Last updated on January 18th, 2020
Coupons! You love it, we love it, and everybody loves it. More than 30 billion coupons are being used worldwide by online shoppers. The data has proven the fact that every 2nd shopper shopping on any online shopping platform searches for a coupon before making a purchase. The Online Coupon industry will be generating big numbers in the coming few years but the fact remains hidden on how they will cope in the age of Artificial intelligence.
It’s the age of Artificial Intelligence and the age of transformation as well. Yes, you heard it right, Artificial Intelligence is not just limited to robotics, it is slowly driving every technology and every business that exists online as well as the offline world. Artificial Intelligence is being adopted across various platforms like customer service industry which uses chatbots to give 24*7 customer assistant. Now, the future prospects will see AI slowly transforming the Coupon Industry.
How can AI be combined with Coupons
Combining Artificial Intelligence with Coupons is a big challenge especially when we want to know which consumer will return after using the coupon. Also, the purchase history of the shoppers gives vital information like where the shoppers like to shop, what they are interested in buying, what brands they like and how often they use coupons. Combining the statistics and setting up a machine learning algorithm will help prepare the data on coupon targeting campaigns and how to drive the consumer back to using coupons.
Why Use Coupons?
Coupons are not just used to save money online, rather they play an important role in building up a financial portfolio of an individual. We might see coupon saving as marginal but when looked at the bigger picture, coupons can save you up to 10,000 AED a year. The recommended ways of using coupons is buying in bulk, combining store vouchers with credit/debit card offers, shopping online during sale periods, and using reward points during purchases.
The e-commerce platforms distributes coupons worth billions every year to keep online shopping a happy and delightful experience for the consumer. Various online coupon platforms like Retailmenot, Mabruqq, Ebates, Slickdeals provide coupons like Noon coupon code, amazon coupons, Sephora coupons, etc. to Middle East users and catering the everyday needs of an online shopper.
Back the Data for User Retention
Customer retention has been one of the biggest challenges of online coupon businesses. It is difficult to get customers engaged after they have to find the coupons they were looking for. Moreover, the study suggests that a consumer, when searching for coupons tends to compare coupons from different online coupon websites in order to find the one that provides the maximum discount.
So, it becomes really difficult for coupon businesses to lay trust in customers’ heart. AI, on the other hand, can provide a list of all coupons available on a single platform and automatically apply each one at checkout to get the maximum discount. Lowering customer defections will lead to better customer retention.
Make Searching & Coupon Usage Easy
Just like the logistics business transformed with the implementation of AI, Coupon searching and its usage need to be in the same spot. Coupon searching should be made easier for the users with just a search of the query. A self-learning algorithm needs to be placed in the system that regularly updates itself according to the discounts being offered on several eCommerce platforms and should combine the data to fetch user maximum discount possible on the purchase.
An enhancement to this would be the automation of coupons when a user is about to make payment for the purchase by searching through thousands of coupons available online for that merchant and applying the coupon that fetches the maximum discount. For eg. If a user is shopping at H&M, he/she will select the product, add it to the cart and go to the checkout page. The AI-algorithm will then fetch the best H&M Coupon Code UAE to give the user the maximum discount.
The unification of Artificial Intelligence and Digital Coupon Market will be essentiality in the future. With voice search being put to effect, business platforms need to be quick in adapting to these changes.