Two-thirds of Australian consumers want to see more discounting at retailers they shop with and almost half say that they want businesses to remember their preferences and shopping experiences to better tailor future browsing, according to a new study (lead image: Hayley Fisher, Adyen country manager ANZ).
However, 44 per cent of retailers have said that it is now harder than ever to categorise customers, making it more difficult to provide tailored and personalised shopping experiences.
The data comes from payments provider Adyen, which polled 1,000 Aussie consumers and 514 local businesses to understand how the changing economic environment is changing retail habits.
Three-fifths of consumers said that they would be more loyal to retailers that let them buy online and return in-store, while 40 per cent suggested they would have a better shopping experience if retailers let them shop in-store and finish online or vice versa.
While Australian consumers have been known for their love of in-person shopping in the past, 43 per cent of those surveyed said that they were happier that tech made shopping quicker and a fifth said that they would visit a store more frequently as a result of tech implementation.
However, just a fifth of Australian businesses have already invested in unified ecommerce.
“Retailers will compete more for every dollar in the face of macroeconomic headwinds, but there are still clear opportunities,” said Fisher, country.
“While consumers in Australia are willing to put in the work to find the best value, they aren’t just motivated by price – they’re looking for convenience, for personalisation, and businesses using this data to provide channel-agnostic, tailored experiences will have a definite edge.”
“Customers are running a million miles an hour and our job is to keep up with their expectations. Our payment strategy is all centred around unified commerce and having a single view of payments. Working with clean first-party data informs all of our decision-making for what we’re doing. It also helps us understand more about the behaviour of our loyalty members versus non-members,” added Cat Parker, global director commercial at T2 Tea.
“As we integrate all of our payment methods into the same payment platform, we have a single view of all the payment transactions across different channels. Unified commerce enables our consumers to shop how they want and when they want. If we reward our customers with a really great experience, they’ll give us their loyalty and patronage.”
Consumers are also changing their habits on the back of concerns about the environment.
Almost three-fifths of consumers said that they would spend more to ensure their purchase was carbon neutral and two-thirds of consumers would spend more with restaurants or grocers that source their products sustainably. A third of consumers also said that they would not shop with a retailer if they are aware of ethical issues in their supply chain.
“The best businesses are those that not only succeed financially but also those that make a positive impact on the world. By embracing sustainability and social responsibility, retailers can differentiate themselves in a crowded market, build long-lasting relationships with customers, and contribute to a better future for everyone. We’re proud to empower Australian businesses and consumers to use our technology to do good,” added Fisher.
