Business View Magazine | October 2019

14 BUSINESS VIEW MAGAZINE OCTOBER 2019 speed of purchase as a top motivator. • In-store shopping provides the highest satisfaction out of all purchasing options. Ninety-two percent of shoppers surveyed report being somewhat or very satisfied with the in-store shopping experience, more than other purchasing options. • Brick-and-mortar stores have the greatest repeat use. Physical retail stores see a significant amount of repeat use, driven largely by the buying power of loyal, older generations. Eighty-two percent of boomers surveyed said they purchase from retail stores at least monthly. Online purchasing growth trends. Brick-and- mortar still has a strong foothold in the market, but with the support and purchasing power of younger generations, digital, and mobile shopping continue to grow. • Online shopping on a laptop or desktop computer with delivery selected is the second most frequently used shopping method. According to the research, nearly half (46 percent) of consumers surveyed currently use this method to shop at least monthly. • Consumers are utilizing multiple channels for online purchasing. Forty-nine percent of consumers surveyed purchase on a laptop or desktop computer at least monthly, and 41 percent purchase on their mobile phone. • Millennials and Gen Z are more likely to shop using their mobile phones. Eighty-one percent of Gen Zers and 83 percent of Millennials surveyed have used a mobile purchasing option, compared to just 69 percent of Gen Xers and 43 percent of boomers. Traditional payment methods still dominate. Payment option usage among those surveyed has remained steady, but how the payment options are being used is changing. For example, paying through a retailer’s app still requires a credit card or debit card, but it is uploaded to and used through the app. Top payment methods among shoppers surveyed: • Credit card (52 percent) • Cash (43 percent) • Debit card (42 percent) Digital gift cards continue to gain momentum. Physical gift cards are still preferred by in-store shoppers surveyed, but digital and physical gift card usage has evened out online. Eleven percent of shoppers surveyed report using digital gift cards as a top method of payment online, compared to 10 percent for physical gift cards. There is growing interest in points-based payments , especially among younger generations surveyed. Twenty-nine percent report paying with points more often than they did last year. Additionally, 70 percent of consumers surveyed said they are somewhat or very interested in paying with points. Transformation is occurring across retail in response to changing consumer preferences, advancements in technology and the evolution of payments