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65% redeem mobile coupons within 5 minutes
A new State of the Mobile Coupon Industry report fro Koupon Media reveals the growing use of mobile coupons, focusing on redemption patterns for convenience stores.
In 2015, Koupon Media's platform doubled in size reaching a lifetime 500 million mobile coupons delivered. Furthermore, average redemption rates continue to be 10x greater than traditional paper coupons. The number of mobile coupon users in the U.S. continues to rise - from 61million in 2013 to 104million last year.
"The fact is mobile coupons are easier to use than paper or print-at-home coupons and more retailers accept them than ever before," says Bill Ogle, CEO of Koupon Media. "It won't be long before the mobile coupon outpaces paper coupons altogether."
The industry report found that consumers spend more, spend more and are more apt to adopt new technologies when offered a mobile coupon.. Overall, 43% of mobile users have used a mobile coupon and 26% increase their basket size when using one. A personalized coupon motivates 39% to spend more and 60% would adopt mobile payments if offered coupons.
Koupon's report focuses on convenience stores which are showing some of the largest growth in all of retail. The highest redeeming categories are energy drinks (43%), soda (17%) and juice (15%) while free offers had, unsurprisingly, the highest redemption rate (15%) followed by BOGO (7%) and money-off (3%).
Interestingly, 65% of consumers redeemed a mobile coupon within 5 minutes of seeing it. In the case of convenience store coupons, the evening commuter period were found to be the most responsive time for mobile coupons. This finding highlights the importance of targeting coupons at the right time, and when the target audience are in the right place.
Image via Shutterstock
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