Worldline’s research surveyed 6,000 respondents from six European countries. In light of the rising cost of living, the study showed that consumers are adopting new shopping behaviours that favour cost-saving. Among the new deciding factors that they have in mind when making purchases are price, coupons, and discounts.
The main finding of the study is that, even though there is a new tendency for consumers to cut back on their spending on online shopping, they still show openness when it comes to embracing new technologies.
A detailed overview of the key findings
As showcased by the data, consumers are currently significantly more price sensitive. Apart from buying less than before, they seem to actively look for cost-saving offerings. Even more to this point, 43% of them are using discounts and coupons more frequently than before. As a result, their preference for rewards and other similar shopping incentives has grown.
The search for more affordable items has also increased the frequency of cross-border commerce. The data revealed that approximately half of the respondents regularly purchase goods from outside of their domestic markets. Given that cross-border sales are on the rise, the need for flexible payment options is a must.
Data from this survey also confirmed previous insights into what drives payments. More precisely, the survey illustrates that habit and convenience are the main drivers and that bank cards remain favourites as payment methods among 58% of respondents. However, the data also indicates the emergence of digital wallets as the main challengers to cards.
Another key driver for attracting customers is personalisation, as buyers opt for subscriptions that cater to their preferences by providing tailored recommendations.
An additional important finding of the report has to do with the demand for technological advancements in the sector. More precisely, the survey found that between 30% and 40% of consumers look forward to their preferred brands providing augmented reality (AR) and virtual shopping assistants to enhance their shopping experience. Similarly, social commerce has also seen an increase in popularity.
By contrast, the survey indicates that metaverse shopping has not met the level of popularity initially forecasted, as data indicates that only approximately one-quarter of consumers in all markets want to shop in the metaverse.
Similar varying expectations can be seen around live shopping and voice shopping, as solely a third of consumers expect their preferred brands to extend live shopping offerings in the future.
For more information about Worldline, please check out their detailed profile in our dedicated, industry-specific Company Database.
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