More than half, 60%, of shoppers are looking for more coupons, discounts and deals to offset higher prices across shopping categories such as apparel, groceries and dining. Nearly half (45%) are switching brands to save money, while 53% are shopping at multiple stores to find the best price.
Those are top findings from the Vericast 2021 Deals & Coupons Report, which highlights consumer sentiment towars coupons, discounts and deals, according to a press release.
The study also revealed that direct mail, online and digital paperless/print at home are all ways to deliver multiple channels of coupons, discounts and deals and consumers are looking for them.
“Consumers want coupons and discounts but can’t always find them when and where they want to,” Sarah O’Grady, vice president of brand marketing at Vericast, said in the release. “Marketers must adapt with a broad and balanced omnichannel approach to satisfy price sensitive shoppers and reestablish brand loyalty.”
Effective marketing strategies can help brands and retailers reconnect with today’s value-hungry shoppers. Here are three steps marketers can take to rebuild loyalty:
- Identify new behaviors. Higher prices are driving more consumers to proactively seek value and use more coupons, discounts and deals than last year. Marketers must take this into account and understand that a compelling offer may make the difference in a buying decision for a consumer with a tight budget. More than half (57%) say coupons, discounts or deals have a high or medium influence on their purchasing decisions.
- Go where the people are. Marketers must rebalance their approach to get deals in front of the right audience, not just the deal-savvy. Consumers are looking for deals and coupons in-person, online and through traditional channels.
- Make deals part of your loyalty strategy. Report results found that 40% of consumers feel more positively towards brands that offer discounts or coupons, 30% will be more loyal to that brand, and 39% are more likely to make a repeat purchase. The increased demand for value presents an opportunity for marketers to rapidly build loyalty, repeat business and customer recommendations.
“Moving into the holiday season, there is a sense of urgency and big opportunity for retailers to reconnect with shoppers and build loyalty by delivering value wherever they are,” O’Grady said in the release.
Are your associates turning your customers into advocates or assigns? With our database of over one million shoppers and our combine 60 years experience in the industry we can give you valuable insight through Mystery Shopping, Customer Surveys or Competitive Audits just to name a few.