Typically, a coupon is a voucher that allows a customer to access discounts or other similar advantages on a specific shop’s products. Lowes coupons are an example of coupons. Manufacturers and stores use coupons to generate customer engagement and market their products. They also allow coupons to build loyalty to a product.
Types and Functions of Coupons
Coupons entail different values such as:
- free shipping
- coupons for first-timers
- free trial offers
- Festival discounts
Coupons can also be used in different ways, be it to encourage purchase, reduce a price, provide a free sample, or help marketers understand the interests of their customers.
Coupons can also research how receptive different buyers are to the price. Different factors such as time, size, and location affect the price. As such, it is essential to know your customer.
Grocery coupons have two types:
- Store coupons: These coupons are given out by the store. Some stores may even accept coupons from their competitors.
- Manufacturer coupons: These coupons are issued by the manufacturer and can be used at any store that accepts coupons and has that product. This is used to attract customers.
Forms of Coupons
Different forms of coupons are used, such as:
- Paper: Coupons were often printed in papers or sent through the early days. Additionally, coupon book publishers and retailers collated all the coupons into books and sold them or distributed them for free. Some companies would use different verification methods to prevent unauthorized usage of coupons.
- Electronic: Electronic coupons were popularized by the 1990s. They are known as coupon codes, promotional codes, etc. These coupons were found on the store/ manufacturer’s websites. The mobile coupons were received over SMS or other messaging apps. Finally, the app-based coupons function is similar to loyalty cards and can be downloaded from the respective app.
Coupons are the bread-and-butter of consumers and marketers in this day and age. They offer appealing discounts to the consumers, but they also attract new ones and increase their loyalty towards the brand.