Ecommerce players, sellers/retailers/wholesalers, and marketplaces who sell products and services depend on a variety of metrics to analyse website visitors. Based on the most relevant KPIs (Key Performance Indicators), businesses form marketing and selling strategies to achieve higher sales when compared to sales from last year.
According to Affirm, there are 5 metrics every ecommerce business need to track in order to define success/failure. Some of the metrics are 1) conversation rates, 2) Average Order Value, and 3) Website traffic. These and other indicators set the path to future pricing and selling strategies.
Among many marketing strategies for ecommerce, is Coupons. In India there are plethora of Coupon sites listing pretty much every category in ecommerce. And brands use coupons as a way to help consumers save money and drive relevant traffic to flagship sites as a result.
It isn’t wrong to claim that coupon sites analyse visitors in a completely different dimension. Of course, some of the metrics overlap with that of any ecommerce site, but, there are some metrics which are unique to coupon sites which shed a brighter and a wider light on HOW, WHY, and WHEN consumers make purchases. From the experience of building a digital coupon ecosystem, I can assure you that the analytics coupon sites use renders a fresh perspective to marketers, if not reinvent the wheel.
It is nearly impossible to list all the metrics akin to coupon sites, but, I have listed below some of the important aspects in coupon analytics. These pointers prove that coupons can work as a terrific marketing strategy for ecommerce and enhance brand-and-consumer connect via bespoke consumer/user insights.
Number 1: Percentage of coupons reveal much more than it meets the eye
The category and percentage of coupons (especially among brands which sell similar products) offer in depth analysis as to what brands/products/quantity etc move faster than others. On a another level, coupon sites can effectively describe coupons deployed through timely offers, location (QR codes), Online to Offline sales. These metrics showcases trends in moving/non-moving brands/products
Number 2: Better tracking via coupon visits and downloads
The amount of time spent on a particular coupon page, time spent on downloading coupons reveal the entire path of the customer journey. One can effectively recognise what brands/products was viewed by the site visitor and when they viewed them. All these metrics help brands realign and boost marketing strategies and achieve higher conversion rates. If consumers come to the portal for a specific brand, the company can track what other coupons they download and print for other brands within its portfolio
Number 3: Cross-brand optimization and cross-brand pollination
See your brand doing not so good via coupons? See if your competitor products are moving, and why. Change your strategy to sell products of different size/quantity. Use these metrics to pivot, ultimately achieving higher conversions.
Number 4: Consumer acquisition
There’s also the number of consumer acquisitions, cost per acquisition, cost per package moved, among others. There are a number of different effectiveness and efficiency metrics that reveal to determine if a certain channel, certain copy, certain creative, certain value, is all working to its optimal ability.
Number 5: Coupons in regional languages
Ever wonder why most digital content in India is in English? Isn’t India diverse in terms of native languages. There are some ecommerce and retailers who deploy coupons and offers in regional languages to target specific regions. There is an example in America when deploying coupons in the Spanish language to target the Hispanic population which has lead to higher conversion rates for coupon sites.
As a result…
Through the insights gained via coupon analytics, brands can provide more relevant experiences for consumers. Without doing smart couponing, without unlocking that value, you would never even know that these people and specific keywords were driving the significant traffic. The same strategies can then be applied to flagship sites (wherever relevant).