Study examines retailers use of online voucher codes

May 10, 2012 - PRLog -- A commissioned study conducted by Forrester Consulting on behalf of VoucherCodes.co.uk reveals that the online voucher code market is still in a period of significant growth and that advertisers utilising vouchers as a marketing channel enjoy a number of measurable benefits.

The research, conducted amongst UK consumers, analysed the impact online codes have for advertisers and reveals voucher sites have become an invaluable marketing tool for retailers trying to engage with an increasingly web savvy and shop smart general public. Two thirds (66%) of voucher users surveyed indicated that they were likely to use more voucher codes in the next year, with 41 per cent of respondents expecting to use voucher codes on a quarter or more of all of their online purchases throughout  2012.  

Aside from an increased adoption of online codes, the study reveals voucher sites increase the amount spent by consumers online,  help improve advertisers conversion rates among customers an ultimately a company’s brand reputation.

Consumer spending
Among active voucher code users, those consumers who redeemed at least six voucher codes over the past 12 months, the average reported online spend was £835. This is a massive 71 per cent higher than the £488 spent on average by light users (who used less than six codes over the past 12 months) and demonstrates the immense value of engaged voucher users for retailers.

In addition, those who said that they increased their voucher code use over the past 12 months spent more on average (£671) than those who indicated that their use of voucher codes stayed the same in the past year (£542).

Converting sales
Forrester’s study also reveals voucher codes are particularly effective when it comes to encouraging shoppers to try new products or finalise a purchase decision. Active voucher users are more likely to try a new brand than light voucher users (76% versus 68% respectively), indicating the more shoppers use voucher codes, the more open they are trialling new brands.

The research reveals online vouchers are a potent tool when it comes to helping consumers, especially undecided or marginally interested shoppers, finalise purchase decisions. Around two thirds (65%) of respondents agreed with the statement “online voucher codes often finalise the decision for me if I’m undecided on a purchase”, versus just 10 per cent  who disagreed.

Brand reputation
Finally, the findings from Forrester’s study demonstrate online voucher codes reinforce brand image and bolster brand loyalty. Almost three quarters of voucher users (71%) claimed they would be more likely to be loyal to a brand that offers online voucher codes.

Max Jennings, co-founder of VoucherCodes.co.uk commented: “The key findings from this new body of research help underline the value of voucher codes as an  effective marketing channel for advertisers eager to maximise sales and drive incremental business.  Reflecting the changing way consumers shop and engage with brands online, the report demonstrates the positive role voucher codes play in influencing the purchase cycle, improving both brand loyalty and conversion rates.  Against this backdrop, voucher codes become the smart way for advertisers to target and convert an increasingly savvy online audience.”

- Ends -

Notes to editors:
Forrester surveyed 508 UK-based voucher code users and conducted five in-depth interviews with eCommerce executives responsible for online vouchering at large UK companies. Forrester’s line of questioning explored to what extent online voucher code sites impacted incremental revenue, customer conversions, shopping basket behaviour, customer loyalty, and a company’s brand reputation.

The full report can be downloaded at:
http://www.vouchercodes.co.uk/forrester-report.html

For more information please contact:
Duncan Skehens
PR Manager
VoucherCodes.co.uk
020 3597 7495
duncan.s@VoucherCodes.co.uk

About http://www.VoucherCodes.co.uk:
VoucherCodes.co.uk brings together the best voucher codes, 2-for-1 restaurant vouchers, printable vouchers, deals and sales for hundreds of leading online stores to help save you more money.

VoucherCodes.co.uk works with the UK’s favourite retailers and restaurants covering every imaginable product and service, so no matter what our customers are looking for we’re sure to have a great voucher code to help save them money.

Over 5 million smart money savers subscribe to our weekly newsletter. Sent out every Tuesday morning, it brings together a handpicked selection of the twenty best voucher codes packed with exclusive codes for a huge range of stores and activities.

About WhaleShark Media, Inc.
WhaleShark Media, Inc. (www.whalesharkmedia.com) is the world’s leading marketplace for online coupons and deals. The company’s websites enable consumers seeking to save money to find hundreds of thousands of offers from retailers across the globe. WhaleShark Media experiences more than 400 million consumer visits to its sites every year. The WhaleShark Media portfolio of coupon and deal websites includes www.RetailMeNot.com, the largest online coupon site in the United States; www.VoucherCodes.co.uk, the largest online coupon site in the United Kingdom; www.Deals.com in Germany; www.Deals2Buy.com; www.CouponSeven.com; and www.CouponShare.com. WhaleShark Media is a fast-growing, profitable company funded by venture capital firms Austin Ventures, Norwest Venture Partners, Adams Street Partners, Google Ventures, J.P. Morgan Asset Management, and Institutional Venture Partners (IVP).

Be sure to "like" WhaleShark Media on Facebook and follow the company via Twitter @WhaleSharkMedia