Synchrony Financial Finds In-Store Experience a Major Factor

August 20, 2015  by in Furniture Retailing, Industry   

More than 3,400 Synchrony Bank cardholders and random shoppers who had made a purchase of $500 or more in the past six months, or planned to make such a purchase, participated in the survey conducted this past May by Rothstein Tauber, a global market research company. While 80 percent of major purchase shoppers start with online research, most tend to finish the deal inside of a store. 

Key findings include: 

• The major purchase journey is getting shorter, with shoppers spending an average of 68 days researching a product;

• Digital tools continue to be an important part of the research process, empowering shoppers to navigate information and narrow options;

• The in-store experience matters more than ever, with 73 percent conducting research during their visit and 87 percent of respondents purchasing in person; and finally

• Financing continues to play a critical role in the major purchase process, with 75 percent of Synchrony cardholders surveyed saying they always seek promotional financing when making a purchase, and 89 percent indicating promotional financing makes larger purchases more affordable.

“These insights are a valuable reminder for retailers of the importance of the in-store experience as part of a true omnichannel strategy,” said Toni White, CMO of Synchrony Financial. “Providing an integrated and consistent experience across all channels bridges shoppers from online sources of information to visit a physical store, validate their choices and ultimately purchase.” 

The latest study explored attitudes about shopping and spending habits, financing and the path to making major purchases across 13 categories: appliances, automotive service, tires and products, electronics, eyewear, fine jewelry, flooring, home improvement, furnishings, bedding and mattresses, lawn and garden, musical instruments, sewing, and sports and fitness equipment.