The days of carefully cutting out vouchers from magazines and newspapers are slowly being left behind.
However for savvy shoppers, things haven’t really changed much at all. With vouchers moving online and being developed into apps, nobody really thinks twice about searching for a voucher before heading to Pizza Express, or using RockPamperScissors to find a discounted haircut. In fact, according to research by Browser Media, four out of five UK adults have used a discount or a voucher code in the last 12 months.
It is no surprise online voucher codes have seen such massive growth. There are now more than 200 voucher code websites in the UK and according to JP Morgan, there are 500 in the US and 2,000 in China. The retail coupon market is big business, with an estimated worth of £30bn a year in the UK.
Despite improved insights into consumer buying habits, there are still some households missing out on massive savings due to not knowing where to find or how to use online codes or vouchers. It is fair to say that some consumers experience voucher fatigue, with voucher sites being filled with discounts for things they don’t really want, such as teeth whitening or spray tans.
With a little research, you can find codes and vouchers for the exact service you had in mind. These savings tend to emerge around the holiday periods such as Christmas. By purchasing your goods online you could save a lot of money.
Most voucher sites are free to customers, and there is a wide variety to choose from, whether you are looking to save when eating out, reducing your electricity bill or bagging a cheap spa day. Even divorce-online.co.uk is offering online discounts on their packages.
The way we look for deals is changing and if voucher websites don’t keep up, they may find themselves losing their bargain hunters. The ones that survive tend to find a niche market and stick to it.
Finding your position in the market makes it easier for brands to engage with consumers, and maintain their custom. For example, LivingSocial has recently refocused their efforts on customer experience and restaurant savings. The change comes after the company cut nearly 56 percent of its remaining workforce following tepid demand for daily deals.
It is not just consumers who are becoming more switched on to the power of vouchers. Major brands are now using discount codes as part of their advertising tactics. John Lewis, for example, uses time-based voucher limits to maintain exclusivity. They measure ROI and success of sales through using different codes for affiliate sites. Voucher codes are therefore being used as part of affiliate programmes, ensuring that customer data is captured pre-checkout. This has led to brands such as Boden and Hobbs to use voucher code sites.
The future of voucher websites and codes lie in the power of apps. Consumers want to be able to access codes as they shop. Emma Morris, shopping expert at Moneysupermarket said to Moneywise.co.uk:
It’s all about making things easier for people – whether they’re looking for a cheap coffee or haircut, or a deal on a pair of shoes.