Hyper-personalized coupons are on a steady incline, according to Juniper Research’s digital/mobile coupon report. As major retailers continue to see high coupon redemption rates and engagement, it is projected that the use of beacon-triggered coupons will rise from 11 million to 1.6 billion by 2020. More and more, shoppers will receive customized offers based on their location and purchasing patterns, in hopes of driving more transactions and individualizing engagements. Major players like Macy’s, Lord & Taylor, and Target have already jumped on the bandwagon and installed beacons in most or all of their stores – it’s only matter of time that other retailers will too.
The four key elements of a mobile coupon, as outlined by the Juniper study, are:
/ Encouraging engagement and improving user experience
/ Tracking consumption behavior and purchasing patterns
/ Analyzing campaign success
/ Delivering tailored offers according to location
Beacon technology hinges on the already familiar shopping experience of trying to find a deal, and the satisfaction of getting something for less. Beacon-triggered coupons combine some of the traditional and comfortable elements of the brick-and-mortar experience with the ease and convenience of online shopping. As digital coupons continue to become more commonplace, there is great potential for them to bridge the gap between online and offline consumption.