The Top 20 Discount Shopping Statistics for Retailers that Prove the Power of Promotions
We have all, at one point or another, experienced feelings of satisfaction and excitement of getting a bargain, and coupon websites like RetailMeNot make it easier than ever to find the best promotions, in just a few clicks.
After all, why pay full price when you can purchase the exact same item for less? It has become common practice for savvy shoppers to hunt for deals all year round and to favor the retailers who offer the best deals.
The Top 20 Retail Promotion Statistics
By regularly offering customers promotions on quality products, retailers can trigger positive emotions in shoppers, which will, in turn, guarantee more sales and profits.
Adopting innovative retail planning strategies and technologies that incorporate a modern promotion management solution is the best way to ensure your customers get the products they want at a fair price, making them less likely to turn to your competitors, while still ensuring that you meet your fiscal targets.
Here are the top 20 sales promotions statistics and facts retailers should all know now.
Promotions influence both in-store and online purchases
“Promotions triggered in-store purchases for 91 percent of shoppers who use in-store promotions.” – Retailmenot, Inc.
“Similarly, promotions triggered online purchases for 89 percent of shoppers who use online promotions.” – Retailmenot, Inc.
Today’s customers demand high-quality items at a fair price
“89 percent of customers named price as a primary factor influencing their purchasing decisions, while 82 percent named quality.” – Hawk Incentives Research
“72 percent of consumers want to see discounts or sales on brands’ social media.” – MarketingProfs
Promotions trigger positive emotions in shoppers
“Survey respondents reported shopping for deals provides them with emotional satisfaction—40 percent said they feel smart when they can find the best deals.” –- Hawk Incentives Research
“Coupon recipients who got a $10 voucher experienced a 38 percent rise in oxytocin levels and were 11 percent happier than those who did not receive a coupon.” — BigCommerce.com
Smartphones and bargains go hand in hand
|“When smartphone users are deciding whether to install a shopping app, discounts and deals are the top motivating factors” – ThinkwithGoogle|
|“The top two reasons people turn to their phones for shopping is to browse products and find discounts and deals” – ThinkwithGoogle|
|Nearly 50 percent of smartphone users worldwide said they are eager to receive real-time promotions from retailers on their smartphone device – eMarketer|
|Last year, “shoppers placed 48 percent more orders on phones on Thanksgiving Day, surpassing computers for the first time ever and accounting for 61 percent of total traffic” – CNBC|
Promotional emails remain king in generating sales
|“91 percent of Americans do in fact want to receive promotional emails” – MarketingSherpa|
|“Sixty-one percent of consumers enjoy receiving promotional emails weekly, and 28 percent would like emails to come even more frequently” – MarketingSherpa|
|“58 percent of consumers say they prefer to receive discounts, promotions, and coupons via email” – PWC|
|“64 percent of people say they open an email because of the subject line” – Chadwick Martin Bailey|
|“80 percent of shoppers would switch stores or brands when offered a compelling promotion” – Market Track|
|72 percent of U.S. adults prefer to receive promotional content through email while 17 percent prefer social media – MarketingSherpa|
Personalization is an important component in customer engagement and ROI
|“77 percent of global loyalty-program members rate the benefit of personalized promotions based on past purchasing appealing” – Nielsen|
|“Promotional emails are underutilized. Yet they can and can provide ROI as high as 4,300 percent if sent at the right time” – Forbes|
|“Brands that personalize promotional marketing emails experience 27 percent higher unique click rates and 11 percent higher open rates than those that do not personalize” – Experian|
|“Personalized emails deliver 6X higher transaction rates, but 70% of brands fail to use them” – MarketingLand|