62% of Australian consumers desire more discounts as cost crunch bites: study
Consumers also prefer retailers with combined digital and offline services.
Recent economic research conducted by Adyen, the global financial technology platform, sheds light on the shifting expectations of Australian consumers and the key trends impacting the retail sector. The study, which involved polling 1,000 Australian adults and 514 Australian businesses, highlights the growing importance of personalization and loyalty in the face of rising living costs.
According to the research, 62% of Australian consumers expressed a desire for more discounting at the retailers they frequent, whilst 43% expressed a need for businesses to remember their preferences and previous shopping experiences to provide a more tailored browsing experience. However, the study reveals that 44% of retailers find it challenging to categorize their customers effectively.
The study commissioned by Adyen, in collaboration with Opinium LLP and Censuswide, aimed to understand how inflation affects consumer behaviour and how businesses are adapting to these changes. It involved polling 36,000 consumers globally and 12,000 merchants, highlighting the economic impact of changing consumer expectations.
The research emphasizes the significance of technology in meeting these changing demands. A majority of consumers (62%) expressed a preference for retailers that allow online purchases with in-store returns. Furthermore, 40% of consumers believed that their shopping experiences would improve if businesses offered the flexibility to shop in-store and complete the transaction online, or vice versa.
The positive impact of technology on in-store shopping experiences was also evident in the findings. Approximately 43% of consumers reported increased happiness due to quicker shopping experiences facilitated by technology, while 19% expressed a willingness to visit stores more frequently as a result of technological advancements.
However, despite the apparent benefits, only 20% of Australian businesses have already invested in unified commerce, which integrates different channels into a cohesive payment platform. The research reveals that 32% of businesses are beginning to invest in unified commerce, while 36% are in the consideration phase.
Hayley Fisher, Country Manager Australia and New Zealand at Adyen, highlighted the opportunities that lie ahead for retailers. She emphasized that while consumers prioritize finding the best value, they also seek convenience and personalization. Fisher stressed the importance of businesses leveraging data to deliver tailored, channel-agnostic experiences and gain a competitive edge.
