Online retailers offer 31% more discount codes than last year

SimplyCodes found that promo codes are providing an average discount of 17.6% this year, which is a 2.6% increase from last year’s discount of 17.17%.

To attract customers in a competitive market, brands and online retailers have increased the number of promotional codes they offer.

That’s according to new data from AI-powered promo code platform SimplyCodes, which examined almost 400,000 retailers on the platform from January to June 2024. It found that on average, retailers issued nine unique codes — a 31% increase compared to the same period in 2023.

Promo codes are not only more plentiful this year, but they also offer bigger discounts. The latest data shows that promo codes provide an average discount of 17.6%, up 2.6% from last year’s 17.17%. In addition, the average discount amount per promo code has increased by 22%, from $27.26 to $33.25. There has been an increase in the number of single-use codes, which are given directly to customers, often via email, and can be used only once. The number of retailers offering single-use codes has increased by 47% compared to last year.