Most UK shoppers say they research cash rewards or incentives ahead of purchasing a home or garden appliance, according to a new study.
360insights surveyed 1,000 UK adults and found that 75.8% looked for a discount code, cash reward or other incentive before making the investment. It also found that cash rewards can boost sales but only if businesses are able to offer and implement them effectively. Almost one in three (29.4%) said rewards and incentives like prepaid cards, free gifts and cash credited to their accounts would most likely prompt them to make a purchase. But equally, 35% said they had been put off taking advantage of a cash incentive believing that it is likely to be a scam and that they would never get the reward.
When asked what is the most important, 44% said they have to want what is being offered, followed by 36% who said the incentive had to be effortless for them and 35 percent who said it had to have real value for them.
Businesses that focus marketing efforts on rolling out a successful incentive programme, stand to make significant gains. Four in ten (41%) said they would find incentives such as prepaid cards, free gifts and cash credited to their bank accounts the most compelling when purchasing a home or garden appliance. A further 29% said that these would prompt them to discuss ‘a good deal’ with friends.
John Bird, UK general manager, at 360insights said: “This research highlights a serious challenge for businesses.
On the one hand, we can see that rewards and incentives play a huge role in swaying consumer purchase decisions. But at the same time, consumers expect this experience to be effortless and valuable at a personal level. Different customers respond to different types of incentive. Businesses that create and execute these programmes digitally, harvesting data-driven insights, will set themselves apart from the competition and steal market share.”