Shopping Trend Alert Nearly 29% of online buyers hunt for discount codes

India's e-commerce market is booming, standing 9th worldwide for global expansion. Whether it's a festive or regular day, online shopping is increasing. As per IBEF, the sector is expected to reach US$ 99 billion by 2024, with a 27% compound annual growth rate from 2019 to 2024. This growth is mainly driven by grocery and fashion segments. Moreover, online retail penetration is expected to reach 10.7% by 2024, with the Business-to-Business (B2B) online marketplace forecasted to offer a US$ 200 billion opportunity by 2030.

Why is Online Shopping increasing?
India has the third largest online buyers with 190 millions, following China and US. And the number is expected to rise in the next five years with 300-350 millions increasing the online Gross Merchandise value to US$ 100-120 billion by 2025. Along with this, India is the second largest Internet market in the world with 800 million users which is a major factor contributing to the online sales and ecommerce sector. As internet access extends further, ecommerce experiences a notable boost, reaching Tier-2 and Tier-3 cities. Notably, consumers now enjoy the convenience of purchasing directly from brands, foregoing the need to visit local stores and incurring extra costs, while also benefiting from discounts, offers, sales, and coupons.

Understanding the Discounts and Coupon codes Trend

Consumers are actively seeking money-saving deals, leveraging discounted coupon codes and offers. Statistics from Shopper.com reveal that nearly 29% of online shoppers consistently search for discount codes. Here are some factors driving this trend:

Wide Consumer Reach - Discounts and coupon codes are revolutionizing online shopping, attracting shoppers across different age groups, from young adults to seniors buying essential items like groceries and medications. Although the 25-34 age group dominates online shopping, there's a clear trend of older demographics also embracing e-commerce. However, the primary consumers fall within the 15-34 age range, indicating broad acceptance of cost-saving strategies.

Regional Acceptance - Many people are using digital coupons, with 73% in metro areas and 65% in non-metro areas having used them at least once. Also, online stores now deliver to 15,000-20,000 pin codes out of nearly 100,000 in the country, letting consumers from Tier 2 and 3 cities buy online with discounted coupons.

Affordable purchase - Online shoppers are always on the lookout for cost-effective deals. Securing the best prices for their purchases brings them genuine satisfaction, knowing they've saved a significant amount of money. Affordable shopping aids individuals in immediate savings and also shapes their future spending habits towards more economical choices.

According to Kamil Khan, CTO & Director of Sellergize, “Coupon codes and discounts are driving the surge in online sales across ecommerce platforms. Whether big or small, brands are leveraging these deals to attract consumers, prompting them to explore and make purchases. This trend is reshaping consumer behavior, fueling online shopping and prompting businesses to shift their ecommerce and retail strategies ensuring cost savings and attracting more customers.”

India's e-commerce scene is buzzing with increased shopper engagement, fueled by better data rates and businesses' effort to improve the customer experience. Research shows that 7% of urban shoppers use discount codes, but many struggle to find them. Online platforms step in, making it easier for consumers to access discount coupons for their favorite brands and stay updated on timely deals. As these platforms adapt to serve more users, particularly from smaller communities, India's e-commerce market is set to soar sevenfold, reaching $300 billion by 2030. The next wave of growth will be led by e-grocery and localized initiatives, emphasizing the role of discounts in driving market expansion.