Leading Open SaaS ecommerce platform, BigCommerce has released its latest ANZ State of Ecommerce Report which shows shoppers are becoming more selective with their spending to prioritise saving more.

“We’re at a point where retailers and merchants need to take an introspective look at their key services to address shopper pain points like website speed and fast delivery times,” BigCommerce vice president and general manager for Asia Pacific, Shannon Ingrey said.

The report also reveals debit cards have risen in popularity, while use of Buy Now Pay Later (BNPL) providers has remained consistent. Some shoppers have indicated plans to decrease their future BNPL usage to save more for essentials, while other shoppers continue to prioritise website speed and fast delivery times in their online shopping experience. 

Credit card as a proportion of last payments made has risen to 39% in 2022, up from 26% in 2020 and 2021. Debit cards have also become more popular as a payment method, increasing from 17% in 2020, to 21% in 2021 and now at 23% in 2022.

Almost one in three (30%) respondents also indicated they plan to decrease their BNPL spend, with the majority doing so to save money for essentials (68%).

Shoppers are prioritising website speed and shipping cost transparency as two key factors determining who they shop with.

Most online shoppers (79%) would be likely or very likely to leave a website and purchase elsewhere if a website is too slow, while 95% of shoppers indicated free delivery would encourage them to shop with a brand again, while 92% listed expensive shipping as the main deterrent to prevent future purchases.

Alongside prioritising core aspects of the shopping journey like website speed and transparency around shipping costs, it’s crucial for retailers to focus on the post-purchase experience. With shoppers getting more selective with their spending, retailers who cultivate the right rewards and loyalty programs have the potential to turn one-off shoppers into repeat customers.

Four in 10 (40%) respondents indicated they have chosen one retailer over another because of a loyalty program offering, with 69% saying they have used a loyalty program to claim a reward in the last three months. For 77% of respondents, free shipping is the number one preferred perk when it comes to these loyalty programs.