The humble coupon hasn’t changed much over the years. After all, what’s to change? A brand or a store offers a promotion, and that little piece of paper, clipped from a mailer or saved from an email, is a customer's ticket to savings.
The need for change in the couponing industry stems from a set of problems, not easily solved with couponing as it exists today. To start, paper couponing is prone to fraud. Major retailers and brands alike have felt the backlash stemming from illicitly copied coupons. Because of the loss represented by fraud, brands are now leading the charge to combat this issue.
For retailers accepting manufacturer coupons, the problems are a little different, but no less meaningful. The clearing process for paper coupons can be tedious and time consuming. And the time between redemption of the coupon and receipt of the discounted funds from the clearing house can be incredibly lengthy.
Whether coupons are a thorn in your side that you’re trying your best to ignore, or you’ve completely given up on accepting manufacturers coupons because of said thorn, the latest change in the coupon industry might just be exactly what you need.
What is 8112 Digital Couponing?
In 2020, the Application Interface (AI) 8112 standard was introduced with the goal of replacing paper coupons with serialized digital coupons in a mobile-first, direct-to-consumer format. 8112 digital offers can be scanned with a smartphone’s camera, sent to consumers by text, or pushed to mobile apps through product managers. Coupons can then be redeemed by any retailer connected to the centralized offer database hosted by The Coupon Bureau, with a simple scan of a QR code from the consumer’s smartphone.
8112 digital coupons provide consumers with convenient access to greater savings, while providing retailers with real-time validation, an automated submission and reconciliation process, reduced fraud, increased revenue, and rapid payment.
How does it work?
8112 digital coupons are easy to access and redeem. Customers scan the QR code associated with the promotion using the camera on their smart phone. This will open their Coupon24 app or prompt new users to install the app and register. Multiple coupons can be redeemed directly from the app, and a single barcode is generated for use at the register.
Why is digital couponing better than traditional paper couponing?
One of the obvious benefits of digital couponing is that its fraud free. That may not mean much to you as a retailer, but less fraud means better offers from more manufacturers.
From the retailer perspective, digital couponing streamlines and expedites the clearing process. Meaning you don’t have to do anything with redeemed coupons, and you’ll receive redemption funds in a matter of days instead of weeks.
Digital couponing is also a much more modern and simple approach for your customer. They can digitally clip the offers they are interested in without having to juggle paper and read fine print. A single barcode then allows them to redeem all of their offers at once, making the checkout process exponentially faster.
Why is it important to be an early adopter?
Sometimes it’s hard for independent pharmacies to be ahead of the curve. The often complex nature of pharmacy business means that we’re usually last in line for the new stuff. This time around, though, things are a little different. Thanks to nData and their work with major brands like Proctor & Gamble, RMS can bring this technology to independent pharmacies first. Your customers can build a habit of redeeming digital coupons at your store before the box stores start offering it. The window of opportunity won’t last forever, though, so we highly encourage retail pharmacies to adopt 8112 technology now.
P.S. Did we mention it's free to use for RMS customers? Our team of experts will lead you through a launch process that’s designed to give you the strongest coupon game in town. Visit 8112 Digital Coupons | Retail Management Solutions (rm-solutions.com) to learn more!
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