MasterCard recently did a global retail study to understand consumer needs. According to the study, the consumers are demanding innovative and simpler ways to be integrated into their retail experiences. On the other hand, retailers are not leaving any stone unturned to fulfill these demands of their consumers and are trying hard to provide them with seamless and flawless innovative shopping experiences.
According to the study, there is a continuous shift in consumer preferences, like expecting innovative but simpler methods. Retailers are expected to provide convenient, simpler and faster experiences enabled with the latest technologies to its consumers.
Some of the key findings of the study are listed below:
1. Convenience: With technology and mobile payments at our fingertips, consumers want their retailers to provide them with the most convenient retail shopping methods. With so many options available, convenience becomes the most important part of the whole retail experience. Shoppers are looking for innovative ways where they can easily pay through their devices instead of carrying their wallets the whole time. Brands like Starbucks have already created this option of paying through the app, which is simpler and convenient.
2. Rewards: Shoppers expect their retailers to provide them with rewards and benefits when it comes to shopping experiences. Such type of engagement motivates the consumers and increases brand loyalty also. According to the study, entertainment is the leading sector where most of the benefits and rewards are appreciated by consumers.
3. Acceptance: A retailer’s acceptance by consumers largely depends upon its innovations and integration of newer payments system. Shoppers want to get engage with retailers who can enhance their experiences with up-to-date payments methods such as contactless payments.
4. In North America, around 96% of retail conversations are based on digital wallets and in-app payments.
5. Latin America has the highest percentage (88%) of contactless payment conversations.
6. Among social media platforms, consumers prefer Twitter for shopping and retail social conversations.
7. Asia-Pacific leads shopping and retail-related conversations globally.
Participant Profile: About 1.6 million unprompted online conversations around shopping and retail across 61 markets were analyzed to understand consumer experience over the last 12 months. The social media channels included within the study were Twitter, Facebook, Instagram, Forums, Weibo (CN), Google+ and YouTube. The study covers unique consumer opinion from 61 markets in North and South America, Europe, Africa, Asia and the Pacific Rim.
MasterCard is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities—such as shopping, traveling, running a business and managing finances—easier, more secure and more efficient for everyone. For more information, click here.