A majority of women in a new survey from fintech firm daVinci Payments do not expect everyday life post-COVID to return to normal until 2022 or beyond, and suggests that women will be overwhelmingly embracing online and mobile shopping this holiday season—and this shopping trend is up significantly from May 2020.
The firm’s newly released Future of Shopping Women’s Study also outlines female consumers’ desire for retailers to offer a flexible array of payment options, with online, mobile and contactless dominating their preferences.
The October study revealed that while 62 percent of women surveyed report their income being the same or better than what it was in 2019, 52 percent intend to spend less this holiday season, 31 percent indicated they will spend the same as last year, and only 17 percent said they will spend more.
The 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.
Key findings include:
- 76 percent intend to do more than half of their 2020 holiday shopping online this year, up from a reported 71 percent in daVinci’s May 2020 Future of Payments Study.
- 74 percent currently do more than half of their online shopping via phone, up from 57 percent who said the same in the May study, with 23 percent 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 the firm’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 percent would choose a $100 rebate over $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 percent 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 percent of women responding that they would use a surprise offer that accompanies a prepaid reward.
- Loyalty programs are important to women, with 88 percent indicating they would choose a brand with a loyalty program over a similar one without.
“As more retailers announce they will be closing their stores on Thanksgiving and Black Friday this year, a new normal for retail is emerging,” said Rodney Mason, chief marketing officer at daVinci Payments, in a news release. “Our Future of Shopping Women’s Study found that 51 percent of women shoppers do not see life going back to normal in 2021 and significant growth in mobile purchases since May, which was already at all-time record levels, indicating how critical it is that retailers adapt to retain consumers. E-commerce 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.”