The 2023 holiday season was a difficult time for consumers as rising prices made it difficult to manage spending.
In this competitive market, card-linked offers have emerged as an attractive option for budget-conscious shoppers, with many merchants and card issuers leveraging product-level receipt data to solicit deals. We offer discounts and benefits tailored to consumers.
This is according to the findings detailed in ‘.Leveraging product-level receipt data: How merchants engaged holiday shoppers with card-linked offers”, PYMNTS Intelligence and Banyan leverages insights from a survey of more than 2,000 consumers to learn how merchants and card issuers can leverage product-level receipt data to increase loyalty and attract new customers. We looked at whether they offer offers linked to relevant cards.
Research studies show that approximately 63 million consumers planning their holiday shopping are highly interested in taking advantage of card-linked offers. Among them, the closest one is 2/3 of cardholders They take advantage of offers linked to their cards, with 27% of cardholders surveyed saying they are likely to do so.
Interest in card-linked offers is highest among top spenders, with 40% Consumers with children 39% of Millennials say they are more likely to use it during the holiday season.
Although the availability of discounts and ease of use were the main factors driving consumer interest in card-linked offers, Great cashback benefits And automatically applied discounts are cited as the most important reason to use these offers. Additionally, consumers valued easy checkout and the opportunity to discover new sellers.
The study also revealed that consumers are highly interested in offers linked to product-specific cards for household items.Commuting and groceries was the top category, with 60% of cardholders saying they would be more likely to use product-specific card-linked benefits for these expenses.
Digging deeper into the data shows that both loyal and new shoppers are more interested in switching from their current merchant to a merchant that offers card-linked transactions tailored to specific products. It became clear. This suggests that attractive and relevant offers can move even previously loyal customers into new customers. Retail company.
Further data shows that Millennials, newcomers, and consumers with children are the most likely to switch retailers, with approximately 42%, 41%, and 40% saying they are likely to do so, respectively. Moreover, more than one-third Generation Z individuals They said they were very or extremely likely to make a similar switch.
Overall, the report highlighted that 57% of consumers are at least somewhat likely to switch to a merchant that offers discounts or benefits linked to a product-specific card.
So leveraging item-level receipt data to deliver customized, relevant, card-linked offers can be an effective strategy to attract holiday shoppers and even everyday consumers. I get it.
By personalizing and customizing offers linked to product-specific cards, retailers drive consumer spending, attract new customers, and foster long-term customer loyalty, as research notes You can gain an advantage on
