Web Apps & E-Commerce SIG: Day in the Life of a Coupon – Virtual Currency & Loyalty tool
Panelists: David Travers: Partner - Rustic Canyon Partners, Michael Amar: CEO - Ifeelgoods, Jitendra Gupta: CEO - Punchh, Tom Cornelius: CEO - Adility, Dr. Sanjay Mittal: CTO - Spotzot
Consumers want savings and online sellers are eager to compete for their business. Brands have found that while consumers are happy to spread word of mouth and re-tweet messages, when it comes to converting users to buyers, even the loyal customers want deals as a trigger to make a purchase. Coupons are a useful tool for Brands and Retailers to raise the customer conversion rate.
Coupons can be used to both incentivize purchases from new customers and reward existing customers for their loyalty. Coupons provide a tried and tested virtual currency that is conveniently flexible and fungible for both brands and customers. They can be exchanged between merchants and customers across a multitude channels, media, geographies, formats, time durations, and promotions
- Market channels from paper coupons on week-end newspapers to free business class upgrade
- Media: internet - mobile – paper
- Geographies: from local offers from SMB (2 miles) to nationwide offers
- Formats: no support! (Virtual), paper, e-coupon, plastic debit card
- Durations: short term campaign for acquisition, long term loyalty strategy
- Promotions: $$ off, percentage off, free shipping, gift with purchase, gift cards, free products, Facebook credits, skype
Companies are putting together new applications and offerings utilizing both open loop and closed loop technologies, software APIs, and innovations creating coupon offerings as an evolving virtual currency and customer loyalty tool. The panel will discuss and explain the innovations, technologies and opportunities of this increasingly ubiquitous tool.