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Women seek flexible payment options this holiday season, survey shows

Wednesday 28 October 2020 08:29 CET | News

A daVinci Payments study reveals women intend to shop online and mobile more this holiday season with the belief normalcy will not return until 2022 or later.

The study conducted in October 2, 2020 revealed that while 62% of women surveyed report their income being the same or better than what it was in 2019, 52% intend to spend less this holiday season, 31% indicated they will spend the same as last year, and only 17% said they will spend more.

The following survey results reflect how the pandemic pushed shoppers of all age groups to adopt technology, due to COVID-19 health concerns, signaling the growth of online and mobile shopping:

  • 76% intend to do more than half of their 2020 holiday shopping online this year, up from a reported 71% in daVinci’s May 2020 Future of Payments Study;
  • 74% currently do more than half of their online shopping via phone, up from 57% who said the same in the May daVinci study, with 23% now doing all of their online shopping via their mobile device;
  • Amazon makes up the majority of online purchases and is the number one-way respondents learn about brands, which is an increase from ranking third in daVinci’s 2019 Women Shoppers Study, leaping over friends and family and retail stores (online and physical);
  • price is the most important purchasing factor followed by quality, availability, safety, brand name and store seller, indicating the need for price driven rewards like rebates;
  • respondents listed convenience as the top reason to shop online, followed by safety and selection;
  • two-thirds of respondents buy from reseller and consignment sites taking share from new product purchases.

Women shoppers holiday purchasing decisions will be influenced by rebates and prepaid cards, according to the following survey results:

  • 62% would choose a USD 100 rebate over USD 50 instant discount;
  • respondents cited prepaid cards (virtual or physical) as their top choice for shopping rewards, followed by gift cards from select retailers and check and special savings offers with two weeks to redeem;
  • 69% preferred prepaid cards that can be spent anywhere over check refunds;
  • results also indicated a significant opportunity to cross-sell with virtual pre-paid card delivery, with 80% of women responding that they would use a surprise offer that accompanies a prepaid reward;
  • loyalty programs are important to women, with 88% indicating they would choose a brand with a loyalty program over a similar one without.
daVinci Payments concludes that ecommerce and online shopping will continue to dominate along with consumers demand for contactless payments when they are in stores, which is inevitably contributing to the continued rise and importance of mobile payments.

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Keywords: daVinci Payments, online shopping, ecommerce, mobile payments, report, study, holiday sales
Categories: Payments & Commerce | Ecommerce
Countries: World
This article is part of category

Payments & Commerce