New Report from BigCommerce and PayPal Sheds Light on Consumer Spending Habits Post-Covid
Survey results highlight need for retailers to have omnichannel strategies to support customer preferences
While a majority of the 3,000 consumers surveyed from
The findings highlight a growing need for retailers to invest in an omnichannel sales and marketing strategy that provides convenient and consistent shopping experiences in-store, online and on social media.
As customers continue to move away from brick-and-mortar stores to digital commerce and increasingly use their phones to make purchases, an omnichannel strategy opens up the opportunity for retailers to reevaluate their sales and marketing strategies to ensure they’re meeting customers where they are the most likely to spend.
“For years, we’ve seen ecommerce continue to gain ground on traditional shopping. Online and digitized experiences have required retailers to quickly adapt to changing consumer shopping behaviors, and this was expedited in the pandemic,” said
How people pay for purchases is also changing. More consumers are using digital wallets both in-store and online. Prior to
“The data tells us that 70% of consumers are more likely to spend more at a retailer that offers their preferred payment method1,” said
Other key findings:
While 95.2% of respondents reported making at least one online purchase since
March 2020, a slight majority across all regions reported a preference for in-person shopping. Despite that, 32.6% of U.S.respondents, 29.9% of UKrespondents and 29.7% of Australian respondents said the convenience of online shopping still trumps any drawbacks, and new options like buy online, pick-up in store (BOPIS) are making it even more attractive.
As a preferred way to buy, BOPIS has grown substantially since
March 2020, with a 373% increase in the U.S., where BOPIS has been slower to catch on compared to other countries.
The use of digital wallets rose in popularity during the pandemic with a global increase of 24.5% online and 88.7% for in-store purchases since
March 2020. Respondents overwhelmingly commented that they’d prefer retailers make digital payment options more available.
Mid-market merchants are increasingly adopting buy now, pay later (BNPL) solutions for their ecommerce stores with
Australialeading the way. Forty-eight percent of Australian merchants, 20% of U.S.merchants and 11% of UKmerchants currently offer BNPL options to customers.
Consumers seem to fall into two main categories when it comes to using these types of solutions: power users and slow adopters. Globally, 46% say they’ve used a BNPL option at least once in the past three months. However, just 10.1% globally say they’ve used it five or more times in that same time period. In
Australia, that number jumps to 15.5%. Fifty-four percent of global respondents -- and 60.6% of U.S.respondents -- have never used BNPL. Most said they were deterred by incurring fees or debt, or that they simply were not familiar with the option.
- Merchants would be wise to educate consumers on the benefits of buy now, pay later solutions, especially interest-free payment options. Young consumers especially are now accustomed to subscription-based payment models. BNPL financing options fall into this same category.
- Consumers are shopping mainly at large retailers or branded ecommerce stores. Of those polled, 58.2% said they shop at department stores, hypermarkets or big-box retailers, while 31.9% said they purchase directly from the ecommerce stores of their favorite name brands.
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1 Data collected from an online study commissioned by
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