Members Prepare for Omni-Channel Shopping

Synergent is focused on offering and delivering the best solutions for credit unions to connect with their members. From mobile to online bill payment and shared branching to smart card payment options, credit unions connect more members with a variety of tools to shop. Below is a snapshot of a recent article published on CUInsight, titled, 2014 Holiday Season is Omni-Channel! by Brian Abner, Chief Economist and Vice President of Market Strategies for Level5, LLC. Good insight on members this holiday season.

As we approach the 2014 holiday season, consumers begin to think about the perfect gifts for their family members, friends, and colleagues. To obtain the perfect holiday gifts without going overboard, consumers expect seamless omni-channel shopping experiences. According to article written by Brian Abner, Chief Economist and Vice President of Market Strategies for Level5, LLC, the omni-channel experience allows “shoppers to move easily across channels, giving them many options to choose and buy from, while providing retailers with the visibility, accessibility to inventory, and flexibility in pricing.”

Now more than ever consumers are more apt to make online purchases as a primary part of holiday shopping. According to a survey commissioned by PwC and Strategy, polling more than 2,200 consumers nationwide, spanning all demographics and income levels throughout the U.S. population, consumers seeking omni-channel shopping can be broken down into three categories. Frist there are “tradeoff shoppers” who will shop around extensively and buy online if it’s cheaper, then there are “digitalists” who will shop online as a their go-to channel, and lastly the “transitionalist” who is willing to shop online, but prefers traditional stores.

Although consumers want omni-channel approaches to holiday shopping, it doesn’t mean they are not cautious about spending. Many of the consumers surveyed think the economy is at the same point as 2013 or has worsened compared to last year.

However, consumers fit into two categories—survivalists and selectionists. According to Abner, survivalists are individuals who “generally make under $50,000 per year representing 67% of American shoppers. They have cost of living constraints and focus on affordability when making a purchase.” Additionally, Abner also wrote that selectionists are individuals “generally making over $50,000 per year representing 33% of American shoppers. They typically scrutinize decisions based on their disposable income. 

On average, a survivalist is expected to spend $377 per household this holiday season. In comparison, the average selectionist is expected to spend $978 on holiday shopping in 2014.