Seventy six percent of merchants believe a strategic partnership with payment providers would provide opportunities to enhance their value proposition to customers, however, only 31% reported partnering with a payments provider.
A new survey indicates this will not be a banner year for
back-to-school shopping. Nearly two-thirds of parents surveyed reported
that current economic conditions like rising gas and food prices and
talk of a recession will impact how much they spend on back-to-school
items this year. Capital One has conducted its eighth annual
back-to-school shopping survey of 1,260 parents that also shows 77% of
parents have not planned a back-to-school budget, 76% of parents have
not made a list of back-to-school items, 54% have not discussed the
difference between “needs” vs. “wants” with their child and 60% have not
discussed back-to-school finances at all with their child. Those who
plan to spend over $125 on back-to-school shopping dropped to 45% for
2008, compared to 52% in 2007, and 38% have discussed how much they
would spend on the supplies with their teens. Among the teens surveyed,
69% say all they know about managing money was learned from their
parents, 50% expressed an interest in learning more about managing
money, 76% want to learn about the basics of finance, 76% of teens said
they were interested in learning about financing big purchases, 70% are
interested in learning more about investments and 86% expect their
parents to join them on back-to-school shopping trips.
A new survey has found that 93% of organizations have been victims of attempted check fraud. Other payment methods targeted for fraud include: ACH debit fraud (35%); consumer credit card fraud (17%) and corporate card fraud (14%). The study, released by the Association for Financial Professionals, found that 86% of survey respondents report that their organizations had adopted positive pay services prior to 2006 to protect against check fraud. Almost two-thirds of the victims of attempted or actual check fraud reported that the fraud involved altered payee names on the checks they issued. AFP also discovered that half of organizations that were financially responsible for ACH fraud losses in 2006 did not use ACH debit blocks or filters and another 22% failed to reconcile their accounts or return fraudulent ACH debits on a timely basis.
A study on corporate loyalty marketing programs, released Friday, showed that individuals earning $75,000 or more per year showed a preference for credit card, airline and other related loyalty programs while groups earning less than $45,000 (or between ages 18-24) favored loyalty programs by food/beverage companies and restaurant/fast food chains. For spending of $200 with a company, respondents rated $15 off the next purchase, a $15 retail gift certificate and 500 bonus air miles as their favorite loyalty rewards. The study, commissioned by the Carlson Marketing Group, also found that complicated programs and having to purchase too much of the company’s products or services were turnoffs, but nearly half the respondents revealed their purchases from a company would decrease or stop altogether if the loyalty program were discontinued. The study concluded that loyalty marketing (i.e. frequent flyer, shopper programs) is among the most vital strategies in winning new business, retaining current customers and boosting overall customer share.
[Click Here For 1997 Holiday Spending Trend]
American Express projects holiday spending for this year will be up 6%, from an average of $1,160 per shopper last year to $1,233 for the 97 Xmas shopping season. The ‘1997 American Express Retail Index’ shows about $879 of total holiday spending this year will be spent on gifts with the balance going to travel, decorations and entertainment. The annual survey of 800 consumers also shows spending by men is up sharply this year and that Southerners plan to spend the most on gifts. AmEx also found that approx. 20% of households with annual incomes over $100,000 will redeem credit card reward points to obtain items they will give as gifts.