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Digital Coupons Market Poised for Steady Growth in the Future
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Digital coupons are electronic coupons, similar to paper coupons. Digital coupons are offers, discounts, and promotions offered by an online store to customers. Digital coupons are aimed at enticing a consumer to purchase at an online marketplace. These coupons can be redeemed online and offline. Coupon campaigns were first time launched by Coca Cola in 1887. With the rapid change in technology, including Internet and online shopping, coupons have also changed, and are predominantly distributed through online channels. According to a global survey, consumers spend two hours a week hunting for the best online deals, offers, and discounts. Thus, demand for digital coupons has increased significantly. Types of digital coupons included in the report are downloadable coupons, mobile coupons, promo codes coupons, and automatic discounts coupons.
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In most countries across the globe, mobile phone ownership tends to vary based on different demographics, including educational level, gender, and age. Almost every person on the planet is addicted to video games, laptops, smartphones, and social media, and yet know next to nothing about them. Rise in smartphone users across the globe is majorly propelled by growing middle-class disposable income.
According to GSMA, mobile technologies and services generated US$ 4.1 Trn in economic value added (4.7% of global GDP) in 2019. This figure is expected to approach US$ 5 Trn (4.9% of GDP) by 2024, as countries benefit from increased efficiency and productivity brought about by increased use of mobile services. In the future, 5G technologies are expected to contribute US$ 2.2 Trn to the global economy.
Smartphone shipments across the globe are primarily driven by growing digitalization and high consumer demand post-lockdown. Global consumers are extensively adopting 5G smartphones even before the launch of next-gen broadband technology in the country. Rise in smartphone users and high Internet penetration due to availability of cheap internet are a few of the many reasons that boost online sales.
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Digital Coupons Market: Dynamics
Growing digitization, rising number of online sales channels, and increasing penetration of smartphones, tablets, and computers are key factors driving the digital coupons market. Additionally, various sectors are increasingly adopting digitized operations and accounting operations due to extensive lockdowns. This, in turn, increases the demand for digital coupons to maintain operations. Hence, growing adoption of digital coupons in the food & beverage and healthcare & beauty sectors is expected to propel the market during the forecast period.
Digital Coupons Market: Prominent Regions
North America is a hub for new technologies and innovation. North America held a dominant share of the global digital coupons market in 2020 due to extensive usage of digital coupons to cater to new digital shopping standards. Moreover, increasing adoption of cloud-based solutions is expected to boost the market. Several new entrants and start-ups have entered the market due to increasing demand for cost-effective digital coupons.
Asia Pacific follows North America, in terms of share of revenue, of the global digital coupons market. Increase in use of mobile coupons in the region is expected to boost adoption of digital transformation in the near future to achieve top-line growth, process digitalization, and for performance management. Rapid adoption of cloud technology has been witnessed in Asia Pacific in the past few years. In the region, large enterprises are expected to adopt digital coupons solutions at a higher rate during the forecast period. Europe offers significant opportunities in the digital coupons market as per the current market scenario. The mobile coupons segment held a major share of the digital coupons market in 2020. It is likely to maintain its dominant position during the forecast period. South America and MEA are expected to be lucrative regions for the global digital coupons market during the forecast period.
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Digital Coupons Market: Key Players
Key players operating in the global digital coupons market are Coupons.com, Groupon, Inc., The Kroger Co., ShopAtHome.com, Savings.com, Inc., Hip2Save.com - Hip Happenings, LLC, JustSave Foods, Payless, Ulta Beauty, Inc., Coupon Dunia, Amazon.com Inc., Flipkart Private Limited, Quotient Technology Inc., RetailMeNot Inc., Slickdeals, LLC, etc.
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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