Whether they are paper heroes tucked into newspapers or digital saviors waiting in their inboxes, coupon codes and discounts can unlock savings. Savvy shoppers are value-conscious and possess a wealth of market knowledge.
This study tests a theory based on the idea that consumers evoke smart-shopper feelings when they perceive they are getting a good deal. After controlling for coupon proneness and value consciousness, the theory explains significant variation in promotion monitoring behaviors.
The Coupon Chronicles
Savvy shoppers possess marketplace skills that enable them to achieve transaction savings. These skills and behaviors include marketplace knowledge, information monitoring, prepurchase organization, in-store price evaluations, and couponing behaviors. Smart shopping is predicted to be positively correlated with these marketplace behaviors. It explains significant variation in them after partially outlining the effects of three relevant market-involvement scales: market mavens, value consciousness, and coupon proneness.
For example, when intelligent shoppers purchase a product such as a pair of shoes or an electronic device, they may visit several stores and even online to compare prices before buying. This helps them find a great deal and feel good about their purchase. Similarly, intelligent shoppers often take advantage of seasonal sales such as back-to-school or after-Christmas sales to get top-quality products at an affordable price.
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To determine whether a shopper is savvy, researchers use an elicitation task to ask subjects to describe a recent purchase involving a bargain. Savvy shoppers can use specific tactics to secure the discount, such as visiting multiple stores, comparing prices online, or talking to a knowledgeable friend. Moreover, the shoppers’ attribution to themselves for their bargain will strongly predict their satisfaction with the purchase.
The Digital Frontier
The digital economy has reshaped the marketing landscape. For example, consumers research products online before purchasing in-store and use their smartphones to help make shopping decisions. Several exhibitors and education sessions at the recent grocery shop show focused on using digital technologies to increase customer engagement.
Savvy shoppers have the knowledge and skills to evaluate prices and effectively utilize consumer promotions. Operationally, this trait is posited to be manifested in two forms of marketplace knowledge and behaviors: marketplace awareness and couponing behavior.
Market awareness is a critical component of intelligent shopping and is predicted to be characterized by monitoring information about sales promotions. For example, clever shoppers pay attention to media ads for sales announcements and seek pricing information in consumer magazines. They also display in-store price evaluation behaviors such as comparing unit prices or checking for coupons at checkout scanners.
Behavioral consequences of smart shopping include utilitarian, hedonic, and satisfaction evaluations. Feelings, specifically happiness, mediate these relationships. Specifically, happiness mediates the relationships between causal dimensions of attributions and behavioral responses to price discounts. Moreover, it mediates the relationship between the internal locus of control and the extent to which intelligent shoppers appreciate promotional offers. This finding provides strong empirical support for the theory that savvy shoppers are motivated by happiness when evaluating the value of discount purchases.
In-Store Coupons
When people think of coupons, they may picture moms cutting them out or only used by poor folks. However, coupons are a powerful shopping tool widely used by many consumer segments. It is more prevalent among affluent shoppers and millennials than ever before. The economy may improve, but consumers haven’t abandoned their desire to save and seek deals. These behaviors have solidified and become a “normal” part of consumers’ grocery shopping routines.
These behaviors can be seen in how they shop – from which brands make their shopping lists to why they might deviate from it for a better deal. They also see these behaviors in how they budget their spending – and how much they might spend on a single item.
Another aspect of these habits is that intelligent shoppers constantly seek ways to optimize their purchase decisions – especially regarding online purchases. For example, they look at prices across multiple channels to ensure they get the best price possible. They also use BOPIS (Buy Online, Pick Up Store) to save on shipping costs and avoid porch pirates.
Lastly, savvy shoppers seek ways to maximize their savings by planning and buying bulk. This can help them save even more money, particularly for items with a long shelf life.
Online Coupons
This reveals the changing dynamics of how today’s savvy shoppers use coupons. Today’s shoppers research online and buy in-store, using their smartphones to find the best deals and maximize their time and money. This new dynamic requires media partners to develop innovative mobile strategies that deliver the correct coupons at just the right moment to convert browsers into shoppers.
The seven items of the intelligent shopping scale were subjected to multi-dimensionality and discriminant validation analyses. The one-factor confirmatory model for the brilliant shopping construct showed substantial improvement in fit over the null model, with all item-to-total correlations ranging from 61 to 78, suggesting that the intelligent shopping measure is unidimensional and internally consistent.
As predicted, the intelligent shopping trait positively relates to marketplace skills and behaviors, including prepurchase organization, in-store price evaluations, and couponing. It also predicts various coupon-related behaviors, including tracking coupon expiration dates and planning shopping trips with coupons. In addition, smart shopping predicts coupon-related postpurchase behaviors, including hedonic evaluations and utilitarian satisfaction. The prediction of these additional couponing behaviors is mediated by market mavenism and value consciousness variables, with the latter making the most significant contribution.
