Savings Tools Definition Pros Cons
App A tool, typically in mobile (smartphone) form used to aid the user complete a transaction. Mobile, easy to use Use data, drain battery
Coupon A physical, usually in paper form, document that can be exchanged for a discount or rebate when buying a product Convenient, no "tech issues", easy to remember to bring since they are paper Can be lost, forgotten, or not used before expiration date
Coupon Code See Coupon. But always "virtual" or "electronic." Easy to use, mobile, can be resuable Short expiration date, easy to forget to use
Discounted Gift Card See Gift Card. A partially used, or never previously used, gift card, in electronic form (or eCode), or paper form, obtained at a discount price through a third-party merchant. Instant savings without coupons, can come in "physical" or "electronic" form Can be limited to in-store usage only, or activated only with smartphone, electronic gift cards are usually not returnable, electronic gift cards harder to sell
Electronic Gift Card See Gift Card. Electronic "virtual" form of a gift card. Easy to use, multi-platform (smartphone, tablet, desktop) Harder to use since you must type in 12-16 digit codes correctly
Gift Card A physical, paper or plastic, or virtual, credit of money good for redeeming products or services through typically only 1 specific merchant (but may have partner stores). Easy to use, portable, typically don't expire Sometimes can only be used in store and not on-line
Loyalty Program A offline or online marketing program designed to encourage user engagement and shopping frequency. May offer points, cashback, discounts, or other incentives for usage. Typically, but not always, free. Typically free, can earn extra points or discounts by simply being a member and using card Without a digital "wallet," can be cumbersome to carry/remember to use
Price Comparison Online (typically) or offline (using newspapers or ads) to analyze prices of goods and services before purchasing. Easy way to identify savings without coupon codes or discounted gift cards Requires a few extra steps and lowest price may come with terms and conditions that are not ideal
Promotion Code See Coupon Code. Easy to use, mobile, can be reusable Short expiration date, easy to forget to use
Shopping Online Purchasing goods and services through a website or mobile app. Easy way to shop, compare prices, and save time Shipping usually not included, returns can be complicated, or require in-store transaction to complete
Shopping Portal A website storefront offering cash back, frequent flyer miles, points, or rebates for referring shoppers to merchant sites. Easy to way to earn points or cash back while shopping online Involves a few more steps, sometimes points or cash back doesn't post either in a timely fashion, or at all; can eliminate some discount opportunities
Web App See App. Website version of a tool, such as "extension" for browser to help user complete a transaction. Right on your desktop, always availalble Can clutter desktop or slow performance by "hijacking" speed and memory