With today’s trend of consumers to shift to e-commerce, more and more businesses look for ways to attract customers. One of which is to offer coupons to the price conscious consumers. A coupon, in the world of marketing, is a discount or rebate ticket used by retail stores as sales promotion. Promo coupons could be applied in different types of discounts, free shipping, free trials, and even giveaways.
According to the research by Hawk Incentives, 97% of consumers say that they are always looking for deals when they shop while 92% say that they are always on the lookout for deals. This means that more consumers are becoming price conscious. For business owners, this means that offering coupons for discounts is a great way to attract new customers, maintain loyalty, and have repeat customers.
But do promo coupons really help consumers save on their purchases? Let’s weigh the pros and cons of using coupons when making a purchase.
The main purpose of coupons is for the consumers to save money, and is one of the clear benefits for shoppers. Coupons may not look like a big discount on a single purchase but when you use coupons regularly and moderately, you can definitely save more money especially when you look at it on a monthly or yearly basis. Let’s say you use a coupon this week for a staple purchase and save $10. It may not be a dramatic discount, but when you use a similar coupon each week that's a total saving of well over $500 for the year!
Stocking on essentials
Coupons are best used when stocking your essentials like food staples and other home essentials. When you use the right coupons and make sure that you use the coupons to buy products that you actually eat or use, you can save more money by stocking your pantry with products that would last for months.
One of the pros of using coupons is getting freebies. This is especially great when you want to try products for free that you are not normally willing to spend money on. Aside from that, you can get additional perks such as free shipping for online purchases, free trial for new products and even promotional giveaways from businesses.
Spending on things you don’t need
While it’s tempting to use all your coupons, sometimes you may realize that you end up buying things you actually don’t need. You just want to fulfill that urge to use your promo coupons and think that you can save money on it. Using coupons without a plan may cost you more money than save that’s why it’s best to just store and use those coupons that you actually need.
Limited choices of products
Coupons are usually applicable to limited products so that leaves you with limited choices of products to buy. This may even cause you to switch brands because certain brands don’t offer coupons. This could also mean sacrificing your favorite product to buy from a brand that offers coupons.
Shopping can be time-consuming
Shopping with promo coupons can be time consuming because you have to look for the coupons if you want to get a discount on a specific product. This is true when not all products and brands offer coupons readily. Some of the businesses offer coupons by season and not on a regular basis. Some businesses offer coupons when they promote or launch new products which mean coupons are not entirely a consistently available.
While there’s nothing wrong in using coupons, you just have to make sure that you use it on products that you really use and need and that you don’t end up spending more instead of saving money.