Amidst economic uncertainty, consumers are changing their shopping behaviors and placing more importance on ways to save money with digital tools. Our recent whitepaper, "Shopping in the New Normal: Responding to New Consumer Habits That Are Here to Stay," measured consumer sentiment towards a variety of savings tools and tactics. For example, 75% of consumers are more interested than ever in earning cashback rewards for shopping to save money.
Banks and retailers alike can meet rising consumer demand for value-adding tactics like shopping rewards and digital coupons. Consumers actually cited credit cards, debit cards, retailers, and banks as the top four categories of services where they would prefer to find these tools.
- 60% of consumers cited shopping rewards and cashback programs as a key feature they consider when choosing a new credit card
- Half of consumers said that shopping rewards were an important factor in choosing a new bank. This factor ranked highest after core banking features like customer service & interest rates
- Merchants also benefit from cashback rewards: with 43% of online shoppers who use a browser extension for cashback stating they are more likely to shop with a retailer offering cashback than one who doesn't, and 48% stating they are more likely to complete their purchase if they can earn cashback rewards.
The following infographic based on our survey data illustrates the importance of offering shopping rewards as consumers continue to contend with high prices and economic uncertainty. (Click to download the full infographic.)