is just an example of how coupons are allowing people to improve their lifestyle by exploring avenues they wouldn’t have explored earlier. Whether it’s eating out, a vacation, or buying a consumer item, you will find coupons introducing you to a range of choices that you wouldn’t have considered earlier. Firstly, you never knew they existed and secondly they were way out of your budget. Free coupons bring better lifestyle choices within range of even the most cost conscious consumers.
You Stay on a Budget
Rising incomes levels have also improved the levels of consumption, but people still love to stick to a predetermined monthly shopping budget. Coupons help you do just that, and at the same time enable you to improve upon the quality and quantity of shopping.
For e.g. say you’ve been making the rounds of a particular grocery store knowing another store offers better quality products, but unfortunately the stores prices do not fall within the budget earmarked for grocery purchase. In such a scenario, what if you were to get your hands on a coupon that ensured 15% discount on the final billing at the store you’ve been avoiding. This means the ‘quality’ store is no longer out of bounds. You’re able to get your hands on quality products within your budget.
For a satisfying shopper experience
This 2013, U.S Tablet Satisfaction Study gives us insights into what ensures customer satisfaction. Although a tablet specific study, its findings can be juxtaposed onto all consumer products. It is the range of choices on offer and price that determines customer satisfaction. If consumers have lots of options vis-a-vis the products they are searching for, and many of them are within striking distance as far as pricing is concerned, they will be satisfied with their shopping experience. Coupons can act as catalysts for such shopping experiences.
Optimizing the use of coupons
Coupled with the rise of Indian coupon companies wanting a slice of the consumer mind share, there are plenty of international coupon companies entering Indian markets as well. This is good news for consumers who want to choose the best coupons to maximize the benefits on offer. But, what it also means is you’ve got plenty of options to choose from as far as ‘couponing’ is concerned. So, it’s important to search for the right coupons. You might find a particular site offering a 5% discount coupon for a particular branded product, but if you search some more, you might find a site offering a 10% discount coupon for the same product. So one of the ways you could leverage the immense potential of couponing is by knowing the lay of the land and putting some effort in searching for the right free coupon.
Coupons are here to Stay
The first coupon was offered way back in 1887 by Coca Cola. Coupons have come a long way since then and have become an integral part of the branding strategy of businesses. There have also entrenched themselves in the sales paradigm of various businesses and the world of retailing simply looks incomplete without them. They are here to stay and why not? At their most basic level, they help you get a price discount on the products and services you want to buy. This benefit alone should help you wake up to the use of free coupons.
Why People Need to Wake up to the Benefit of Free Coupons? by CouponRani Team