Why can Coupons be valuable for your e-commerce business?
Consumers now are bombarded with various e-commerce retailers. Companies are competing to grab their attention in order to increase sales and profits. One way to stand out from the crowd and increase your e-commerce sales is by using Coupon codes and discounts.
Affsquare will provide you with more information about coupons, why you should use them, and their effectiveness in this article.
Let’s dive into some consumer behavior insights!
After the pandemic, it was found that 66% of middle eastern shoppers have been focused on saving, compared to 54% of global consumers, according to PWC statistics. That’s why if we have a glimpse into (think with google report) concerning the search pattern for consumers in the Middle East, we will find that they became more specific in their online searches than ever before. For example, they now search for things such as “best” and “discount code.”
According to some global Statistics, 92% of consumers use coupons, and nearly 67% of consumers make unplanned purchases based solely on finding a coupon. While 64% of consumers say, the discounted prices motivate them to try a new brand. Followed by free shipping coupons at 61%. Also, According to a study conducted in Jordan, Most consumers tend to be affected by coupons and promotional offers in their purchasing behavior.
These insights show us why it became necessary to integrate coupons marketing in any e-commerce business strategy. Any successful business has to give its customers what they want and indulge them to ensure more loyal and profitable consumers.
E-commerce business and Coupons usage in MENA region:
It is evident that the e-commerce business in the Middle East is witnessing Unprecedented growth. As the e-commerce market grew with a percentage ranging from 45% to 50% in Egypt, according to El Alaby, the head of RS2 Logistics Company. While it is estimated that 48% of middle eastern shoppers use online shopping based on the Go Gulf report.
With this growth and the new consumer behavior pattern, it became crucial to defend your e-commerce business market share and increase sales. So what is the best solution to achieve these goals?
Affiliate marketing is your best solution as it will help you integrate coupons marketing into your e-commerce marketing strategy. This will aid you in so many ways as it will help your business reach your target customers and increase your profits. According to Gulf Business, in 2020, companies quickly boosted their profits up to 5 to 10% by using discount coupons and large sale events.
In big sales events, consumers usually look for coupons and promotions. For example, Statista’s future consumer behavior in the middle east survey stated that 54% of respondents would mostly look online for future purchases and deals during big shopping or sales events. In addition, 44% of respondents in the United Arab Emirates (UAE) expected a discount between 26 percent to 50 percent on Black Friday in 2020.
It can be said that coupons and promo codes are the most used promotional methods in big events such as Black Friday. Utilizing affiliate marketing to connect your business with various affiliates who are capable of distributing your coupons and helping you reach your target audience will be a brilliant move to survive among this crowded pool of e-commerce businesses. This will guarantee giving your audience what they want during such an event, as (Think with Google) reported that searches for coupons in the Middle East increased to 66% during black Friday 2020.
Fear of Missing out effect (FOMO)
Fear of missing out is a psychological state that many consumers go through and affect their purchase decision. Usually, FOMO creates feelings of envy and jealousy of others who have the product, which acts as a motivating factor that drives more purchases and sales. According to a study conducted in 2021, Fear Of Missing Out can induce impulse buying behavior which will increase sales. According to the Strategy Online report, around 60% of millennial shoppers purchased from FOMO marketing campaigns. In addition, most people tend to make purchases because of exclusive offers and discounts as they are afraid of missing out on these offers; based on survey results, 60% of online users bought certain products due to limited deals and offers that they were afraid of missing.
That’s why using a limited-time coupon can boost your sales and profits, as it puts time pressure on the consumers, according to some consumer behavior studies. So, Using a coupon that will expire in a certain period can trigger and intensify the fear of missing out. Hence, it will improve your coupon marketing strategy and lead you to more profitable results. Also, different affiliates can push your coupons to your targeted consumers and increase the effect of FOMO.
Integrating coupons into your marketing strategy can pave the way to maximize your profits. However, using coupons might not be easy. Indeed, at Affsquare, we believe it needs some innovative thinking and serious efforts to implement it successfully. So Step forward now and make your move to start boosting your profits in the e-commerce world.
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