A majority (85%) of online consumers are willing to share personal data in exchange for a discount, according to Capterra’s 2022 Coupon Preferences Survey. As third-party cookies fall and consumers demand value for providing their data, an effective coupon strategy can help eCommerce businesses attract and retain customers. In fact, 86% of consumers are more likely to try shopping with a new company if they have a coupon.
Most consumers say they’re willing to give up their email address (85%), gender (70%), and name (60%) in exchange for a discount. Beyond quantitative data, consumers are also willing to provide often elusive qualitative information: 85% say they’re open to providing a review to receive a coupon.
“Consumers are highly motivated to provide information in exchange for a discount, and this can help businesses supercharge their first-party data strategy,” says 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.”
However, businesses need to know which discounts to offer. The percent-off coupon is both the most used (93% of consumers) and most popular (62%). This is followed by free shipping and loyalty rewards, used by 90% and 68% of consumers, respectively.
Most (91%) shoppers 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 consumers find out about discounts from coupon websites (68%) and then company emails (61%). Younger generations 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, retaining existing shoppers is equally important. Loyalty programs are a popular way for businesses to foster customer retention. In fact, 83% of online shoppers say they are more devoted to companies that offer loyalty programs than to those that don’t.
While consumers are willing to share information in exchange for discounts, businesses should also consider potential challenges while building a coupon marketing strategy. Most notable is the over-reliance on coupons. Three quarters of online shoppers would definitely (20%) or probably (56%) stop making purchases from a company if it discontinued coupons they had become accustomed to using. Businesses should vary the type of coupons they offer as well as the cadence with which they provide them.
Visit Capterra.com to read the full report, and learn more about first-party data collection strategies businesses can leverage to grow their customer base.
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