Ever expected 56.5% potential growth in coupons industry by 2025? – Business MattersBusiness Matters

Couponing is an art in itself where you apply the coupon at the right time after understanding the terms and conditions of the offer to get the best deal out of it.

The number of people using coupons has been increasing exponentially over the last a few years, owing to a combination of multiple factors. As per the data revealed by Orean Research, the coupon industry is all set to witness a surreal growth rate of 56.5% by the year 2025.

While this may astound many, the recent trend of coupon usage shows promise that the coupon industry is heading towards the right direction. As a consumer, if you are guilty of searching the perfect deal to purchase your favorite product, check out the curateddeals website, which boasts a huge list of stores and coupons offered by them.

Why Do You Need Coupons?

The coupons are used by both brands and consumers alike to fulfill their intended purpose. The consumers are always exploring new deals, waiting for the ideal opportunity to purchase products at discounted prices. Using coupons to get a good discount on products and services has become a habitual pattern amongst consumers today.

The brands use coupons as a marketing tool to reach more customers and drive their profit. Coupons have empowered the sellers to strike a perfect balance where they are beneficial to both them and the consumers. While shopping is a fun and exciting experience, couponing can take the experience up a notch.

The Surge Of Coupon Industry

The coupon industry has witnessed a sudden explosive growth over recent years. We never buy any product without ensuring whether the product has any discounts or offers. Through recent research, it has come to light that almost 90% of the consumers use coupons in one way or the other during their shopping. Here are some of the crucial factors that have led to the exponential rise of the coupon industry.

Debunking The Misconceptions

Certain people refrain from using coupons because they think that coupons would make them look inferior in front of their peers. A study conducted revealed that US households with an income of $100,000 use the coupons twice as more as compared to households earning less than average income. The trend has been gradually changing, which would further accelerate the growth of the coupon industry.

One other common misconception that was clouding over the coupons was that they were only issued to sale mediocre and below-par products. However, in recent years, even the most prominent brands offer coupons for their products clearing this misconception.

Increased Competiton

The competition amongst brands created a dire need to come up with an effective strategy to have the edge over their competitors. Thus they turned towards coupons to set themselves apart from the rest. A survey revealed that 80% of the consumers were ready to switch brands if the product came with a good deal. Coupons make consumers to take a leap of faith to try out various brands. It changes the dynamics of the consumer’s choice and tempts them to opt for a different brand.



Improved Economic Status and The Urge To Shop More

The emergence of new brands with their portfolio of innovative products and services combined with the increased economic status of people has created the urge to shop more. While for some, coupons help save a few bucks, but for some, coupons are the only reason why they buy the products. Coupons stand guilty in creating more shopaholics. You don’t have to wait for your piggy bank to be full. You can purchase the product at an affordable price using the coupons.

Employing Different Coupons

Coupons have become the most effective tool used by brands and shop owners to meet a plethora of needs. The coupons come in an array of types based on their intended use. Each one serves a different purpose to consumers as well as the brand. Out of the coupon types, BOGO coupons that stand for Buy One Get One are the most common. There are also other coupon types such as discount coupons, referral coupons, cashback coupons, among many others. The referral coupons have a proved track record of expanding the customer base while cashback coupons insist the customers to shop more.

Based on the intended purpose, the brands devise a strategy and stick to it while issuing coupons. The brands have found a great way in coupons to clear out the old stocks that are piled up in the warehouse.  Increasing customer base, driving sales, creating brand awareness, among many others are some of the purposes of coupons.

The Emergence of Digital Coupons

With the advent of digital technology, physical coupons have become almost obsolete. The e-coupons can be accessed easily and have a more extensive outreach compared to their counterparts. With the help of e-coupons, the brands have the potential to reach the smartphone/tablet or personal computer of every consumer.

One-Stop Platform

While the digital revolution helped the brands to connect with their existing customers providing them with coupons periodically, they were unable to reach new customers. Expanding the customer base is crucial for any brand to thrive. Thanks to the arrival of third-party coupon sites, the brands can heave a sigh a relief.

The third-party coupon sites provide a one-stop solution for all coupon needs. They boast a huge list of coupons offered by various stores spanning across different categories. The consumers can access the coupons offered by a wide array of brands in no time.

Conclusion

Psychologists reveal that shopping is a good stress-buster; however, for some, bills of their lavish shopping might rebut this revelation. Using coupons is a great way to keep your shopping bills and stress levels at bay. Don’t refrain from unleashing the shopaholic within you. Take advantage of the coupons and join the majority of the consumer population that is ready to drive the coupon industry market to never-before heights.

Photo by Brooke Cagle on Unsplash


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