While digital coupons are growing in popularity, retailers have been struggling to process paperless coupons from various platforms. Fortunately, two major organizations, GS1 US and the Joint Industry Coupon Committee (JICC), have come together to create a new digital coupon standard.
The new standard will help brand owners, retailers, and consumers benefit from improved coupon tracking and redemption practices.
The growing popularity of digital coupons
As consumers become more reliant on their mobile phones, it’s no wonder that digital coupons have become increasingly popular. According to eMarketer data, the number of digital coupon users has grown nearly 18 percent in the last year, amounting to nearly 92.6 million users. It’s predicted that mobile coupon users will grow by an additional 11 percent by the end of 2016, increasing the figure to 104 million.
New improvements for digital coupons
The collaboration towards paperless coupon standards has led to new features for digital coupon users and processors. Retailers are able to handle a digital coupon like a cash transaction. This establishes accounting practices that will help to balance a cashier’s register and create an audit trail. As adoption and implementation of the new standards become mainstream, retailers should be able to better accommodate paperless coupon users as well as solve common supply-chain problems.
The collaboration and resulting technology
The partnership between GS1 US and the JICC is expected to result in vast improvements for consumers, retailers, brand owners, and the retail industry at-large by utilizing industry-leading best practices to improve upon barcode-based paper coupons to build cutting-edge consumer technology. Thanks to new couponing standards, digital coupons are now simple to track, process, and use.
As more consumers use paperless couponing technology, it will become even easier for consumers to save money, for retailers to process transactions, and for brand owners to market to their customers. GS1 US and JICC have built a partnership to respond to the needs of a changing market in the retail industry. We can only expect digital coupon standards to further evolve as technology improves and the consumer experience becomes even more customized.