LS:N Global caught up with Marion King, president for UK and Ireland of MasterCard at the recent World Retail Congress. She shares data from the billions of data points MasterCard gathers, and the shopping behaviour insights that provides.
Top five take-outs
1. Today’s customers are more discriminating. ‘Consumers are much more discerning, so they will use the online capability to do price comparisons and be clear on what they need,’ says King. ‘Retailers need to respond to combine technology, that virtual experience on the website, with the physical experience of going in-store.’
2. Britons research in-store and then buy online, and spend more online than all other Europeans.
3. Continental Europeans research online and then buy in-store.
4. Poles love making contactless payments: the take-up in Poland is three times what it is in the UK.
5. In the UK, contactless payments work best where there is no personal interaction, in self-service situations, such as when people buy at Marks & Spencer Food Halls. ‘People don’t want to queue, they want to go in, grab their food, tap and go,’ says King.