Thus, retailers are under increasing pressure to adopt new payment technologies, as a result of shoppers` demand for simpler and more innovative ways to pay. The study identified some of the key trends within the shopping and retail space, in order to provide retailers with stronger insights and understanding of their audience.
Key findings include:
• Convenience through technology innovations: Convenience was the most positively discussed aspect of new digital payment methods in shopping and retail related conversations (77%), with the travel sector leading the way in terms of the highest share of coverage. Consumers specifically highlighted their preference for not necessarily needing to take their wallet on every trip and being able to use mobile payments when they travel.
• Being rewarded: rewards and benefits for the consumer was the most vociferously and positively discussed topic across social media when it came to shopping and retail (38% share of coverage of the six aspects measured). Entertainment was the sector leading the way, where rewards and benefits was most discussed. Consumers expressed eagerness for further acceptance of NFC payments allowing them to receive rewards for using them regularly, such as with MasterCard’s Fare Free Friday’s in London.
• Demand for increased acceptance: After rewards and benefits, consumer discussion of which retailers do and do not accept newer forms of payment was the second most discussed topic according to the study (21% share of coverage of the six aspects measured). Consumers discussed extensively their desire for retailers to integrate new payment systems, with conversations about fashion being most prominent in terms of sector. Fashion focussed shoppers were the most keen to shout about retailers who accept new methods of payment, such as contactless acceptance and mobile payment capabilities.
Leading regional talking points on shopping and retail:
Highest percentage of favourable conversations on digital wallets and in-app payments (96%)Highest volume of conversations globally on digital wallets and in-app payments and contactless payments
Highest percentage of contactless payment conversations (88%) in comparison to digital wallets and in-app payments (12%)Highest favourable tone of any continent on the entertainment retail sector (97%)
Digital wallets and in-app payments (93%) are discussed more favourably than contactless payments (91%) in EuropeEntertainment and fashion (95%) are the two retail sectors discussed most favourably in Europe
Digital wallets and in-app payments (93%) are discussed more favourably in MEA than contactless payments (89%)Rewards and benefits was the most discussed topic within MEATravel (97%) had the highest favourable tone of the retail sectors within the MEA region
Asia Pacific had the highest percentage of favourable tone on the topic of contactless paymentsFashion and food had the highest favourable tone of all the retail sectors within Asia Pacific (99%)
The MasterCard study was conducted in collaboration with PRIME Research, analyzing 1.6 million unprompted online conversations around shopping and retail, across 61 markets in order to understand consumer experience in the September 2014 – September 2015 period.
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