Vouchers industry is huge. Every service in the world can be acquired with a big discount if you wait for the right voucher. In e-commerce and online shopping a coupon code, or promo code, is a computer-generated code, consisting of letters or numbers that consumers can enter into a promotional box on a site’s shopping cart (or checkout page) to obtain a discount on their purchase.
What are the different types of promotional codes? There are three different types of promotional codes store owners can choose from.
Public codes – Anyone can see or use a public promo code. These are useful for enticing new customers and encouraging previous shoppers to come back for more.
Private codes – Stores use private codes to target a specific group of people. Commonly provided to loyal customers for special shopping opportunities, such as first-time shoppers, private codes are a good way to bring in new customers.
Restricted codes – A code that is restricted is targeted to a single user and can only be used once. For instance, you might send a customer a restricted code as an apology for a delayed shipment or as a thank-you for making their 50th purchase with your site.
In contrast, a promo code refers to the specific, verifiable alphanumeric code which users can redeem for a discount, deal or free gift. The question is, if you can use coupons to advertize a promotion, why use codes at all? Codes are invaluable if you need to limit the participants in a promotion, or only share it with specific users. Using codes protects you from bad actors who reuse, copy or tamper with coupons. They’re also lightweight and adaptable for many different formats. For this reason, promotional codes are very popular in e-commerce. Usually, customers are asked to enter codes just before check-out, and platforms such as Prestashop and Magento offer tools to create promotional codes. Finally, promotional codes are traceable. Read on below to find out why that’s so important for your marketing strategy and ROI.
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Most coupon codes offer discounts for online purchases such as a fixed discount, a percentage off the entire purchase, free shipping or other discount as advertised by the merchant. There are as number of phrases used to mean coupon code, including the following: promotional or promo code, discount code, offer code, gift code, digital coupon and similar variations.
How Do Coupon Companies Make Money?
Online coupon distributors can leverage ad-placement services to sell advertising space on their websites. Online pay-per-click ad-placement services pay a certain amount to website hosts each time an ad is viewed, and even more when it is clicked. This business model can allow a coupon company to give away coupons for free, relying on sheer traffic volume to drive advertising income. This income strategy can be combined with others to create a more robust and complete coupon business model.
In addition to selling deals on an individual basis, coupon companies can sell coupons in bulk directly to consumers. Some companies sell physical coupon books, for example, charging a fraction of the total savings contained in the book but still bringing in enough money to cover printing fees and sales expenses. Convincing as many businesses as possible to provide coupons for the bulk product is essential to making this business model work.