Consumers Demand New Payment Options
A new MasterCard study is shedding light on consumers’ shopping preferences, revealing that retailers are under increasing pressure to adopt new payment technologies.
The Retail Social Listening Study, conducted in partnership with PRIME Research, analyzed 1.6 million unprompted online conversations centered around shopping and retail across 61 markets over the last 12 months. The data identified tends, including shifts in consumer expectations.
For example, rewards was the most talked about and positively discussed topic across social media when it comes to shopping and retail, receiving a 38 percent share of coverage of the six aspects measured. The second most discussed topic in the retail space was which merchants do and do not accept newer forms of payment (21 percent share of coverage). In fact, the study found that consumers want retailers to integrate new payment systems (like contactless acceptance and mobile payment), particularly in the fashion sector. Moreover, convenience was the most positively discussed aspect of new digital payment methods in shopping and retail related conversations (77 percent).
“The wave of social engagement we see every time new payment innovations are rolled out truly reflects the demand and desire for new and more convenient ways to pay. It also shows that payments have really moved into the heart of the shopping experience – causing frustration when not accepted and engagement when fast, easy and personal,” said Carlos Menendez, executive director for international markets at MasterCard.
It is also important to note that the study highlighted Twitter as the most frequently used social media platform across the globe when it came to online conversations about retail and shopping. In addition, the study found that North America led the way when it comes to favorable conversations on digital wallets and in-app payments (96 percent). What’s more, North America also had the highest volume of global conversations on digital wallets, in-app payments and contactless payments. Conversely, the data shows that digital wallets and in-app payments (93 percent) are discussed more favorably than contactless payments (91 percent) in Europe.
Learn more about the study by checking out MasterCard's infographic below: