Observed Signal · Sep 14, 2026 · Study Release · Source: Horizont · Impact: 1/5 · Sentiment: Positive
CMC Print Mail Study: Higher Vouchers Boost Sales, Not Always Profit
The CMC Print-Mailing Study 2026, conducted by Deutsche Post and the Collaborative Marketing Club (CMC), analyzed 35 online shops to determine the impact of voucher values on advertising return. It found that while higher discounts generally increase conversion rates and revenue, they often reduce profit margins, especially among high-value, loyal customers. Case studies from allnatura, Hemden.de, and Otto Gourmet showed that offering slightly lower discounts to top customers preserved margins and improved return on advertising spend (ROAS), while higher discounts for occasional customers boosted their conversion rates and overall profitability. The study challenges the common practice of giving the biggest discounts to the most valuable customers, advocating for segment-specific voucher strategies to optimize profitability.
Niche study on print mailing voucher optimization, relevant to direct marketing but not industry-shifting.
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Key Takeaways & Evidence Grounding
- Average conversion rate of 4% and ROAS of 961% across participating shops.
- Higher vouchers for occasional customers increased conversion by 33% and improved net advertising return.
- Lower vouchers for valuable loyal customers reduced conversion by 31% but resulted in better net ROAS.
- allnatura achieved better ROAS with an 8% discount compared to 10% for its most valuable customers.
- Hemden.de increased advertising return by 6.4% among top customers with a lower voucher value.
- Otto Gourmet achieved a ROAS of 705.4% with a 12% voucher versus 601.8% with a 15% voucher for high-value customers.
Connected Companies & Entities
1 Entity mapped“Deutsche Post and the Collaborative Marketing Club (CMC) jointly released the study....”
Ontology Mapping & Concepts
Related Market Signals & Shifts
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Deutsche Post CMC Study: Print Mailings Deliver High ROAS
The Deutsche Post's free whitepaper presents results from the CMC Print-Mailing Study 2026 (ninth edition), analysing 35 real e‑commerce campaigns with almost 859,000 print mailings sent to existing customers over five months. The study reports measurable performance lifts for physical mailings, including a 4.0% average conversion rate, a 961% ROAS during the campaign period, a 24.8% increase in average basket value, and 8.5% of recipients visiting the promoted online shop directly after receipt. Findings also show that 46% of orders triggered by mailings arrive only from the fifth week onward, and that lower-value coupons produced higher ROAS for top customers. The whitepaper is a sponsored, downloadable resource published via OnlineMarketing.de in partnership with Deutsche Post.
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