SimplyCodes latest study reveals a 31%
increase in promo codes and higher discount value as retailers
compete for online shoppers
LOS
ANGELES, July 25, 2024 /PRNewswire/ -- Good news
for the 64% of Americans who shop online at least once a week:
A new study released today by SimplyCodes, the leading social
savings and AI-powered promo code platform, shows a substantial
uptick in the issuance of promo codes by online retailers and
brands. Merchants are deploying more promo codes and making these
discounts more enticing.
"With the influx of promo codes available,
it would be reckless for consumers to shop without first looking
for codes."
SimplyCodes examined nearly 400,000 retailers on the platform
from January to June 2024. They found
that, on average, retailers issued nine unique codes — an increase
of 31% compared to the same period in 2023.
Promo codes are not only more plentiful, but they also offer
greater discounts. This year's data shows that promo codes provide
an average discount of 17.6%, up 2.6% from last year's 17.17%.
Additionally, the average dollar amount off per promo code has
increased by 22%, rising from $27.26
to $33.25.
Alongside common and seasonal promo codes, there has been a rise
in single-use codes. These unique codes are given directly to
customers, often through email, and can only be used once. The
number of retailers offering single-use codes has increased by 47%
compared to last year.
The data underscores a growing reliance on these incentives by
both consumers and retailers amid competition and economic factors
such as inflation and cost of living. According to a recent
study, nearly 70% of Americans say having promotional codes makes
them more inclined to make a purchase and 62% of Americans actively
seek out and use promo codes when making online purchases.
SimplyCodes' comprehensive dataset further reveals prevalent
trends in coupon usage. Among the most common coupon phrases
identified, several key themes emerge:
- OFF
- SAVE
- WELCOME
- FREE
- NEW
- SHIP
- SUMMER
- LOVE
- BF
- SPRING
These phrases reflect seasonal and promotional trends and
highlight popular strategies that retailers use to attract and
engage shoppers throughout the year.
With the influx of promo codes available, it would be reckless
for consumers not to take advantage and shop without first looking
for codes. Tools like SimplyCodes, a browser extension and app,
provides shoppers with the most robust, real-time, working promo
codes thanks to advanced AI technology and crowdsourcing.
Methodology
The findings were compiled using data from SimplyCodes' robust
database on merchants and promo codes. SimplyCodes analyzed data
from January 1 to June 30, 2024, and
compared it to the same period in 2023.
About SimplyCodes
SimplyCodes is a social savings and promo codes platform that
leverages AI and a passionate shopping community. Users share
real-time discount codes and deals, enabling everyone to save money
on their online purchases. Like the name boldly states, SimplyCodes
provides more accurate promo codes than anywhere else, covering 10X
more brands through its app and browser extension. To learn more,
visit simplycodes.com.
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SOURCE Demand.io