2016 Synchrony Financial Sixth Annual Digital Study

Dramatic Growth in Digital Shopping Signals Shift to Mainstream Adoption

Sunday, October 23, 2016 9:01 am EDT

Dateline:

STAMFORD, Conn.

No longer just a trend or tool for younger generations, digital shopping has become a way of life, with nearly 70% of consumers surveyed using mobile technology for shopping-related tasks. This dramatic increase in digital shopping behavior signals a mainstream shift across all generations and nearly every aspect of the retail experience, reports Synchrony Financial in its Sixth Annual Digital Study.

Synchrony Financial provides market research and insights on consumer trends and preferences to help our partners deepen loyalty and grow sales. Our latest Innovation Series white paper, Driving Shopper Engagement through Digital Technology outlines study findings and digital strategies to help retailers attract shoppers and transform them into loyal customers and brand advocates.

As part of this year’s research, Synchrony Financial (NYSE: SYF), a premier consumer financial services company with over 80 years of heritage, examined consumer usage and expectations of mobile technology in five areas:

 

In exploring consumer attitudes and expectations of mobile technology and the retail experience, more than half the population surveyed researched a product, checked in at a retailer, tracked reward points or completed a purchase while using a smartphone in the last three months alone. Among 2016 survey respondents:

  • 53% researched a product on their mobile phone, compared to 34% last year.

  • 66% checked in at a retailer to get points, offers and discounts – up 19 points from 2015.

  • 63% checked out using their smartphone when shopping in a store vs. 45% last year.

  • 46% made a purchase online with a retailer, compared to 22% in 2015.

  • 19% increase in smartphone ownership is shown for both baby boomers and the silent generation.

  • 61% tried mobile wallets, yet only 9% say they are likely to use them in the next 12-18 months – primarily due to a lack of perceived need and concern about safety and security.

 As consumers become more open to retailers using text and location-based offers to communicate discounts and promotions, considerations for retailers to enhance the digital shopping experience include:

  • Optimize the customer experience and ensure it is intuitive, frictionless and fun. Design apps with high functionality, making it easy for customers to access information and offers, authenticate and engage.

  • Communicate brand values and a consistent customer experience through content marketing efforts across all platforms and social media channels.

  • Bring shoppers into the mobile experience with custom mobile alerts through the retailer’s app or via text message. Options include notifications when a product becomes available and offers for frequently purchased items and those saved in a customer’s cart or shopping list. For example, Synchrony Bank cardholders can customize alerts based on payment due date, balance, spend threshold and other criteria.

  • Leverage location and behavioral data to generate timely and relevant offers and personalized messages that drive visits and purchases.

Synchrony Financial’s Sixth Annual Digital Study was conducted May-June 2016 by RTi Research with 1,294 survey respondents.

Preview image
As part of this year’s research, Synchrony Financial (NYSE: SYF), a premier consumer financial services company with 80 years of heritage, examined consumer usage and expectations of mobile technology in five categories
Preview image
2016 Synchrony Financial Sixth Annual Digital Study
Media Library

Press Kit: DOWNLOAD PRESS KIT PDF

Business Wire NewsHQsm