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Most US consumers hunt for sales and lower prices before making a purchase during the holidays — and payments providers should leverage shoppers' interest in deals as they fight to capture holiday spend. Sixty-eight percent of consumers say they look for sales and 54% compare prices across stores during the period. Additionally, 41% say they look for coupons, 28% check rewards program offerings, and 28% consider cash back opportunities.
All retailers offer holiday sales, but payments providers should also take advantage of shoppers' interest in holiday deals to maximize holiday performance — here are a few tactics they can use to keep their offerings top-of-wallet among deal-focused shoppers: |
- Payments providers that offer store cards should promote and enhance them for the holidays since their built-in deals could prove particularly attractive to deal seekers. More than half (53%) of US consumers who plan to shop in-store over the holidays this year said they have at least one credit card from a retailer they'll shop with. Store card providers should work with merchants to ramp up promotion around their cards — like cash back opportunities, discounts, and free shipping — both in-store and online in the weeks leading up to Black Friday to attract customers.
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- Traditional issuers should provide holiday shopping-focused perks through their rewards programs to incentivize customers to use their products for holiday shopping. For example, Discover introduced Amazon-specific rewards for the holidays, while the Chase Freedom card is enabling consumers to earn 5% cash back for purchases from department stores, and for making purchases through PayPal and Chase Pay during Q4. These initiatives could help the cards capture more holiday spend by playing into consumers' interest in deals, even if they don't come directly from retailers.
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- And payments firms that need an alternative to discounts and card-based offerings to give consumers access to lower prices over the holidays should consider offering point-of-sale (POS) financing options. Payments providers can present customers with...
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