Smarter Click has announced the launch of its new product Smarter Codes in a bid to end the ongoing challenges around poor voucher code practice, giving retail brands total transparency and control over their code usage.
The product was developed following 90 days of research with a key high street retailer, which found that 25% of the 85,000 code attempts made on their website were invalid. With users only trying an average of 1.2 codes per shopping session, the opportunity for conversion is limited and valuable customers are being lost in the fake code quagmire, according to the study.
Furthermore, statistics showed that the average conversion rate of a working voucher code was 54.6% compared to a mere 14.1% for a non-working one. Putting that into numbers, removing invalid codes and making way for working ones could result in an additional £250,000 per quarter in incremental revenue for retailers.
“It won’t surprise you to learn that valid voucher codes convert five times more than non-working codes. Invalid codes are frustrating for consumers and damaging to brands – and we’re here to put a stop to it,” said Ennis Al-Saiegh, CEO of Smarter Click.
Stopping unjust commission payments
Breaking down the product functions, Smarter Codes allows brands to view all (valid or otherwise) attempted voucher codes as well as each of their subsequent conversion rates. The tool then provides the traffic sources for each code, helping to identify publishers sending traffic from invalid or fake codes, along with the revenue being lost in commission.
In conclusion, the platform gives the ability to identify and fix invalid voucher codes whilst dramatically increasing conversion rates but, more importantly, address the bad practices with partners that promote invalid codes and benefit from last click cookie attribution.
Dan Cohen, group commercial director at Savings United, recently highlighted the transparency of voucher codes and whether the proven model, whilst controversially gaming the last-click attribution model to some, adds value to affiliate marketing. With the release of Smarter Codes, hopefully, retail brands can develop an effective voucher code strategy where they can receive fair payments whilst weeding out the poor publishers driving traffic to fake codes.