When reflecting upon your shopping habits, it may not come as a surprise to learn that promotional codes and discounts have substantial influence over customer acquisition and loyalty, especially in ecommerce.
A survey by coupon company RetailMeNot found that 80% of shoppers made their first purchase with a brand because of an offer or discount. Two-thirds of consumers have made purchases that they weren't originally planning to make "solely based on finding a coupon or discount" – this means that you can potentially convince over 66% of on-the-fence shoppers to commit to a purchase by offering a promo code.
That's because consumer behavior and psychology are at play here. Promotional codes and discounts give consumers the impression that they've found a 'good deal', create a sense of urgency or scarcity to incentivize bigger purchases, and can even trigger physical responses in the brain that lead to improved overall shopping experiences.
What are promotional codes?
Promotional codes are a string of alphanumeric characters that shoppers usually enter during …