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Mercator Advisory Group’s latest survey shows that consumers prefer using a consistent payment method, when shopping online or in person, yet find it important to have a wide choice of payment options.
Published on: September 14, 2021 Author: Nicholas Bisconti Alternate Point of Contact: Amy Dunckelmann
Mercator Advisory Group’s most recent consumer survey report, Buyer PaymentsInsights: Payment Methods-Consistency and Flexibility, from its annual Buyer PaymentsInsights series, examines U.S. consumers’ payment habits while shopping for goods and services in-store and online.
The report, which is based on an online consumer survey administered to 3,003 U.S adults between May 21 and June 22, 2021, covers the buyer experience and includes questions that explore consumers’ preferred payment methods, most trusted payment type for information security, knowledge of cryptocurrency, and many more payment-related subjects.
Various aspects of how American consumers interact with the payments’ ecosystem are brought together to highlight key trends in consumer behavior, preferences, and motivations, influenced by consumer perceptions and experiences with payment-related issues associated with payment options in a rapidly changing payment environment.
Readers will be presented with a detailed analysis of the impact of demographic characteristics on consumer behaviors and inclinations, general consumer trends, as well as actionable insights for industry players to consider.
“With so many fraud events associated with payment transactions, information security is at the forefront of many consumers minds when shopping in stores or online. As the data shows, consumers prefer a consistent payment method that they trust to ensure information security. Yet at the same time, it’s important to them that retailers provide flexible payment options to address the need for shopping convenience.”
-Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.
The chart below highlights consumer payment preferences while shopping. Although a consistent method of payment rises to the top, the need to have alternative payment options while shopping is an important factor for consumers, as it taps into the need for shopping convenience.
Highlights of the 2021 Buyer PaymentsInsights: Payment Methods-Consistency and Flexibility Report:
Commercial & Enterprise Payments
Debit & Alternative Products
North American PaymentsInsights
Small Business PaymentsInsights
Fraud Experience PaymentsInsights
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