The Changing Face of Coupon Market in India
The human tendency to make a saving can be traced back to pre-historic times. Earlier, when e-commerce was not there, people used to ask the brick and mortar stores for discounts citing reasons like being loyal to a particular shop. Discount coupons trigger our in-born inclination to conserve and have been playing a major part in sketching the business strategy for companies. The very first coupon was offered in 1888 by Coca-Cola, and since then this coupon industry today has evolved into a major business worth $20 billion. The growth has been immense since the advent of the internet and digital media.
With e-commerce on the rise and more and more people getting the taste of buying things online, a large chunk of global coupon market share is now attributed to digital coupons. Technology keeps changing and nowadays the change is much more rapid and evident than ever before. Keeping in tune with the technology growth, the couponing industry too has undergone evolution and transformation. Today you have apps, which keep track of all the coupon deals available on a particular day on particular brands. All you need to do is download those apps. Digital coupons today not only serve the purpose of deals and discounts, but they also help in increasing customer base, retaining old ones and increasing loyalty and brand building.
Today, India is standing at the cusp of witnessing the fastest growing e-commerce market in the entire Asia Pacific region. The coupon business is 13.5 percent of the total e-commerce audience in India, and it is growing at the rate of 62.9 per cent year on year basis, which is huge. The Indian consumers, who were earlier apprehensive about shopping online, have shed their inhibitions and are now browsing more often. They are not afraid of making high-value purchases and availing experiential offers. According to data, nearly 95 percent buyers search for deals online and 74 percent view the coupons available on couponing portals.
These figures reveal the healthy status of the coupon market in India. Indian users today are happy to get great online shopping discounts in the form of coupons and are making the best use of it.