As the world of commerce continues to evolve, so too do the shopping habits of consumers. One of the most notable trends in recent years is the rise of loyalty programs. By offering rewards and perks to loyalty program members, businesses are able to encourage repeat business and build customer loyalty. Another trend that is increasingly popular is the use of digital wallets. Using a digital wallet allows customers to store their payment information in a secure place, making it easy and convenient to make purchases both in-store and online. As more and more consumers become technically savvy, it’s likely that these consumer shopping trends and others will continue to grow in popularity.
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Data for today’s episode is provided by Mercator Advisory Group’s report – Tech Forward Shoppers: A Retailer’s Dream.
5 strategic implications of current consumer shopping trends:
- Tech forward consumers are frequent and savvy shoppers. They visit more stores and belong to more loyalty programs
- Tech forward consumers make up the majority of universal and retail-specific digital wallets
- Tech forward consumers are the future of shopping: as average consumers get more comfortable they will become tech forward.
- Overall merchant loyalty programs accomplish their goals: more visits and more spend
- Consumers who are enrolled in 12 to 21 merchant loyalty programs are sophisticated shoppers who maximize their loyalty benefits
About this report
Mercator Advisory Group’s latest Primary Data report, Tech Forward Shoppers: A Retailer’s Dream is the based on the company’s 2019 Buyer PaymentsInsight Survey (formerly Customer Merchant Experience Survey). The online survey of 3,000 U.S. adult consumers, which was conducted in March 2019, explores consumers’ merchant experiences as they shop in-store, online, and via mixed channels. The survey was designed with the goal of defining and highlighting consumer expectations for optimal experiences with merchants.
This third report of three on the survey’s findings looks more specifically at the emerging behavior patterns of customers as they shop in-store, online, via mobile. The report’s analysis of the findings offers insights into how consumers shop, how their attitudes toward technology impact their shopping behavior, and how loyalty program membership drives the way they shop.