• by Laurie Sullivan , Staff Writer @lauriesullivan, October 5, 2022

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. 

• Coupons and discounts positively influence ecommerce conversion rates: 85% of Gen Z consumers, 86% of Millennials, and 79% Gen X and Baby boomers are all more likely to complete a purchase when they have a coupon or discount
• Overall, 82% of consumers said they are more likely to complete a purchase when they have a coupon or discount
• 81% of all respondents said they are more likely to purchase from an online store that offers some sort of reward or cashback on purchases than one that doesn’t
• 68% of Gen Z and Millennial respondents base retailer selection on whether or not rewards are offered

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. 

• 60% of those surveyed expect to find discounts and rewards while they shop at an online store
• 87% of Gen Z and Millennials and 81% of Gen X and Baby Boomers actively seek out retailers that offer rewards
• 85% of Gen Z and Millennial respondents claim receiving rewards influence their decisions on where to shop and how to pay
• 79% of all respondents prefer to have shopping rewards automatically applied at checkout, while 69% of consumers agree that this is the simplest form of accessing rewards
• Seven of 10 consumers prefer cashback deposited directly into a bank account or as a credit on their credit card.