Coupons VS Slash
A bunch of studies have examined the ways that coupons create mental traps for customers. In this article, we’re going to walk you through the financial pitfalls of coupons.
Everyone knows what coupons are. At over 150 years old Coupons are a normal part of everyday life. They’re a simple way to access a world of discounts and savings. These days they’ve shifted to the online space and are controlled by access codes which unlocks them when typed in. If the customer knows a code and types it into the online store then the discount is applied to the purchase, simple.
However, coupons can lure you into a false sense of saving money when you’re really just throwing it away. A bunch of studies have examined the ways that coupons create mental traps for customers. In this article we’re going to walk you through the financial pitfalls of coupons.
Coupons trigger impulse purchases
Nearly 95% of shoppers use a list at the grocery store, but that doesn’t mean they always stick to it. An NPD group study found that a quarter of shoppers toss things into their baskets without thinking if there happens to be a discount on the product. Just because you have a coupon doesn’t mean it’s a smart purchase.
Waste of time
It’s common for someone to try to get a coupon so they can save money on a purchase, only to end up at some shady website. Then, after all that effort the coupon doesn’t even work cause it’s expired or fake! So you slump back to the website defeated cause you couldn’t find a deal.
You buy more than you need
Over the years coupon clippers have gotten better and better at snagging deals. This has led to an arms race of sorts. Retailers up the purchase requirements and lower the savings while customers try to exploit every loophole they can find. More than a quarter of coupons now require you to buy at least two products to get a bargain. This means you end up buying more than you need just to get the same deals.
Coupons can lead to unnecessary upgrades
Sticking with store brands can save you money, but coupons for brand-name items can force you to abandon your saving strategy. It’s easy to convince yourself it’s a great deal when you see a coupon for an expensive luxury item, even if you never thought to buy it in the first place. Shoppers who are presented with a coupon for premium-brand items are more likely to splurge, regardless of the price.
They push you to hit a spending goal
Many retailers will use coupons to loosen your purse strings. Forcing you to spend huge amounts of money before you can even use your coupon. No surprise that when shoppers are offered a coupon it usually comes with a minimum purchase attached. Shoppers will spend substantially more when they have access to a coupon, even if they’re trying to be as frugal as possible.
So, if not a coupon, then what?
Never fear, Slash is here! Unlike coupons and cashback services, Slash allows you to get instant discounts on products from all your favourite online stores with no strings attached.
- no need to manually search for the code or coupon
- no need to add unnecessary items to the cart in order to the discount to apply
- no waiting times to receive money saved
- no overspending
No need to thank us, making your online shopping experience affordable and fun is our job! ;)