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The term ‘discount' comes from the Old French word “descontre” which means to deduct or subtract. This is because the early merchants would deduct a percentage from the price of goods depending on the amount purchased; this was mostly applicable to large purchases. However, it wasn’t until the 1960’s that we started seeing discount vouchers more frequently. These were typically distributed through newspapers and magazines as paper coupons, offering deals and discounts on goods such as groceries and toiletries. It wasn’t until much later that we saw online retailers start using discount codes online; with consumers enjoying incentives such as free delivery and money off their purchases by entering a specific code at checkout Today, many companies are using discount codes to gain new customers and also to retain their existing customers. It is also used for building brand awareness and increasing customer loyalty. It is one of the most powerful marketing tools available to businesses today because it can reach millions of people at once with just one code. Discount codes are a good way to ensure that sales leads convert into sales. The discount you offer will depend on your business model, and how much you’re willing to spend to get a customer. It might be something as simple as free shipping, or a discount of 5% off the total amount of their order. You can also use the code to reward customers who have brought friends or family members with them to your store. If a customer has referred another customer, they can receive a small discount on their next purchase in your store. Ideally, this will be something you’re already doing, but the fact that they need to enter a code when making their purchase will ensure that you know where your new customers came from! An easier way to increase conversions and track your sales is to use the Code Drop app to promote your products. The unique app is an essential tool for retailers that want to take control of their online promotional activity whilst increasing conversions and gaining a new audience. The Code Drop app allows brands to filter their target audience by age, gender and location to improve the strategic management of discount codes and inventory. This is particularly useful for brands with large inventories where attracting visibility to every product can be challenging and may result in mark-downs or reduced profitability. Using Code Drop enables brands to promote stock at product level to help sell through rates of slow moving lines. It is also a great way of introducing brands to new audiences who may not have previously heard of them. The added incentive of a unique discount code will help to build trust between consumers and brands which will assist in increasing return customer rates. With Code Drop, brands also have the added benefit of not being tied in to any lengthy contracts. Unlike Marketing Agency costs which can be pricey and bring inconsistent ROI’s, brands can use the app on a pay-as-you-go basis, perfect for maximising sales during holiday periods or key retail dates like Black Friday. Almost all marketers agree that discount codes are extremely powerful for bringing in leads for a business. However, there are also many misconceptions about them, along with plenty of unanswered questions. Even as discount codes proliferate more and more with each passing year, they're still shrouded in mystery in many respects. Thankfully, hopefully this post has helped to clear up some of those questions, even if it's only done so in a minor way. Hopefully the next time you or your client have a question about the mysterious world of discount codes, this resource will be able to help you out. And who knows? Maybe it will convert you into an aficionado of the code yourself. Then we'll all have something to celebrate!