There's no doubt that consumers today are concerned about the uncertain economy and record inflation. Our recent whitepaper, titled "Online Shopping Rewards Have Gone Mainstream, Offering A Win For Banks, Retailers, And Consumers Alike," quantified the ways that those economic pressures are driving consumers to seek out money-saving tactics more than ever: 90% of respondents said that rising prices have increased their interest in getting discounts, using coupons, and earning cashback rewards when they shop.
Those e-commerce incentives are critically important because they have a huge impact on consumer behavior. Cashback rewards, coupons, and discount programs are in high demand by customers nowadays, and they influence how consumers shop, where they shop, and whether or not they actually complete a purchase.
- 61% of consumers "often / always" look for coupons, discounts, and cashback rewards when they shop online.
- 81% of consumers are more likely to purchase from an online store offering some sort of cashback reward than one without.
- 8 out of 10 consumers are more likely to complete their purchase if they can earn cashback rewards or use a coupon/discount.
The following infographic based on data from our whitepaper illustrates just how important rewards programs and other incentives have become as an element to driving customer engagement, retention, and revenue for online retailers. (Click to download the full infographic.)