Inflation has consumers digging deep to find deals and discounts. It has increased consumer preferences when it comes to receiving cashback or rewards from retailers or their cards, as well as frequent-flyer bonuses. One in three consumers began using these programs within the past two years, according to data released Wednesday.
Wildfire Systems, a financial-technology platform that powers reward programs, collaborated with research firm Big Village to survey more than 1,000 U.S. adults about shopping rewards programs including cashback, discounts, and other money-saving tools. Here is what they found.
Not surprisingly, the report — Online Shopping Rewards Have Gone Mainstream, Offering A Win For Banks, Retailers, And Consumers Alike — released Wednesday reveals the growing importance of discount programs as prices rise due to inflation — and the impact they have on consumer shopping behavior and brand affinity.
The report finds that only 9% of consumers think they will get deals through search engines like Bing, but 63% look for deals and rewards from their credit cards.
Some 90% of consumers are more interested in receiving discounts, using coupons, and earning cashback rewards when they shop because of rising prices.
Some 82% of higher-income households value rewards.
Respondents who have a household income of more than $100,000 seek them as well, and a combined 80% of respondents ranked the ability to earn some form of cashback as their number one preferred method of receiving rewards.
Ecommerce incentives like cashback and coupons influence how and where customers shop.
Accessible shopping rewards are critical to retail brands’ ability to engage and build relationships with consumers across all age groups – from Gen Z to Baby Boomers.