Shareable digital coupons have emerged as a new marketing strategy. Prior literature on shareable coupons assumes that shareable coupons can play a role only after they have been shared with others. Surprisingly, we theorize that shareable coupons can come into play as early as when consumers merely possess them, even before consumers share them with others, an effect that precedes the effect of the actual coupon sharing. In this research, we show that the mere possession of shareable digital coupons (not necessarily the actual sharing) is able to induce anticipated self‐enhancement among consumers. Hence shareable digital coupons are more effective than non‐shareable digital coupons, and the effect is most pronounced among consumers with high image concerns. The higher coupon effectiveness of shareable digital coupons is reflected in consumers' greater urge/intention to acquire the coupon, intention to revisit, willingness to spend, as well as in firm's sales increase when products are promoted with shareable instead of non‐shareable digital coupons. Our work contributes to the literature on shareable coupons, the mere possession effects, anticipated self‐enhancement, and other‐rewarding promotions, and is of important managerial value given the ease with which the shareability feature can be added to coupons.