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According to a recent announcement from PYMNTS, a global resource for data, news, and insights regarding payments, platforms, and new technologies, many loyal — and new —customers would choose a different merchant if they could receive more tailored cark-linked offers. Rising prices — especially during the 2023 holiday shopping season — and thinner wallets are factors in driving the growing sentiment.
PYMNTS and Banyan leveraged insights drawn from a survey of 2,000+ consumers to produce “Leveraging Item-Level Receipt Data: How Merchants Engaged Holiday Shoppers With Card-Linked Offers.”
Some of the survey’s findings revealed:
Nearly 63M consumers intending to shop for the holidays were “highly interested” in card-linked offers.
Top spenders demonstrated the most interest in card-linked offers.
Key drivers of interest in card-linked offers included available deals and ease of use.
Attractive cash-back rewards and automatic discounts were noted as the most significant reasons for responding to offers.
There is increased interest in product-specific card-linked offers that feature essential products.
Sixty percent of cardholders cite commuting and grocers as top categories for card-linked offers.
Millennials (42%), newcomers (41%), and consumers with children (40%) indicated a “strong likelihood” to switch retailers, with more than one-third of Gen Z declaring making a similar move was “very or extremely likely.”
The findings conclude that leveraging item-level receipt data to deliver more personalized card-linked offers can better engage shoppers and facilitate long-term customer loyalty.
Access the full PYMNTS report “How Merchants Engaged Holiday Shoppers With Card-Linked Offers” here.
Read more on Loyalty360:
Card-linked Offers: Stand Out in a Sea of Sameness
Private-Label Credit Cards (PLCC): Loyalty Strategy Experts Weigh In
Loyalty360 Brand Marketer Research: Impacts of Data and Privacy Regulations on Customer Loyalty
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