The shopping behaviours of women and men are more alike than ever before, according to study by daVinci Payments which examined how each gender makes purchase decisions, what incentives prompt them to buy, and what drives their brand loyalty.
Perhaps not surprisingly, in an era of pandemic lockdowns, the study found that more than two-thirds of men and women now do the majority of their shopping online. And, in fact, more than two-thirds of both men and women also now do the majority of their online shopping on their smart phones.
Interestingly though, 88% of women and 83% of men still tend to choose the brands that provide them with the best loyalty program, and virtual and physical prepaid cards are the shopping reward of choice.
Amazon has become the number one way both genders learn about new products, with more than three-quarters of all men and women subscribing to Amazon Prime and two-thirds making the majority of their online purchases from Amazon.
In terms of purchase decisions, the study found that price and quality are the top factors considered, and that the majority of women and men would choose a $100 rebate (received later) over a $50 instant discount at the time of purchase.
More than three-quarters of men and women would make use of a surprise offer that accompanied a prepaid reward or refund, providing a significant opportunity to drive incremental spending.
“Brands must ramp up their mobile selling strategy to sell to more men and women,” said Rodney Mason, CMO for daVinci Payments. “This means maintaining a significant presence on Amazon, offering loyalty rewards people prefer like virtual prepaid rewards, consistently delivering best-in-market prices most often derived from rebates, and capturing more return payouts by driving spend-back with offers attached to virtual prepaid rewards. Brands have to work harder to engage men and women shoppers. Every customer interaction has to be met with greater efficiency and focus on rewarding and paying them the way they want to be paid.”
The study has been made available for download at https://www.davincipayments.com/research-studies/