San Diego, CA–Wildfire Systems Inc., an San Diego County-based, innovative financial technology platform that powers reward programs and shopping companions, in conjunction with research firm Big Village (formerly Engine Insights), announced the findings of a new survey, detailed in a report titled “Online Shopping Rewards Have Gone Mainstream, Offering A Win For Banks, Retailers, And Consumers Alike.”

More than 1,000 adult consumers across the U.S. were surveyed to assess their opinions on shopping rewards programs, including cashback, discounts, and other money-saving tools. The findings reveal the growing importance of these programs as prices rise due to inflation and their impact on consumer shopping behavior and brand affinity.

The report’s key takeaways include the following:

The rise of inflation is increasing consumer demand for rewards everywhere they shop.

· 90% are more interested in receiving discounts, using coupons, and earning cashback rewards when they shop because of rising prices

· Inflation has increased consumer preference for receiving cashback rewards above all others: 1 in 3 consumers started using these programs in the past two years

· Higher-income households (82%) value rewards, with respondents that have a household income of more than $100K seeking them as well

· A combined 80% of respondents ranked the ability to earn some form of cashback as their number one preferred method of receiving rewards

E-commerce incentives like cashback and coupons hugely impact consumer behavior, influencing how customers shop, where they shop, and whether they complete a purchase.

· Coupons and discounts positively influence e-commerce conversion rates: 85% of Gen Z consumers, 86% of Millennials, and 79% of Gen X and Baby boomers are all more likely to complete a purchase when they have a coupon or discount

· Overall, 82% of consumers said they are more likely to complete a purchase when they have a voucher or discount

· 81% of all respondents said they are more likely to purchase from an online store that offers some reward or cashback on purchases than one that does not

· 68% of Gen Z and Millennial respondents base retailer selection on whether rewards are offered

Easily-accessible shopping rewards are critical to retail brands’ ability to engage and build relationships with consumers across all age groups – from Gen Z to Baby Boomers.

· Many consumers prefer convenient access to rewards, with 60% of those surveyed expecting to find discounts/rewards while they are shopping at an online store

· 87% of Gen Z and Millennials and 81% of Gen X and Baby Boomers proactively seek out retailers that offer rewards

· Like how coupons and discounts influence purchase decisions, 85% of Gen Z and Millennial respondents claim to receive rewards influences their decisions on where to shop and how to pay

· 79% of all respondents prefer to have shopping rewards automatically applied at checkout, while 69% of consumers agree that this is the simplest form of accessing rewards

· 7 out of 10 consumers prefer cashback deposited directly into a bank account or as a credit on their credit card

“This new research reveals current consumer attitudes towards shopping in a fairly tough economy,” said Jordan Glazier, CEO of Wildfire. “The findings highlight that cashback rewards, discounts, and other incentives have crossed the chasm into the mainstream. Shopping rewards are popular, but consumers now expect them from their favorite brands, financial institutions, and other service providers. Rewards programs have become critical to driving customer engagement and retention, as well as online retail revenues.”