Dosh, the fastest-growing cash back ad platform that automatically puts cash into the wallets of consumers, unveiled the results of a new national study on generational expectations and behaviors when it comes to cash back rewards. The Center for Generational Kinetics, the leading research firm on Millennials and Gen Z, surveyed more than 2,000 U.S. respondents across Gen X, Millennials and Gen Z age groups and examined trends across cash back incentives, digital marketing strategies and the importance of frictionless transactions for these key consumer groups.
The national study found that digital cash back rewards offer a unique customer acquisition and loyalty opportunity for brands who make this a key part of their marketing strategy, as they play a significant role in customer retention and influencing new buying behaviors. Key findings from the study include:
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- Cash back means more business: Cash back incentives work. This study revealed this applies in-store and online. 80% of call consumers would visit a store they haven’t tried before if alerted about direct cash back offers, and 74% of Gen Z and 70% of Millennials spend more money online if they know they will instantly receive 5% cash back.
- Consumers favor brands who invest in them, over traditional ads: 76% of both Millennials and Gen X view a store that invests its marketing budget to “pay back” loyal customers more positively than one that spends advertising dollars elsewhere.
- Rewards breed brand affinity and convenience is king: Almost two-thirds (64%) prefer a single app that delivers cash back from multiple participating merchants over merchant-specific apps.
- Deal alerts drive action: 82% of Americans say they’d shop more frequently at stores they haven’t been to in a while if they’re notified about a cash back offer. Millennial moms are 9% more likely than the general population to frequently respond to cash back alerts.
“The saying, ‘cash is king’ continues to reign true. This data reinforces what we’ve seen from brands on the Dosh platform and the behavior of our users: every retail category can benefit by adding frictionless cash back experiences to their digital strategy,” said Ryan Wuerch, CEO and founder of Dosh. “In the current retail environment, it’s more important than ever to be thinking about what truly matters to consumers. Brands who choose to spend marketing dollars to engage with and reward shoppers will be on a better path to retain them.”
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