Customers often aim to save money rather than spend it. So, how can we encourage them to shift from saving to spending? Dorea Team, March 18, 2024March 18, 2024 CashRewards partnered with Inside Retail to conduct an independent and nationally representative survey of 755 Australian shoppers. The findings in this survey report provide an objective and compelling understanding of the power of cashback as a key retail strategy that can deliver on multiple levels. Preserve a Dollar, Procure a Dollar Nowadays, consumers feel that the cost of living is rising faster than ever. So how does this affect customer behavior? People are more cautious in this situation; they seek to preserve money instead of spending. So how can we convert preserving to spending? Shoppers are now more careful with their money. Consumers have felt the impact of a painful increase in the cost of living in the last 12 months, with over two-thirds (69%) now more concerned about being able to pay their bills than they were a year ago. In response to the cost of living, they decided to take these steps: • Making a greater effort to get better deals (80%) • Cutting back on non-essential spending (77%) • Choosing lower-quality items to save money (55%) 4 in 5 shoppers are now more careful with their money. They seek money preservation instead of spending more, so we can encourage them to join programs like cashback, discounts, etc. to get a better deal. Assess the Target Market First! Before you make your own campaign, assess your target market in your country. For example, cashback programs are well established in Australia. 52% of shoppers participated in at least one. Age Matters 2 in 3 shoppers under 45 use cashback programs. As you can see in the diagram, younger people are keener to participate in cashback programs. Assess your target customer’s age. How do cashbacks work? In the next steps, you should follow the best loyalty strategies to encourage your customers to buy more and preserve more money at the same time. Cashback is one of them, with which you can reward your most loyal customers and encourage them to shop again. On the Crypto Dorea platform, we provide everything you need to set up an easy crypto cashback program for your most loyal customers. You can customize it in any way you want for each product or service category. Visit Crypto Dorea and get the latest updates on the product. Articles