As retailers look to secure consumers’ loyalty both online and in stores, PYMNTS Intelligence research finds that digital deals and discounts go a long way toward meeting shoppers’ evolving expectations.
The PYMNTS Intelligence study “2024 Global Digital Shopping Index: The Rise of the Click-and-Mortar™ Shopper and What It Means for Merchants,” commissioned by Visa Acceptance Solutions and drawing from a survey of nearly 14,000 consumers across seven countries, found that 75% of U.S. shoppers expect digital coupons to available for both in-store and online shopping.
More retailers are exploring the possibility of launching loyalty programs that provide these kinds of deals.
For instance, Wayfair shared on a call Thursday (Feb. 22) discussing its fourth-quarter and full-year 2022 earnings results that it intends to offer loyalty rewards outside of its branded credit cards. Niraj Shah, the company’s CEO, co-founder and co-chairman, said Wayfair plans to launch a “tender-neutral” program in the fall.
“Today, what we have for a loyalty program, all the benefits of the loyalty program are associated with having the Wayfair credit card … that’s co-branded with Citibank or just the Wayfair-specific store-based credit card,” Shah said on the call. “But we don’t have a broad-based loyalty program that works regardless of how you choose to pay, and we think that there’s a real opportunity for that.”
Similarly, Etsy said on its earnings call a day earlier that it is looking to build such a program, attempting to drive relevance for customers.
“The goal is to get people to consider Etsy more often,” CEO Josh Silverman said. “People love Etsy. Talk to buyers, and they’re all going to say, ‘I love Etsy.’ ‘Why didn’t you shop on Etsy more often?’ ‘I didn’t think of it.’ So, committing to some form of loyalty program, we think can get them to prioritize Etsy.”
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