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  • Early holiday shoppers for consumer electronics did most research, buying online – GfK digital panel
    • 12/14/17
    • Retail
    • Technology
    • Shopper
    • KnowledgePanel® (North America)
    • United States
    • English

    Early holiday shoppers for consumer electronics did most research, buying online – GfK digital panel

    A unique GfK study showing how shopping intentions for consumer electronics (CE) compares to actual behavior is largely a story of brick-and-mortar plans becoming online realities.

    • 12/11/17
    • Financial Services
    • Technology
    • Global
    • English

    What’s really holding back in-store mobile payments?

    “Cashless made effortless!” “Turn your phone into your wallet!” “It’s not exactly magic, but it feels that way!”

    The clear message that mobile wallet purveyors are sending to the market is that mobile payments are easy. So why is adoption so low? According to our 2017 FutureBuy® report, only 25% of US shoppers have made an in-store mobile payment in the last six months.

    Reasons for low adoption

    One obvious stumbling block is availability. A recent JP Morgan Chase study suggests that only 36% of retailers currently accept mobile payments. But availability alone cannot account for this disappointing level of adoption. Smartphones are omnipresent in consumers’ lives — and, as our 2017 FutureBuy study shows, US consumers equate smartphones with shopping; 39% say, “My mobile device is quickly becoming my most important shopping tool,” up 11% since 2016. In fact, CNET reported that smartphones accounted for 21% of online sales on Cyber Monday, with US shoppers spending $1.59 billion using their phones — a new record. So where is the comparable mobile in-store spend?

    Our recent research points to one important barrier for consumers: security. With data breaches at Equifax, Yahoo, and even the IRS making headlines, it is no surprise that security is on the minds of consumers. Research from GfK Consumer Life quantifies this anxiety:

       

    • 36% of Americans are always concerned about their safety and security (2017)
    • 48% of Americans feel it’s very important to actively manage their online identity and personal information (2016)
    • “Personal information getting into the wrong hands” is the #9 concern among Americans from a list of 21 concerns — up 4 places since 2016 (2017)
    •  

    Looking more specifically at payments, cash still plays a big role – and one of its key benefits is anonymity. Among Americans with household incomes of $75,000 a year and greater, 55% say they always or sometimes use cash to protect their identities. Those in the payments industry know that using a mobile wallet is probably the safest way to pay; but US consumers do not perceive things that way. When we asked which non-cash method of payment was most secure, mobile wallets came in last, with just 4% of consumers (compared to 21% saying swiping their card, and 70% saying EMV).

    Opening the door to mobile payment usage

    Comfort with financial services and knowledge of the products and services seems to play a big role in opening the door to mobile payment usage. Again, looking at our FutureBuy study, we see significant differences in attitudes towards mobile payments when we compare Leading Edge Consumers (LECs) to the general public. The LEC group consists of three different types of shoppers; Early adopters, Influentials and Passionate shoppers.

     

    15% of respondents in the 2017 FutureBuy study were identified as LECs – and they are much more apt to see mobile payments as secure:

    Making payments with mobile device is more secure than other methods” — 57% LECs vs 23% general public.

    “I am confident that my mobile device payments are 100% secure” — 58% LECs vs. 23% general public.

    Not coincidentally, LECs use of mobile payments in-store over the last 6 months dwarfs that of the general public, 50% to 25%.

    Perhaps, the messaging at the top of this post needs to be revamped. Easy is not doing it. While security is often buried in promotional content to some degree, elevating this message to the first position could be a key to quicker adoption. The message of “the safest way to pay” may be the path forward for mobile payments.

    For more information, please contact Keith Bossey at keith.bossey@gfk.com.

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  • Infographic: Mobile payment worries grow
    • 12/11/17
    • Financial Services
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • Shopper
    • United States
    • English

    Infographic: Mobile payment worries grow

    With the unfortunate frequency of personal information hacks, are today’s shoppers still concerned about the safety of mobile payments? While the average consumer may be worried about their personal information from mobile payments, Leading Edge Consumers (LECs) seem to have a more positive outlook.

  • What are the future tools of market research and how they can help you?
    • 12/11/17
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • Home and Living
    • Brand and Customer Experience
    • Digital Market Intelligence
    • Market Opportunities and Innovation
    • United Kingdom
    • English

    What are the future tools of market research and how they can help you?

    Traditional market research is dying. The future of research involves constant testing and developing research approaches using tools such as voice and text analysis, artificial intelligence (AI) and behavioural economics, to name a few. Read all about the future of market research in our Future of Research series!

  • Consumer electronics sales soar in South Africa during Black Friday week
    • 12/07/17
    • Technology
    • South Africa
    • English

    Consumer electronics sales soar in South Africa during Black Friday week

    South African retailers saw strong sales during the week of Black Friday this year. Panel television unit sales experienced 47% growth and smartphone sales leaped 63% compared to the same week in 2016. The value of panel televisions sold during the week was up 41% over the comparable week in 2016, while the value of smartphone sales climbed by 34%.

  • GfK Supply Chain Insights
    • 12/06/17
    • Retail
    • Technology
    • Distribution and Supply Chain Management
    • Global
    • English

    GfK Supply Chain Insights

    Join our free webinar based on point of sales and distribution panel data to optimize your supply chain management and discover more about today’s key tech trends.

  • UK Consumer Confidence tumbles two points in November to -12
    • 12/06/17
    • Press
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • United Kingdom
    • English

    UK Consumer Confidence tumbles two points in November to -12

    No festive cheer as index notches up 20 consecutive months in negative territory

  • The Now Generation - Embracing their difference
    • 12/06/17
    • Financial Services
    • Media and Entertainment
    • Retail
    • Technology
    • Consumer Goods
    • United States
    • English

    The Now Generation - Embracing their difference

    The "Now Generation" name is simple and clear; these consumers are here now, out in the marketplace and making change happen. That makes now the appropriate time to make sure we are understanding who they are and targeting them effectively.

  • Contract SIM-only continues to surge in Q317 in GB
    • 12/06/17
    • Technology
    • Point of Sales Tracking
    • United Kingdom
    • English

    Contract SIM-only continues to surge in Q317 in GB

    GfK’s latest Point of Sale (PoS) and quarterly Tech Consumer 360 data on the mobile phone market reveals that the Contract SIM-only (SIMO) category was the strongest performer in Q3, up 20% on the previous quarter.

  • One-third of Canadians willing to forego human interaction with banks for lower fees – GfK research
    • 12/06/17
    • Financial Services
    • Technology
    • United States
    • English

    One-third of Canadians willing to forego human interaction with banks for lower fees – GfK research

    As bank earnings and fees continue to soar, a new GfK study shows one-third of Canadian consumers (33%) would be willing to give up human interaction with their banks if it meant paying fewer fees.

  • Infographic: Tune in to omnichannel touchpoints
    • 12/05/17
    • Financial Services
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • Shopper
    • United States
    • English

    Infographic: Tune in to omnichannel touchpoints

    Today’s shopper journey can include a host of touchpoints – online, in-store, and in between. But what are the most important touchpoints for shoppers in the new omnichannel world? And how do they differ from category to category?

  • Infographic: Embracing the world of mobile shopping
    • 11/28/17
    • Financial Services
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • Shopper
    • United States
    • English

    Infographic: Embracing the world of mobile shopping

    Shoppers today are greatly expanding their use of phones and social networks to find the best deals on their favorite products. But is that improving their shopper experience? Take a look at our infographic, based on the latest FutureBuy® data, to find out.

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