Coupons are common in both physical retail shops and online businesses. Shoppers are becoming price conscious by day because of the economic downfall. This means that everyone is looking for a shop offering goods and services at a subsidized cost to save money.
Today, even the smallest amount counts, and customers feel the effects of change in the economy where everything seems expensive. Shoppers Drug Mart is among the companies that offer coupons that benefit their customers and become beneficial in some ways. Below are reasons why coupons are beneficial.
Retail old and attract new customers
Offering coupons can help your business to keep old customers and at the same time attract new ones. Most shoppers look for stores offering significant discounts. Everyone is looking forward to saving. With competition, it’s becoming difficult to retain customers forever. Competitors are designing better ideas to get more and more customers from your business. When you give coupons, you have a great chance of retaining a majority of your old customers. Also, you will attract new customers who feel your prices suit their needs.
Off-loading older products
Goods on sale have expiry dates. Most products only have a few months before they expire, which means that you have to dispose of them to prevent future losses. You might not sell them after the expiry date since they aren’t safe for consumption. To save your business, offer coupons and sell such products before their expiry dates. In such instances, you will be attracting new budget-stricken customers as you clear your shelves. Therefore, you should partner the products with coupons to fasten their sales within the short remaining period.
Reduce advertising expenses
When offering coupons, you are promoting your business and products. They serve as an effective way to advertise yourself and thus reduce the advertising cost. Offering coupons severely gives you a chance to get the attention of many customers the same way you would by using other advertising strategies. In the coupons, make sure you include information about the business like the name, address, and other details you feel your clients need to know. The business will be known for offering discounts or freebies that will attract many customers and increase its sales.
Help identify prospective customers
Customers will include their details in the coupons like names, contact numbers, addresses, and such details. The information is essential to your business as it will be easy to identify the type of customers you have. What is more, you will know the areas in your business location that made the most sales and in which products. This data is vital when figuring out the products that are more suitable for your business. Also, you can find areas to expand your business in the future to meet customers’ demands.
Customers have a chance to save money. When a customer gets a 10% off on items they have been purchasing, it raises their spirit. They want to continue shopping from the store since they believe it’s the only place to save some cash. It doesn’t matter how small the discount the coupon gives, but when they accumulate the cash, they end up spending little, unlike before.