New global retail study reveals consumer demand for new ways to pay
The world’s first retail focussed social listening study by MasterCard, highlights consumers desire for retailers to adopt new payment technologies
Shoppers around the world are demanding their retail experience is transformed, a study by MasterCard has revealed on the eve of this year’s World Retail Congress. Retailers are under increasing pressure to adopt new payment technologies, as shoppers demand simpler and more innovative ways to pay, MasterCard’s first Retail Social Listening Study has uncovered.
In a world first, the MasterCard study in partnership with PRIME Research, analysed 1.6 million unprompted online conversations around shopping and retail, across 61 markets in order to understand consumer experience over the last 12 months.
The global social listening study identified some of the key trends within the shopping and retail space, in order to provide retailers with stronger insights and understanding of their audience. Key findings from the study indicated retailers are experiencing a shift in consumer expectations, requiring new and richer experiences, which will enable consumers around the world to shop at the ‘speed of life’.
Key findings identified from the MasterCard Retail Social Listening Study include:
- Convenience through technology innovations: Consumers specifically highlighted their preference for not necessarily needing to take their wallet on every trip and being able to use mobile payments when they travel.
- Being rewarded: Rewards and benefits for the consumer was the most vociferously and positively discussed topic across social media when it came to shopping and retail. Entertainment was the sector leading the way, where rewards & benefits was most discussed.
- Demand for increased acceptance: After rewards and benefits, consumer discussion of which retailers do and do not accept newer forms of payment was the second most discussed topic according to the study.
About the Retail Social Listening Study
The study uncovered more than 1.6 million social media posts from July 2014 to June 2015 on the subject of shopping and retail conversations, in the context of MasterCard and its industry peers. The social media channels included within the study were Twitter, Facebook, Instagram, Forums, Weibo (CN), Google+ and YouTube. The study covers unique consumer opinion from 61 markets in North and South America, Europe, Africa, Asia and the Pacific Rim. Using PRIME’s proprietary human-based social media analytics methods and technology, the research firm identified trends on convenience, safety & security, acceptance and declines, and other aspects related to shopping and retail conversations.