Deals, discounts, offers, coupons, promos, freebies, shop for N AMOUNT pay half the N AMOUNT…these are only a few things we come across every time and each time we are on a shopping spree. But, have you ever wondered what actually are these shopping wooing terms or simply said customer luring terms? Exteriorly they look like some sort of business-enhancing strategies to us but when we give a deep thought they are more than just business increasing hacks. There’s a science behind discounts and deals that go far beyond our imagination and to happiness and delight of both customers and sellers this science is a WIN-WIN for both.
Deals, coupons and other discount related offers have taken a long journey and reached new horizons since the time Coca-Cola, for the first time introduced coupon in 1887. Even Coca-Cola wouldn’t have imagined that this simple move would be the daily marketing strategy for many businesses but it is…! Right from household items to luxury brands there is no business house which dares to move ahead without satisfying its customers with deals, coupons, and markdowns. THANKS TO COCA-COLA.
This simple move made Coke, a household item in the US and you would be surprised to know that between 1894 and 1913 there was 1 American out of 9 who received a free Coke. This eventually created an awareness about Coke and the rest is history—Open Coke-open happiness. As the fact is, every business irrespective of big or small, local or international, wholesale or retail has to rely on deals and discounts to increase sales, fetch a brand image, retain customers, enlarge customers and last but not the least-fulfil customers’ thirst for happiness and savings (in this lies the success of any business) and this is what is happening, every business at present revolves around some kind of discount promotion (of course it’s good for revenue).As said, these discount and deal offers are more than we think and we will say you why they are (BACKED BY STUDIES AND RESEARCHES).• A person who gets some kind of deal or discount experiences 11% additional happiness than the one who doesn’t receive.• As part of one study, it was found that people with deals and discounts have a lesser respiration rate (dropped by 32%).
• Heart rates lessened by 5% and sweat levels lessened 20 times than normal. And in nutshell, people shopping using deals and offers had a more stress-free life.In addition to these, they even fulfill the main dictums…they boost revenue.
• shoppers shop and also save whilst businessmen increase sales and cash upon the margins received through extra sales due to various offers. who save money and retailers who grow their sales.• Deals add repeated customers to stores.
• Deals induce the purchaser to make a risky purchase (buying an item even when it’s not of need due to deal or offer factor).• Builds loyal customer base.• More than 50% of the shoppers are caught up in the discount mania and complete the purchase due to saving factor.
• 91% of purchasers who redeemed deals and other stuff preferred visiting the same seller again. • Amongst all the deals the ones that come with the FREE tag are the most loved ones for customers.This without any special mention says that deals, discounts, and other sale pitches do more than just increasing sales. In fact, they are more physiological influencers than sales influencers.