By: Auto-Star Compusystems
Coupons are a widely accepted way for retailers and big brands to encourage sales and for customers to save money. Despite the everyday use of coupons (and increased use with growing inflation) traditional coupons have not kept up with the digital world of today. In response, a nonprofit organization called The Coupon Bureau has collaborated with industry partners to create a new standard of coupons that touts the benefits of being universal, single-use and retail agnostic. Using a centralized database with real-time authentication, GS1 AI (8112) coupons – known as Universal Digital Coupons – are accurate, secure, and convenient for customers.
AI (8112) Universal Coupons are being implemented by many big brands – including Coca-Cola, Unilever, and Proctor and Gamble – and are increasingly being adopted by major retailers. Expected to soon replace conventional coupons altogether, there are many benefits for retailers to start accepting Universal Digital Coupons today as customers switch to the new standard.
Operational Savings
Universal 8112 Coupons are a cost-effective way for retailers to accept coupons while adjusting to changing consumer behaviors. Unlike traditional coupons that require customers to present a physical copy at the point of purchase, digital coupons are redeemed using a mobile device to quickly match eligible products with offers. Not only does this make coupon redemption easier for the customer, but it can also reduce the time at the checkout.
The new standard also streamlines the entire process for retailers. Rather than collecting and mailing coupons back to the manufacturer, redeemed coupons are sent electronically, and the refunded money automatically deposited into the retailer’s bank account. This means retailers can offer discounts without incurring additional expenses, save money on mailing and labor, and have quicker cash conversion.
Error and Fraud Reduction
Paper coupons that are printed or clipped can be easily duplicated or modified, making them more susceptible to fraud. With the new standard, each AI (8112) Universal Coupons can be unique with an individualized serial number that indicates qualifying products and discount value. When scanned at the register, the serial number is communicated to a centralized database to validate the coupons based on the purchase. The database then marks that serial number as redeemed, and it cannot be used again. The process ensures the coupons can’t be modified and are single use only, greatly reducing the chance of fraud and allowing brands to create coupons of greater value with lower risk. Coupon validation also decreases the chance of human error as cashiers no longer are under the stress of reading the fine print to ensure criteria is met, value correctly entered, and expiry date not passed.
Customer-Focused Promotions
Universal Digital Coupons give retailers more flexibility in the types of incentives they can offer. The result is personalized, targeted discounts and promotions that create positive shopping experiences for customers, drive repeat business, and increase sales of targeted product categories.
Universal 8112 Digital Coupons offer a wide range of benefits for retailers and are expected to soon be the standard for all retail coupons. From cost savings to increased customer loyalty, forward-thinking retailers who implement the new standard of coupons in their business strategy will not only be ready for changes in customer behavior but will also see a financial benefit. The first step in accepting Universal Digital Coupons is to check with your point-of-sale provider to ensure your solution is ready to read and communicate AI (8112) data.