The global digital coupons market is expected to cross the value of US$ 29.7 Bn by the end of 2031
Analysts’ Viewpoint on Digital Coupons Market Scenario
Several industries are increasing spending in digital coupons, owing to the onset of the COVID-19 outbreak. Mergers and acquisitions with tech startups are helping eCommerce giants to strengthen their capabilities in the retail sector. However, lack of awareness about the benefits of digital coupons is affecting market growth. Nevertheless, digital merchants should invest in digital marketing, SEO ranking, and partnership strategies to increase adoption and awareness about digital coupons. Moreover, rise of digital coupon campaigns are contributing to market growth.
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Since high cost of traditional coupon printing is relatively high as compared to digital coupons, such trends are culminating into revenue opportunities for stakeholders in the digital coupons market. Moreover, digital coupons increase scope of personalizing brand promotion based on the clients’ needs.
Digital coupons are incredibly easy to send and can be sent by e-mail, text or push notifications, among other methods. Automatically generated communication and flexibility in customization of offers is resulting in better redemption rates. Moreover, digital coupons make it easier to shop from any location. The integration of digital coupons with e-wallets and other payment methods is meeting the convenience of customers.
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Ever-expanding Online Shopping Sector Creates Value-grab Opportunities During COVID-19 Outbreak
The growing interaction of individuals on online platforms is translating into incremental opportunities for stakeholders in the digital coupons market during the ongoing COVID-19 outbreak. The proliferation of eCommerce is acting as a key driver for market growth. An increasing number of consumers are switching to online shopping channels for products of daily necessity.
Despite poor market sentiments owing to a dip in consumer spending capacity, participants in the digital coupons market are tapping growth opportunities in online shopping channels. Rapid growth of mobile devices and digital transformation of brick & mortar stores are contributing to the adoption of digital coupons. Owing to limited movement of people, digital coupons are being adopted by consumers due to advantages such as convenience of home shopping and time efficiency.
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The high competition in the digital coupons market is emerging as a challenge for stakeholders. Nonetheless, stakeholders are entering into mergers & acquisitions (M&A) to gain a competitive edge over other market players. Digital coupon companies are partnering with beauty & wellness brands to streamline customer appointments. Such partnerships are enabling application merchants to combine promotional capabilities on the platform.
Strategic partnerships are helping eCommerce brands to enhance their ability to grow their customer base and strengthen their supply chain infrastructure.
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