Coupons have been widely used since the Great Depression Era of the 1930s whose intent is for customers to save money. Paper coupons are the traditional style of savings until 2023. The paper coupon is known in the digital world as AI (8110). Unfortunately, it has not kept up with the digital era, plus they are too susceptible to fraud.
Currently, polls indicate that 61% of consumers state that rising prices are their biggest shopping concerns, 60% of consumers believe that coupons, sales, and discounts are more important now than ever before, and 27% of consumers report that when shopping they look for brands that provide the best purchase deals.
Genesis of Universal Digital Coupons
Thus, we introduce the universal digital coupon concept known as AI 8112. The Coupon Bureau is a non-profit centralized data exchange that has introduced the new Universal Digital Coupon. This agency works to improve coupon offerings that benefit the retail industry and consumers. The Coupon Bureau also develops innovative technologies and educates the industry, the consumer, and contributes proceeds to the U.S. community.
The Coupon Bureau has adjoined with industry partners to create a new type of coupon – a universal retail coupon. Coupon industry partners include another driving force behind digital coupons, which is Fobi. This company is a leader in providing real-time data analytics through artificial intelligence.
Also, Fobi is one of the few business institutions that creates both digital and print on your home printer coupons based on the new 8112 Universal Coupon Standard from The Coupon Bureau. At present, these GS1 AI (8112) Universal Digital Coupons are widely generated for mobile devices.
Major industry leaders have supported their use and have attached their names to the universal coupon concept. Manufacturers like Coca-Cola, Proctor and Gamble, and Unilever have already implemented 8112 Universal Coupons throughout the United States.
Since 2020, the Coupon Bureau has exited to create, maintain, and to launch the coupon format AI (8112) to their partners which include food service retail stores, convenience stores, coupon packaged goods (CPG) businesses, coupon distributors, and clearinghouses. After years of planning and testing with both retailers and manufacturers, the Coupon Bureau has finally released the universal digital coupon.
The AI (8112) digital coupons can be used by customers to purchase products from participating retailers of their choice, rather than just one particular store at a time. Instead, customers can simply download a brand’s coupon from their smartphones, save it to their coupon app or mobile wallets, and then use them at participating retail stores.
As part of its fraud protection feature, the AI (8112) digital coupon contains 34-digit data strings within its structure with the following information:
o The first two digits contain the identifier (8112).
o The next 19 digits are the offer code for the coupon offer.
o The next 13 digits contain the serial number.
o The last digit is the data integrity digit.
Benefits of Universal Digital Coupons
Universal digital coupons offer the following benefits for both CPGs and customers:
- Error and Fraud Reduction:
Paper coupons are too easily duplicated or recast. The AI (8112) Universal Coupons contain the above individualized serial numbers. When coupons are scanned at the register, their serial digits are automatically recognized in a centralized database. After scanning, the coupons are rendered invalid and cannot be reused, which lessens any chance of mistakes or fraudulent activities.
Digital Universal Coupons makes check-out time a lot faster and easier for customers. Retailers see savings because digital coupons reduce the amount of paperwork involved in coupon transactions. This includes retailers mailing back paper coupons to the manufacturer. Electronic coupons allow retailers to have their refunded money deposited instantly into their financial account. Retailers are then encouraged to save money so that they can offer customers more discounts.
- Flexibility Promotions
Universal Digital Coupons gives retailers more freedom to offer more incentives to their customers. Giving customers the flexibility of using digital coupons for all brands helps to create a positive shopping experience, creates repeat business, and increases the sale of specific lead products.
- Acquire New Customers
Universal Digital Coupons can be quickly shared through social media networking sites and other online and offline paid ad medias. Digital coupons allow marketing brands to instantly reach a larger number of shoppers.
- Own your audience
Many of the existing digital coupon options have similar characteristics as mentioned above, but they also have a restricted consumer base that can only use the coupons through the provider who has them as customers. AI (8112) coupons allow CPG brands to restore their power over their customers with a coupon tool that can reach any segment.
Convenience is one of the most important benefits of Universal Digital Coupons. Firstly, there are no more cutting out paper coupons, printing them, or carrying them in our pockets. Customers can redeem their discounts and promotional coupons at check-out with the swipe of their cellphones rather than trying to locate their physical coupons.
Yes, the initial turn-out of digital coupons (AI 8112), was available for mobile use. However, 8112 coupons can also be printed on paper and scanned at the POS using a QR code format. Consumers can print the universal digital coupons from their devices identified from a direct mail advertisement, newspapers, magazines, or other sources of print media.
Digital Coupons Are Rising
From 2022 and 2023 digital coupon usage, Universal 8112 Digital Coupons are proving to be the benchmark for all retail coupons. Consumers and customers are reducing their spending habits due to inflation rates being higher than normal. With Universal 8112 Digital Coupons, shoppers can keep shopping for products they want and need in one singular form.