In the beginning there was Honey, and the the app found help shoppers save at checkout, and the app was good. And then the creators of of Honey launched Milk (get it: Milk and Honey) to help consumer save at the grocery store, and brought with these savings the miracle of attaining the savings without clipping the coupons.
According to reports, Milk does not descend into the market as the only manna for consumers, , as SavingStar, Shopmium, ibotta, Checkout 51, Shrink, and GrouponSnap all have emerged to de-paper coupons.
“Each year, 315 billion coupons worth well over $400 billion dollars are distributed. But only a tiny fraction is redeemed – 0.8 percent – and usage is dropping,” says Honey co-founder George Ruan.
With consumers relation to the news and media changing, Ruan says the methods of distribution when it comes to savings and rewards as to change with them.
“For millennials, the time spent on social media each day is a staggering 5.4 hours,” Ruan notes. “The time commitment to keep track of, acquire, manage, and use grocery coupons is a hassle that is no longer worth it for most consumers.”