What: The data provides insights on how habits have changed, from preferences to online shopping, social media’s role in e-commerce and increases in the use of digital wallets and flexible payment options.

Why is it important: Consumers want to be in control of how they pay, and they have a desire for seamless digital shopping experiences regardless of which channel they are shopping in. The data also tells us that 70% of consumers are more likely to spend more at a retailer that offers their preferred payment method.

The survey, which looked at responses from more than 3,000 people in the U.S., U.K. and Australia, took place in December 2020.

According to the survey, while a majority of consumers still prefer in-person shopping, 62.5% reported doing most shopping online. Meanwhile, online nearly half of respondents reported they are discovering new products through social media at least once a month and 66.7% said they have made a purchase directly through their mobile phone at least once in the last month.

Both online and in-store, more consumers reported increased use of digital wallets. Overall, use of digital wallets in-store experienced a global increase of 24.5% online and 88.7% for in-store purchases since March 2020 with survey respondents overwhelmingly reporting that they would prefer retailers make digital payment options more available. Preference for using digital wallets in-store increased from 12.1% to 22.8%.

With Australia leading the way, merchants are increasingly adopting buy now, pay later, or BNPL, solutions to grow e-commerce as well. Forty-eight percent of Australian merchants, 20% of U.S. merchants and 11% of U.K. merchants currently offer BNPL options to customers. Merchants with a high average order value — generally USD 70 or more — should consider offering buy now, pay later solutions.

In terms of where consumers are shopping now, the report found shoppers are mainly visiting large retailers or branded e-commerce stores. Of those surveyed, 58.2% said they shop at department stores, hypermarkets or big-box retailers while 31.9% said they purchase directly from the e-commerce stores of their favorite name brands.

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