In 2023, the MasterCard Global Economy Institute announced a report that sheds light on both the global retail sector and consumer insights. The report explains the effect of the changing economy on consumer choices, the importance of data analytics in customer experience and the importance of presenting wide payment options; It also carries clues about the global economic appearance.
After the pandema, the global retail sector is going through a period of change. It is more important than ever to analyze this process well, to understand consumers and to offer them personalized right solution and payment options.
Mastercard’s Mastercard Global Institute of Economics, where both the global retail sector and consumers analyze the internal views of the 2023 Retail Trends Report of the Institute of Economics are discussed. These trends; The effect of the economy on consumer selection includes the role of analytics and loyalty in shaping customer experience and payment options and shopping experiences that expand.
Despite global inflation, the share of travel and eating-drinking expenditures will increase
Report; Despite rising global inflation, it reveals that many consumers have cut some of their spending in daily life in order to maintain travel and eating and drinking habits. According to the research, increasing food inflation directs consumers to more affordable stores and brands in daily food exchange. In furniture, electronic and clothing products, which can be called luxury consumption, consumers keep their expenditures more limited and prefer to make their shopping through e-commerce channels.
The Mastercard Institute of Economics Report shows that the share of travel and experience expenditures in total consumer expenditures will increase in 2023, while the share of luxury consumption will decrease.
On the other hand, Mastercard data; Due to global inflation, it shows that there is a orientation towards the use of credit cards in shopping with a debit card that has grown faster than the credit card for many years. This situation causes the credit card volume to grow, which offers the advantage of transaction such as installments and cash advances in Turkey; The average shopping amount per process has grown about twice in 1 year and this acceleration is expected to continue.
Understanding the consumer is more important than ever
Consumers are trying to manage the flow of information that comes to them regularly with mobile marketing tools and ads such as messages, social media, e-mails. On the other hand, due to economic conditions, data privacy, inflation, epidemics and various social issues, it is becoming increasingly difficult to create contact with the consumer in an increasing competitive environment for retailers.
Report; It points out that retailers should take rapid action due to continuous change in consumer habits and evaluate the results of all steps, while using multi -channel marketing tools, it also draws attention to the importance of being proactive.
According to Mastercard’s analysis; As in all over the world, long -term travel constraints and quarantine applications in Turkey period in Turkey; It affected aviation, accommodation and food & drinking sectors. With the termination of restrictions, expenditures in these sectors, above their pandemi levels, while the card holders in Turkey in 2022 abroad, card expenses grew almost 50 percent faster than domestic. All of this shows that the phenomenon of “revenge exchange ve, which has been discussed in recent years and will continue in the coming period.
Different payment options provide loyalty
Mastercard Economy Institute 2023 report, before e-commerce becomes widespread and in the period when in-store payments are predicted, it is stated that payments are made only in cards or cash, while nowadays, e-commerce shows that both QR code and payment options with special small-mounted loans offered by stores expand the expanding options. . For this reason, the ability to offer different payment options is one of the keys to increasing customer loyalty for retailers in 2023.
Use of contactless cards increased
While the PANDEM accelerated the use of contactless card payments for face -to -face shopping, the MasterCard New Payments Index (NPI), published in March 2022, reveals that 44 %of the worldwide consumers pay with a contactless card. In addition, 64 %of the participants of the NPI survey say that online payment is high by manual entry of card information in 2023.
According to the MasterCard Institute of Economics 2023, which supports the NPI survey results, the future of e-commerce is now based on the fact that the reassuring environment in the use of contactless cards in the store is able to make a standard of payment standard in e-commerce.
According to the result of Mastercard’s data on Turkey, e-commerce, contactless and mobile payments were adopted by most of the consumers and this payment behavior did not change after the sponge. E-commerce is growing much faster than contact payments compared to physical transactions. The fact that more than half of physical shopping is in contact reveals how quickly consumers adapt to change. Mobile devices are expected to be used more frequently with the spread of technologies such as character and NFC.
Source: (Byzha) – White News Agency
