Flexible payment options drive growth

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 19, 2021, 4:45 AM GMT+0

Having a brand's identity and messages aligned with social issues is imperative to be successful.

Trends that were in motion regarding shopping and payment options that accelerated during COVID-19 are likely to remain. As these trends impact marketing and operations, brands must focus on long-term growth, while making short-term pivots.

Shopping trends like “Buy Online Pickup In-store” (BOPIS) have grown amid the pandemic. BOPIS grew 208% between 1-20 April in 2020. Further, payment options like instalment plans for “big-ticket” items also grew, as services like Afterpay surged in popularity among millennials.

Omnichannel diversification with marketing mix of Facebook, emails, and Google is needed to adapt to legislations and privacy changes like GDPR and third-party cookie removal. Moreover, consumers are more socially aware now, as 64% chose, switched, avoided, or boycotted brands due to their stand on social issues.

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