Digital coupons and its associated technology have exploded in growth over the last ten years. As of 2014, digital coupons, including FSIs, print-at-home, and load to card represented 10.7% of all coupon redemptions. Specifically, digital print-at-home accounted for 6.7% of total coupon redemptions, out-pacing digital paperless’ redemption rate of 4.0%.
Even though digital print-at-home’s redemption rate is a bigger piece of the pie than its counterpart, the coupon industry’s hottest trends are in digital paperless (primarily mobile and load to card). Nevertheless, print-at-home is not going anywhere any time soon, and in fact, recent innovation in the print-at-home niche is eliminating one of its biggest drawbacks for consumers and brands: download-to-print technology.
Before we detail the recent innovation, let’s review the negative business consequences of ‘old’ download-to-print technology in its current form.
Brands lose customers, conversions, and sales velocity because of major coupon vendors’ download-to-print technology. The download-to-print process relies on decade old technology, is tedious and time consuming, and limited in capabilities.
The three reasons why old download-to-print technology hinders your business results
There are too many steps. The process of a consumer downloading and printing a coupon from a brand’s website can involve as many as 11 steps, and typically requires at least 8. Furthermore, these steps include filling out a cumbersome form and downloading ‘90s era software (just to print a coupon!). Combined, this leads to unfavorable drop-off rates and relatively low and unacceptable conversion percentages.
The conversion percentage is relatively low. For instance, conversion rates for form submissions across all industries and types hover around 11%. Conversely, Facebook app permissions typically convert around 80% for Facebook Quizzes, Instant Win, and Fan Vote promotions. With coupons, CoupSmart’s app sees conversion rates around 92%. Read more about improving conversion rates here and here.
The campaign data is of lower quality and limited to high-level data while useful individual-level data is nearly impossible to attain. Major vendors will give data back to a brand concerning view-to-claim ratios, the number of coupon “prints”, and similar campaign metrics, but in-depth demographic and psychographic data at the individual-level is not available.
Recent Innovation in Social Couponing
CoupSmart’s coupon technology uses social login for validation and security, removing the need to install download-to-print software on a computer or fill out a registration form. Whether the coupon is embedded on a brand’s website, a mobile property, or a social media platform, such as Facebook, our application integrates and offers a similar experience across all of these channels.
Additionally, social coupon vendors such as CoupSmart, access individual social profiles, capturing key demographic and psychographic data for brands, unlocking more long term value for brands because of higher conversion rates and more consumer insights.
These innovations lead to a better experience for the consumer and a more favorable couponing product for brands and retailers.